Ed. Note: This is the latest edition of The Legal Tech-to-English Dictionary, part of our Non-Event for Tech Perplexed Lawyers. Jared Correia is hosting the non-event cast.
There is a term for lawyers using Latin and other obscure languages to describe legal processes to consumers: “Legal”.
But there is no similar term for vendors using technical and other obscure languages to describe their legal software operations for attorneys.
It is true that this dynamic may seem unfair. But now we have the Legal Tech-to-English Dictionary to help us deal with it.
Read on for the latest edition where we translate KPI related topics into plain English. And to upgrade your workflow, download our free Buyers Guide at the bottom of this form or visit the Non-Event for more!
- Performance indicator. A singular metric that roughly defines the performance of a law firm in a specific area.
- A measure of performance used to assess a company’s success in a particular category.
Attorney 1: Here’s a KPI for you James – number of gin and tonics consumed at that office party.
Attorney 1: A FUCKING AMOUNT.
- The rate at which employees leave a company over a period of time.
- The percentage of employees who bake sales over a defined period of time.
New Law Firm Hire: What Training Resources Do You Offer For New Employees?
Law firm employees: HAHAHAHAHAHAHAHAHA
Office staff: HAHAHA
New law firm: Uh. . .
Law firm: Wait a minute. . .
Employee of the law firm: HAHAHAHA
Law firm employees: HE HAS!!
See a Study October 2020 This indicates that law firms are losing 15 employees for every 20 they hire. It may not be that high, but law firms are notorious for mistreating employees and employees.
See. The needs of millennials come into focus, it is more important than ever for law firms to change the way they look at applicants.
- The time an attorney bills on a given day.
- The amount of an attorney’s available time that is converted into billable work, expressed as a percentage.
Managing partner: Use what?
Managing Partner: Oh, you mean how John Stuart Mill?
Managing Partner: Well, it’s still a little early for philosophy. I usually don’t do this until after 2 p.m. But I’m making an exception.
Managing Partner: Grab a chair and we’ll be right in ‘An Inquiry into the Philosophy of Sir William Hamilton. ‘
Compare the Clio Legal Trends Report 2019which suggests that occupancy rate, as an expression of efficiency, may be the single most important metric in determining law firm revenue.
See Additional Sales Metrics, Including Realization rate and collection rates, are similarly valuable to law firms.
- The state of being transparent.
- The state of being easily perceived or recognized.
- The rule by which law firms grant employees insight into business processes and financial information.
See the importance of employee buy-in within law firms, which is supported by a transparent stance by law firm owners.
Net Promoter Score
- A KPI that measures the willingness of a law firm’s clients to recommend its services.
- A calculation showed that the clients of a law firm were rated on a scale from 1 to 10 whether they would recommend the firm to others. “Promoters” rate the law firm on a scale from 9 to 10. “Passive” rate the law firm on a scale from 7 to 8. “Critics” rate the law firm with or below 6. The “NPS score” is obtained by subtracting the Percentage of critics from percentage of promoters. The higher the score, the better.
Lawyer 1: No, we got rid of the networks a few years ago.
Attorney 1: If it helps, I have this taser. However, you may need to charge the battery.
Compare the Clio Legal Trends Report 2018which indicates that the average NPS of law firms is roughly the same as that of airlines. So not good.
Jared Correia, a legal technology consultant and expert, is hosting the Non-Eventcast, the Above the Law non-event podcast for tech-savvy lawyers.