“Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.”
It’s the sort of satirical business quote one might expect of Scott Adams, the creator of the comic, Dilbert. In reality informed decision making often comes from data and more importantly, the ability to turn data into truly useful business intelligence.
In a four-part series on lateral hires, our own Russ Haskin points to data as the first step before initiating a lateral hiring growth strategy. “A strategy that is not data-backed will not succeed,” he says.
Pricing strategies are a prime example. To move from billable hours, to an alternative fee structure, law firms must have an analytical frame work for understanding how to effectively set pricing.
For those that do, such pricing can be a competitive advantage. In an article in Law Practice Today, titled Six Alternative Views on Alternative Fees, Russ writes:
At a recent conference with law firm partners on fixed-fee negotiations, attendees said that traditionalist firms are taking on more and more unprofitable business. As a result, these firms are falling further and further behind and deepening the divide between progressives and traditionalists.
What do you think? Are law firms using data to drive business growth strategies?
Photo credit: Flickr
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