Legal fees can be very high and legal firms do everything they can to maximize their profits. Because most attorneys charge their clients by the hour, they have to keep very careful record of the work that they perform on any specific case or for any specific client. Every call, email or letter is meticulously recorded and the client is expected to pay for it. In order to keep these records, legal firms use sophisticated systems designed to generate statistics for lawyers.
Attorneys not only need to keep records of the work that they do for their clients, but they also need to be able to justify the actions they take. Their record keeping systems are therefore elaborate and if it becomes necessary they can produce proof of every action that appears on the bill to the client. This type of system requires that attorneys need to compartmentalize their time.
Most attorneys are employed by large legal firms. Attorneys work in teams and they often employ a large number of support staff. The idea is to have junior personnel perform as much of the work as is possible while the senior attorney attend to the more complex aspects of the case. In this way the firm can maximize its profits but it is necessary to keep exact records at all times.
Legal firms also need to keep extensive records for marketing purposes. When they bid for the business of a large corporation, for example, they need to show concrete proof of their capacity and their past performance. They must also be able to prove that they are experienced in handling a variety of legal issues and that they have all the resources necessary to handle the business at hand.
No legal firm works in isolation and competition in this field is fierce. That is why most firms also keep detailed records on their rivals. They use the information thus gained to compare themselves with their rivals and to devise ways in which to become more competitive. Records are also kept of the performance of attorneys in rival firms and these records are even sometimes used for recruitment purposes.
Many law firms accept some cases on a contingency basis. This means that the attorney does not receive a fee unless the case is concluded successfully. The attorney normally receives a percentage of the settlement achieved in the case. In such cases attorneys use their statistics to calculate the mathematical probability of the case being concluded successfully. These calculations are complex and require a vast database of accurate records.
Detailed records also allow many firms to offer clients a fixed quotation instead of an hourly rate. This is because they are able to calculate with certainty the amount of work and effort that will be required in many types of straight forward cases. Most people prefer to know up front exactly how much a legal matter is going to cost. Flat rates can only be charged if detailed records are kept over time.
Legal firms can only maximize their profits if they keep meticulous records. Large firms often employ teams that do nothing else but compile statistical reports and analyses based upon their records. This helps them to remain competitive and to prioritize the time of the senior attorneys.
Attorneys not only need to keep records of the work that they do for their clients, but they also need to be able to justify the actions they take. Their record keeping systems are therefore elaborate and if it becomes necessary they can produce proof of every action that appears on the bill to the client. This type of system requires that attorneys need to compartmentalize their time.
Most attorneys are employed by large legal firms. Attorneys work in teams and they often employ a large number of support staff. The idea is to have junior personnel perform as much of the work as is possible while the senior attorney attend to the more complex aspects of the case. In this way the firm can maximize its profits but it is necessary to keep exact records at all times.
Legal firms also need to keep extensive records for marketing purposes. When they bid for the business of a large corporation, for example, they need to show concrete proof of their capacity and their past performance. They must also be able to prove that they are experienced in handling a variety of legal issues and that they have all the resources necessary to handle the business at hand.
No legal firm works in isolation and competition in this field is fierce. That is why most firms also keep detailed records on their rivals. They use the information thus gained to compare themselves with their rivals and to devise ways in which to become more competitive. Records are also kept of the performance of attorneys in rival firms and these records are even sometimes used for recruitment purposes.
Many law firms accept some cases on a contingency basis. This means that the attorney does not receive a fee unless the case is concluded successfully. The attorney normally receives a percentage of the settlement achieved in the case. In such cases attorneys use their statistics to calculate the mathematical probability of the case being concluded successfully. These calculations are complex and require a vast database of accurate records.
Detailed records also allow many firms to offer clients a fixed quotation instead of an hourly rate. This is because they are able to calculate with certainty the amount of work and effort that will be required in many types of straight forward cases. Most people prefer to know up front exactly how much a legal matter is going to cost. Flat rates can only be charged if detailed records are kept over time.
Legal firms can only maximize their profits if they keep meticulous records. Large firms often employ teams that do nothing else but compile statistical reports and analyses based upon their records. This helps them to remain competitive and to prioritize the time of the senior attorneys.
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