PILMMA, during an interview with Micki Love, the President and Chief Brand Strategist of cj Advertising, discussed what should be the top five things a law firm should be paying attention to in order to improve its efficiency. Those are:
1. The conversion percentage
Most firms don’t get everything they want. Even the most highly efficient firms are not getting everything they want. And so, a lot of people like to track the signup percentage to the overall number of leads received.
And that’s really a deceptive number because there could be a bunch of leads that are not really wanted. The focus should be on how many leads are received that meet the firm’s criteria and how many of those got converted.
Make sure the intake department or intake service provider knows how to escalate leads. If the injuries are bad, make sure they track corporate defendants and the serious injury cases that are coming in and escalate as required.
Also, test to see the response time to calls and online inquiries from potential clients.
2. The medical records process.
Measure time on the desk, and also measure it in intervals. So, how much time does it take from the case open date to the MMI date, from the MMI date to all medical records received date, and all medical records received date to demand out-the-door date. Track that by each staff in the firm as well.
But medical records are usually the place along that pipeline where some real gaps exist.
3. The negotiation process
How often do the attorneys negotiate back and forth on cases? Track these to constantly move the needle on those negotiation cases. Proper management and oversight can really make a difference.
4. Average fee contribution
What is the average fee for each team member in the firm or each attorney in the firm? Dive into each case to move those differently that might increase that average fee and lead to a significant increase in the overall revenue.
5. Case grading
This involves determining the value of the cases in the firm and making sure they’re moving through the system the way they should. For example, in cases with severe corporate injury, severe injury, corporate defendants will have a different track than a simple sprain strain, or whiplash kind of cases. So knowing what cases are in the pipeline and making sure that attorneys are graded so that the cases get in the right hands.
So, focus on these five things, and over time, the firm becomes more efficient and profitable.
This was an extract from a podcast on the same subject.
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