EP 82 – Amy Adams – Making High-Level Decisions by Capturing and Analyzing the Data Your Firm Gets Everyday
Amy Adams is the Director of Business Development at Loeb Law Firm. She previously had an online business as an original Etsy shop founder. The past 5 years she has brought that entrepreneurial DNA to where she is at now and helps her team grow the business. She has come from a family of entrepreneurs and that is what she enjoys the most. If you are interested in reaching out to Amy, email her directly at aadams@loeb-law/com or connect with her on LinkedIn at https://www.linkedin.com/in/adams-amy/
Tools and Guides to Help You Maneuver Data
The way that it is organized is they have a firm overview and then they hone in on each of the individual clients. They are able to translate the data in between those two buckets. You want to be able to know where you are most efficient so that you can quickly triage any inefficiencies and also show your clients how you are saving time. Realization rate has been incredibly important across all of the metrics.
It has been an evolving process. Amy has reached out to several people on LinkedIn and has gone through presentations that her partners have attended. She offers herself as a resource to anybody if they are interested in reaching out to her. Training on Excel is incredibly important and YouTube can teach you anything. You also really need to know what your client wants. You first need to start there and understand what you are measuring before you start implementing systems. If you have a certain amount of resources, it requires a team effort with your office manager, bookkeeper, as well as the attorney or attorneys. For Amy, it was a team effort in putting it all together. Everyone had the same mission in mind and the same objective.
How Amy Got Started by Understanding Metrics
What sparked it was Amy’s partners were actively involved in the CLM and at their conference. Amy is someone that very much wants to absorb all of the information. When they came back, she went through all of the powerpoint slides to see where the industry is headed and what the presentations were discussing as far as trends. The one common thread through all of it in the insurance industry was data and understanding metrics and then moving on to predictive metrics and analytics as well.
You need to partition data off into different categories. For someone in B2C and marketing to a family law client or an estate planning client, you are going to want to look at the metrics of your social media performance or your website traffic. In the aspect where you are talking about corporate clients and the insurance industry, they are really narrowed on other metrics of performance. For B2B in their measurements, what they are looking at is cost per case, dollars saved per case, and budgeting accuracy. They are directly able to coordinate efficiencies with dollars, so by improving those efficiencies through billable hours, the way in which they are billing, and the way in which they are dedicating their time, you are able to translate that to dollars and dollars to revenue.
One of the number one objectives in implementing the system is to be able to capture live data on a monthly basis and to quickly pinpoint any inefficiencies or successes and then to replicate those. Look at what your wins were and where you could improve. If you are able to do that quickly and efficiently, then ultimately, you are able to grow your business, even on a small scale. When you are voluntarily reporting performance to your client, it shows you in a different light and it shows that you are eager and willing to invest in their success as well as your own. That is the number one takeaway that they have seen with their clients in which they have issued the reports. They are able to jump over the misconception that they are just chasing clients and work, but that they are actually showing them numbers in black and white and they are invested in their growth as much as their own.
Recommendations for Firms and Next Steps
The reason why the industry lags in data management is because we are naturally risk averse and any time spent on marketing efforts or business development is time less billed. Ultimately, your time is money. Amy’s first recommendation would be to reach out to your community members and the number one piece of advice that she would give is to not be afraid to ask. If you reach out, there are people in the community that are willing to help. Sit down and write down where you can offer that give and take. What are you willing to give up for maybe one hour a week or a few hours a week to set aside your goals and your business plan? What tools do you need to get there? In the end, you will see exponential growth if you implement it and you follow through.
The next step that Amy and her team are looking to take is creating individual profiles for each of their clients as well. She would recommend other firms do the same, because at the end of the day, you need to understand what your clients priorities are and you need to build a custom profile for each of your clients’ needs. You need to understand what metrics matter the most to them and how it speaks to them and the way in which you are going to translate the data.
Now is a great opportunity for a fresh start. Take a look at what your priorities are and where you want to go.