Evolve Law CEO Mary Juetten explained at the ABA Tech Show how law firms can employ metrics in improving their client services.
Unless it involves billable hours, law firms aren’t known for their glowing embrace of numbers. But as much as the data driven world is driving a shift in client expectations, so too is it forcing businesses to change the way they serve their clients.
While some may gripe about the change thrust upon them and the way they work, it (literally) pays to note that within all this data lie many solutions to business challenges. And one way to leverage such information for various insights is through the use of data metrics.
Evolve Law CEO Mary Juetten, for example, told an audience at the 2017 ABA Tech show that law firms leveraging such data on their own clients can be crucial to the future of their business.
Yet while this may sound obvious as a theory, in practice it’s anything but. When trying to explain to attorneys how data could be used to monitor things like the cost of client acquisition or the cost of maintaining a client, Juetten said she “got these looks like, ‘What are you talking about?’”
“Cash is king, and when I talk to any lawyer, when I ask them about their collections, most can’t answer how long it takes [them] to collect [their] accounts receivable,” she said. “Most lawyers aren’t tracking that. It’s an important [metric].”
But why are metrics on clients important in the first place? Because “most clients are asking for more for less,” Juetten said, likening the experience to the same way consumers use resources like the internet to find the best bang for their buck.
As a client, you “go out online, you research for something, figure out how you can get something for the best price – what we do for everything. Yet somehow the law has decided when you see clients, the clients aren’t going to have that mindset. But the clients are you, so of course they’re going to have that mindset,” Juetten explained.
Read the rest of the post at LegalTechNews.com.