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Top Management Reports Every Law Firm Should Run

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Alisanne SteeleTheSoftwareConsultant | Monday, March 5, 2018
A recent survey of law firms in the U.S. found that over 70% of those firms do not use their billing or management software to identify trends, key clients, slow paying clients, or timekeeper contribution and profitability.
The following reports are available in most billing programs available tot he legal industry.  They should be run and reviewed at regular intervals to identify both  your Firm’s strengths and weaknesses related to billings, collections, profitability and productivity.

Timekeeper Contribution – Provides an up-to-the-minute look at WIP and billed totals for you to evaluate each timekeeper’s contribution to client billings

Missing Time – Shows the difference between a timekeeper’s recorded hours, and the minimum hours expected for a defined period (Day, week, month).

Productivity – Shows billable and unbillable totals for each timekeeper, client, and/or service in order to determine the amounts and percentage of billable fees and costs for your firm.

Profitability – Compares original charges for each timekeeper, client, and/or service to adjusted charges (markups, write-offs, rounding, etc ). Use this report to evaluate the profitability of each timekeeper (or Client).

Collections Report – Shows payments received by each timekeeper, client and/or service, allowing you to evaluate the actual revenue contribution for defined periods.

Funds/Retainer/Escrow Balance Report – Shows running balances of each client’s funds account, allowing you to reconcile the total to your bank and/or GL liability account (Which should always be in balance).

Flat Fee Analysis – Use this report to compare flat fee billing arrangement values to the original slip values on both a current and a historical basis.  Find out if you are making money or losing money so you can adjust accordingly on your next case.

Case Life-Cycle and Referral Source – Provides detailed information on your law firm’s matters including referral source, outcomes, timelines, resource investment and other important data for each matter handled by your firm.

Time-to-pay – Identifies payment patterns for your clients, types of clients, or other client groupings allowing you to identify key trends.

Aged Accounts Receivable (AR) – Analyzes which clients, or types of clients, have outstanding balances to enable you to focus your collection efforts.

Top/Key Clients – Characterizes a law firm’s top clients by fees billed vs. fees collected. This report can also be ran by timekeeper and service type allowing you to focus your firm’s direction.

While your billing/management software reports may not be exactly named here, these descriptions should help you find the closest match in your vendor’s options. Take a few moments and get familiar with the reporting offered by your billing solution, if these or similar reports are not available to you, it might be time to consider a more robust solution.

~Sanne

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BYOD (Bring Your Own Device) Lunch & Learn – Co-Sponsored by the Washoe County Bar Association
Friday, May 4, 2018
11:00 a.m. to 1:00 pm (Q & A 1:00 to 2:00 pm)
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