There are many direct benefits associated with the video depositions and video conferencing services we offer at Phoenix Deposition Services, from availability issues to compliance with procedures and high-quality videos and transcripts. One important additional benefit of our services for numerous legal practices: The collection and maintenance of important firm-related data.
In addition to our quality services, our digital master tapes archive for 10 years for all our video depositions. The data included in such depositions is often vital for a given firm, as are several related areas of legal data collection and storage using software and other modern techniques available. Today’s blog will dig into why storing and recording legal data is so important, from deposition data to numerous other formats.
Leads, KPIs and Firm Data
First and foremost, the recording of various forms of legal data is a top method for learning more about your firm in several areas. Collecting large swaths of data on leads, for instance, allows you to track where they’re coming from and your new customer generation.
In addition, data is vital for producing KPIs (key performance indicators) and other reports on the business. The data you obtain can help note important areas like revenue per client, acquisition cost and others, allowing you to tweak your processes to achieve your primary goals.
Another major area of importance for legal data is the ability to plug it into various reporting and tracking tools, from databases to simple spreadsheets. Through this data transfer, you can often visualize the information and convert it into tangible changes to your processes.
Down similar lines, this often opens up several automation routes. Leads, for instance, can be increased by using automated chatbots or outsourced reception services – but if you don’t have the proper data on leads to begin with, this isn’t possible.
Reducing Malpractice Risks
A big risk to law firms that do not have proper or solid data streams: The potential for legal malpractice goes way up. Inconsistent or incorrect information leads to mistakes during the legal process, and these mistakes lead to such claims. The better and more organized your data, the lower the chances of these issues.
Finally, quality data streams simply improve your overall efficiency as a firm. Think of the number of areas within a legal firm that become exponentially easier to deal with when moving from dated file cabinets and paper records to proper computer software – everything from looking up a client to obtaining the proper document for a certain case can be done so much faster.
For more on the record-keeping value of video conferences and depositions, or to learn about any of our court reporter services, speak to the staff at Phoenix Deposition Services today.