Tracking individual vendors can help you manage efficiency and legal spending over time. Data from each invoice audited by our team is accumulated and analyzed based on certain metrics. With over three decades of experience in the legal field, we know exactly what metrics to look for in order to consult you on the efficiency of your vendors. We are primarily interested in studying the cycle time and legal spend for a better gauge on efficiency.
A firm’s cycle time is determined by the time it takes between retaining counsel and counsel closing a file. Efficient and timely file handling is essential for cost management. We look at efficiency on a firm by firm basis. Specifically, by analyzing how long it takes to close a file, we are able to identify efficiency flaws and excessive or unreasonable costs.
An efficient and cost effective law firm manages the ratio between budget, spending and the value of a case appropriately. We help determine whether the amount spent on a case is appropriate in relation to the exposure and value of the case. This metric is measured on a case by case basis over time for each law firm. This allows us to consult our clients on the efficiency and management of each law firm.