This video presents Business Intelligence within Practice Pro
Video Transcript:
In this video, we'll discuss Business Intelligence.
Within Practice Pro, you'll find a section called Business Intelligence, which provides access to a series of reports and tools powered by Legal Insights.
These give firm leadership a way to view current market data and analyze trends across the legal industry.
So in addition to the standard reports included in Practice Pro, you'll have access to 5 reports and tools from Legal Insights.
To access these reports, select Business Intelligence from the left hand menu.
From here, you can choose the report you'd like to view and you will be redirected to the Legal Insights website where you can explore the data further.
Now let's take a look at what each report provides.
Benchmarking Report.
The benchmarking report provides firms with immediate insights into how they measure up against competitors.
You're able to select a cohort of firms to view detailed graphs tracking changes over the past 12 months, covering key metrics such as attorney headcount and demographics, firm growth and decline, stability, path to partnership, office locations, and financials.
Firms rely on this data for market positioning, strategic growth planning, and attracting top talent.
Current Market Report The Current Market Report helps your law firm leadership get an overview of the entire market in areas that matter to your firm.
It allows you to view current headcount data across the market with options to filter and segment the information.
For example, which firms have the most insurance attorneys in Florida, which practice areas Excel and mid size Texas firms?
With countless ways to analyze the data, you'll gain the insights you need to drive strategic decision making.
Current Firm Report The current firm report helps you to understand the demographics and makeup of a specific firm.
For example, if your firm is conducting research on the ratio of partners to associates within a specific firms corporate Chicago practice, and you also require insights into the diversity of this group, our platform allows you to generate a precise and comprehensive report with just a few clicks.
Competitor Match Tool The Competitor Match Tool provides visual charts and predictive analytics that enable law firms to better understand who their competition is as they look to both develop and retain clients, grow practice areas and industry focus, as well as expansion of offices.
Prowess Prowess is a platform where corporations evaluate and manage law firms.
Firms can upload their own data here to be visible to organizations seeking legal counsel.
This advanced search feature provides a competitive edge by allowing you to easily highlight your billing rates, alternative fee arrangements, and add a biography providing A comprehensive overview of your firm's expertise.
The Business Intelligence section provides an easy way to access reliable, up to date information about your firm and the broader legal market, all from within your Practice Pro platform.
With these legal insights tools, your firm can move beyond guesswork, using real, current data to guide business development, recruitment and long term strategy.
And this concludes this video on the Business Intelligence Section and Practice Pro.