Many law firms collect data on marketing metrics, spending, client cases, and more. But few derive full value from analytics. Most have data, yet lack insights to guide meaningful decisions.
Missed Opportunities
Firms often monitor metrics without rigorous analysis of what drives success. This leaves money on the table through missed opportunities. This leaves money on the table through missed opportunities. Without deeper examination of metrics and performance drivers, firms essentially analyze data only at a surface level.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: One firm tracked website traffic and conversion rates without examining landing pages. It took an outside analyst to uncover multiple pages frustrating visitors and stalling leads. The contact forms had confusing inputs leading 80% of visitors to abandon them. A simple revision doubled the conversion rate.
An Aggressive Analytics Approach
Truly optimize decisions by examining all available data from every angle. Scrutinize what converts prospects. Spot negative patterns early. Discover opportunities. Spot negative patterns early before they impact more clients. Discover incremental opportunities to better meet client needs. An aggressive approach pulls in all data systems for a single source of truth that guides better decisions across the firm.
Centralizing Data
To enable aggressive analytics, first centralize data into a unified reporting system. Many firms have billing stats in one system, marketing contacts in another, and case records somewhere else. Piecing together the puzzle limits analysis.
A data warehouse brings everything together feeding into a reporting dashboard. With analysts helping design schema, structure data consistently for easy queries. Build APIs and integrations to minimize manual inputs.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: A firm developed a custom data warehouse consolidating records from key systems with daily automated updates. Analysts gained unified access slicing data every which way. In 6 months they uncovered $400K in unbilled activities plus several redundant tools to cancel.
Cultural Shift
Instilling an analytics culture firm-wide builds engagement. When lawyers and staff see decisions linking directly to insights they provide, it sticks. Highlight examples in newsletters and meetings.
Create friendly competition around metrics. Celebrate wins driven by data, whether marketing qualified leads or billing utilization. Give non-monetary rewards for notable achievements.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT:One firm sends monthly shout outs recognizing the individual who uncovered the most impactful analytics insight. Lawyers now actively share ideas and data leading to better performance.
Assign Dedicated Analysts
Hire specialists to mine data full-time. Many tools provide raw data but analysts reveal key trends and guides for improvement.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: After hiring an analyst, one firm quickly got recommendations to adjust Google Ads keywords based on search query data. Calls from those ads rose 29%.
Integrate Technology
Sync marketing, billing, CRM, and other systems into a single analytics platform. This consolidates data for complete insights.
Make Analytics Accountability
Partners must own data analysis, not just delegates. Make standing agenda items in meetings for examining latest analytics. Link decisions directly to data-driven recommendations.
Outsourcing Expertise
Some firms lack resources for in-house analysts. Outsourcing analytics can prove more affordable. And external specialists bring fresh, objective perspectives.
The key is finding true partners, not just vendors. Seek firms staffed by ex-industry professionals. Align agreements to shared goals motivating the outsourced team.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: A firm contracted analytics to a legal marketing consultancy paying partly on performance. The outsourced analysts recommended shifts doubling website conversions within 5 months. The firm’s growth trajectory accelerated.
Beyond Reporting
Outsourced analytics should go deeper than typical reporting. You need experts comfortable digging through data, uncovering drivers and opportunities. Equally key is clear communication to inform decisions.
Schedule recurring calls for analysis updates. Look for actionable insights versus just data descriptions. Supplement with on-demand questions when needed.
The Results
Taking an aggressive analytics approach drives real business growth plus operational efficiency. And clients stay happier with data optimizing service delivery.
Overcoming Concerns
While some firms worry staff won’t access reporting or have security fears about integrating platforms, the right culture and tools address barriers.
FAQs
1. What if lawyers don’t want to share their client data?
Protecting client confidentiality is important. Analytics systems can hide data details when they collect it. Or provide reporting tailored to each practice group using only their data.
2. Won’t this analytics focus distract from legal work?
Well-implemented analytics saves time through better decisions. And the insights help lawyers improve client outcomes. Setting regular meetings focused on discussing the data helps drive adoption.
3. What if our historical data has gaps or quality issues?
Perfect data rarely exists. The key is providing enough useful information for analysts to spotlight trends and opportunities. Parallel efforts to clean up data can occur.
4. How much does building these capabilities cost?
It depends on the scale of implementation and tools required. But the ROI from better decisions outweighs the costs. We recommend a phased roll out focusing on the highest priority needs first while building towards an integrated solution.
The Bottom Line
Forward-looking law firms turn data into insights that lead the business. By aggressively analyzing all metrics with specialists, tools, and leader accountability, firms transform decisions through data. Schedule your free consultation to map your analytics approach.
