Law Firm Analytics Reports: Matter Budgets
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 Matter Budgets Reports.
INSIGHT: I want to assign how much billable time I will spend on a particular matter
Certain matters require a budget to be set due to specific client needs. Within the new Advanced Analytics Module from Rocket Matter, you will have access to the Matter Budget Report which will allow you to derive the necessary data to help you understand how well your firm is adhering to established budgets set forth by clients.
When would I use Matter Budgets?
Your firm may encounter times when a client is uneasy about moving forward with a case due to budget concerns. The client may agree to a retainer, but is anxious about overspending and needs the ability to maintain financial stamina to see a case all the way through.
The Matter Budget Report gives you control over this fear by setting a limit on the amount of money that can be billed for the matter. You can assuage your client’s worry with this simple and efficient report that will show you how much has been billed and how close you are to exceeding your client’s budget.
How does it work?
Within Rocket Matter, you can easily set a monetary cap on billable time within each matter. Determining this limit will allow you to track the amount billed against your projections within the Matter Budget Report.
The Matter Budget Report can be generated for all matters at any time. Even if you are already halfway through a case and your client presents the need for a budget, you can quickly establish one within the matter. If you wish to take your reporting a step further or to share this information with your client, all reports within the Advanced Analytics Module can be easily exported to Microsoft Excel.
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, Productivity per Matter, and Collections Report, each of which, can be easily exported to Microsoft Excel.