Data-driven decisions with Filevine
How the Law Offices of Craig Goldenfarb used data to earn an additional $2 million in revenue in one yearDownload PDF
Year Founded: 2002
Location: West Palm Beach, FL
Number of Staff: 60
Practice Areas: Personal Injury
Craig Goldenfarb started his firm in 2002 with one employee and has successfully scaled his firm to 60 staff, hundreds of millions of dollars in combined settlements and verdicts, and an incredible reputation for vigorous advocacy and results for every client.
To stay ahead in the highly competitive South Florida market, the Law Offices of Craig Goldenfarb needed robust reporting in their case management software.
The Law Offices of Craig Goldenfarb have carved out a stellar reputation for handling just about any kind of accident or injury case with experience, compassion and results. Their prior case management solution didn’t have the reporting features needed to scale the firm.
After evaluating 8 different solutions, Filevine was selected for robust data capture and data visualization that allowed Craig to make better decisions and optimize the firm.
Earned an additional $2 million in revenue in one year
Reduced staffing overhead by 10%
Uses 55 reports to drive daily decision making
Craig’s “Super Metrics”
"Super Metrics" are what Craig uses to monitor the performance and success of the firm. These are pie charts and bar graphs that are mapped to data fields within Filevine. These are critical for the firm and are displayed on a 60" TV screen in the office.
# of total cases
# of cases per attorney
Active cases by case type
Cases by referral source
New cases per month
Cases signed up YTD
Cases signed up YTD month by month
Cases signed up YTD by case type
Cases settled by month
Making the Most of Your Referral Sources
“Super Metrics” are what Craig uses to monitor the performance and success of the firm. These are pie charts and bar graphs that are mapped to data fields within Filevine. These are critical for the firm and are displayed on a 60” TV screen in the office.
Another critical insight for Craig was defining the best referral sources, not just by number of cases, but in fees generated. The “fees generated by referral source” chart helps to clarify who refers the best cases and which cases bring in the most income. Pairing referral source data with revenue generated by referral source showed that the current client base was referring 22% of cases and those cases earn 32% of the firm’s income.
“Tender Rate” Super Metric
Using Filevine, Craig is able to generate a chart based on the “tender rate”. The “tender rate” is the percentage of cases where you get a tender of the policy limits.
This metric revealed that staff members were not talking to clients enough about recommended procedures. In response, the firm instituted a program where each lawyer is required to talk to the clients a set number of times about these procedures. This resulted in increasing the “tender rate” from 30% to 75%.