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Metrics: For the Record

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by

Traci Lacock

on 23 March 2017

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Transcript of Metrics: For the Record

Metrics: For the Record
How is this Data Used?
Value Propositions
What are insurers tracking?
Total Cost per Case
Expenses per Case
Fees per Case
Expense to Fee Ratio
Costs by Expense Type
Loss per Case
Matters with Expense Within or Over X% of Budget
Matters Billed Over $X
Submitted Fees Over 120 Days Old
Matters Unbilled for 180 days
Average Age of Open Matters
Pending Matter Inventory
Closed to Opened Matter Ratios
Metrics Matter
On-line billing

Bills contain “task codes” that segment the cases

Clients “harvest” information to grade their employees, law firms, and individual lawyers

Your “grade” determines
More/less work
Keep/lose the client
Fee increases
Removal of individual lawyer
Goals

More evidence based approach to rates

Improving metrics currently tracked by clients
Bill Review Results
Trial Results
Matters on Appeal
Budget Compliance
Lawyer / Paralegal Hourly Rate
Law Firm – Effective Hourly Rate
Resource Allocation
Zero Dollar Dismissals
Cycle Time
Loss Results vs. “Full Value”
Closure Type per Disposition Strategy

Metrics used to compare law firm and lawyer performance against benchmarks and competitors
HA TRACKING METRICS
Range of settlement

Outcome

Average legal fees

Average legal expense

Cases handled by attorney by year

Cases handled by firm by year

Whole Case Cost
Hours Spent Per Litigation Phase
Metrics We Can Control
Cycle Time

Staffing

Phasing

Cost per Case
Full transcript