Boost Your Law Firm’s Profitability with Advanced Analytics

An ongoing challenge faced by law firms is how to be a client advocate and a great business operator at the same time. Billing management, particularly, is a major problem for firms and is only getting more difficult. A recent Georgetown Law study estimated that law firms collect only 71 percent of the work they perform.

Law firms can solve this problem by using analytics to measure progress, hold down costs, and manage operations.

Rocket Matter developed a new add-on to the cloud-based legal billing and practice management software platform: Advanced Analytics, to automate the process of analyzing data for small and mid-size law firms.

These detailed reports were designed specifically to help law firms accelerate revenues and boost profits. Advanced Analytics allows you to quickly and easily measure the efficiency of your billing process and understand which attorneys, matters and clients bring in the most return for your investment.

Celebrate the success of top performers and fix leaky billing practices. You will also be able to identify gaps in your process and make sure your resources are being allocated correctly. Advanced Analytics was designed to give your small or mid-sized firm BigLaw reporting capabilities and easy access to all your pertinent financial information.

Get started today and lock in more revenue for 2016. Check out this video for more information on the Advanced Analytics reports:

Rocket Matter Advanced Analytics includes the following new reports:

Origination – See who is bringing in clients for the firm, what payments have been brought in by the client, and what portion of those payments have gone towards fees and costs.

Matter Budgets – Get the necessary data to help you understand how well your firm is adhering to established budgets set forth by clients.

Productivity per User – See which of the firm’s timekeepers are tracking the most time and how much billable vs. non-billable time attorneys, paralegals, and staff are recording.

Productivity per Matter – Understand how much time and effort are going into each matter.

Collections Report – Distinguish which clients are paying the most (or the least!) in billed invoices.

Each of these new Advanced Analytics reports can be quickly and easily exported to Microsoft Excel, allowing you and your firm to organize the data to suit your particular firm’s needs.

Editor’s note: Rocket Matter sponsors the Legal Productivity blog.