Rocket Matter recently released an Advanced Analytics module with five reports to help law firms increase transparency, productivity, and profitability. We’ll explore how you can leverage each of these reports in your practice. Here’s a discussion of Productivity per Matter Reports.
INSIGHT: I want to see how much time and effort are going into each matter
Do you set budgets for your matters? If not, you should consider it.
Whether you bill hourly or use alternative fee arrangements, knowing how much work you’re putting into a matter versus how much you think you should or want to put into it is critical. It keeps things from spiraling out of control and helps you identify which engagements are the economic drivers and which are a drain on the firm.
Productivity per Matter reports let you know how much time and effort are going into each engagement so you can allocate your resources more effectively.
How does it work?
Select a date rate and a specific matter (or leave blank to run a report for all matters) and run the report to show billed activity within the time frame selected. Productivity per Matter report details include user, fees worked, fees billed, hours worked, hours billed, and effective billing rate:
- Fees Worked – Amount if the user had billed for billable, non-billable, and no-charge fees.
- Fees Billed – Billable, non-billable, and no-charge fees
- Hours Worked – All time spent on a matter (Billable, non-billable, and no-charge)
- Hours Billed – Billable time spent on a matter
- Effective Billing Rate – Fees Worked divided by Hours Billed
Now, at a glance, you can see all of the timekeepers who worked on a particular matter, how many hours were invoiced, how many were written off, and more. And when you’re required to submit a breakdown of expenses to the court for a particular case, you no longer have to scramble. Simply export data to a .csv file and you’re good to go.
Are you ready to take your firm’s productivity to the next level?
All of the reports within Rocket Matter’s Advanced Analytics Module allow small to mid-sized firms to keep track of the overall economics of the firm and instantly identify issues. The additional insightful reports within this module include: Origination Report, Productivity per User, Matter Budgets, and Collections Report, each of which, can be easily exported to Microsoft Excel.