(Originally posted on LawVision by Mark Medice)
Metrics and accountability are essential parts of your law firm’s performance. But not all are created equal, nor do all have the same impact on your firm’s bottom line and your specific profit destination. Some are out of date with today’s pandemic-led legal environment, while others remain dormant, underutilized in firm operations.
To help firms think about these ideas, LawVision recently developed a law firm financial hygiene diagnostic tool, built in Neota’s no-code app development platform (for more information, or to utilize this diagnostic, press this link). The diagnostic is designed to assess firm performance on specific measures, while also offering composite views on key performance metric categories.
The purpose is to advance thinking on good financial hygiene that leads to profitability. It offers firm-specific scoring against industry benchmarks. And it encourages folding these measures into the daily routine through reporting and smart alerts, discussed in more detail below.
We invite you to use this free tool. It will access your firm’s financial hygiene processes and metrics according to recommended industry standards. It should take you about 10 minutes to complete, and you will receive instant feedback at the end, including a downloadable report.