Nimbus Of Counsel Mary Juetten recently sat down with Sam Glover and Aaron Street to record an episode of the Lawyerist podcast. In the episode, Mary discussed year-end finances and data-driven processes in the law firm. Here are some of the highlights of her conversation:
- What does it mean for a law firm to be data-driven? Lawyers in small or solo practices, or even within groups inside larger firms, should take a step back and look at what information they need to work successfully towards the goals they set for themselves, whatever they may be.
- How is data collected and used? The specifics often depend on the administrative processes in place for your particular firm, but those looking to use KPIs and data should identify their pain points, their workflow, and the data they want to collect and set up the tools necessary to gather that information. That can allow you to understand where your clients are coming from, where you’re spending the hours of your day, and other insights that can help you to focus your practice towards efficiency.
- How do you calculate client acquisition costs to determine if you need outside marketing help? In figuring out costs, attorneys need to factor in their own time in non-billable hours spent on client acquisition, measured against their billable hour rate for that time, to determine what their true cost of client acquisition is in addition to the actual financial outlay.
She also discusses how lawyers are reshaping their practices based on data and feedback, how to make decisions based upon the data they collect (or should be collecting), and more. You can listen to the full episode below (Mary’s interview begins around the 8:40 mark, but do listen to the whole thing!)