<ul class="blocks"><li><h3><i class="icon-eye"></i> See Your Trust Account Balance – And What’s Ready to be Withdrawn – Instantly</h3>
With legal trust accounting, you can never be too careful. So we designed Rocket Matter to give you instant insight into your IOLTA balance, as well was what portion of those funds are eligible to withdraw.
Remember, the number one rule is the money in your trust account is not yours. But with Rocket Matter’s Bill As You Work™ technology, you instantly know the amount in your trust account that is yours, and you know it quickly, accurately, and without breaking out an Excel® spreadsheet.
<li><h3><i class="icon-point-up"></i> Record Withdrawals With a Single Click</h3>
Taking a look at your current balance is one thing. But recording the transfer of your funds into your operating account requires more work.
Imagine how easy it would be if you could record all transactions by merely clicking a link. That’s how it works in Rocket Matter.
Once you’ve performed work and run invoices, you can tranfser funds from your IOLTA account to your operating account with a single click from our powerful Billing Dashboard. Or if you prefer, you can transfer funds one at a time on an invoice-by-invoice basis, pictured above.
<li><h3><i class="icon-book"></i> Awesome Legal Trust Accounting Reports, Inspired by a Bar Audit</h3>
OK – so you’re using Rocket Matter, and now you can quickly see your legal trust accounting information. You know how much you can safely withdraw on a client-by-client basis, and you can reconcile transfers.
But what about looking back?
Rocket Matter features two reports that were inspired by a bar association audit of a Florida law firm. One trust accounting report details a history of all money transferred in and out of your IOLTA account across all clients and matters.
Our second report features an expandable grid containing all of your clients’ trust information. You can expand each client to see a history of their trust account ledger over a specified time period. You can also contract a section to focus on a different client.
And, as in all financial reporting in Rocket Matter, you can export these reports to Excel to share with a financial professional.
<li><h3><i class="icon-stats"></i> Drill in to your Client Trust Balances</h3>
From our legal billing software’s Billing Dashboard, you can see at a glance your trust account balance. Clicking on that number shows you a summary grid of all of your clients’ balances.
And clicking on a client allows you to drill in even further, showing a snapshot of financial information across all of their matters.
When you try Rocket Matter, you’ll see how remarkably easy it is to manage your legal trust accounting. Phenomenal reporting, instant insight into balances and eligible funds, and one click operating account transfers make for sound sleeping.
<li><h3><i class="icon-checkmark"></i> Support for Evergreen Retainers</h3>
Evergreen Retainers allow for law firm clients to maintain a minimum retainer balance: the client first pays an initial retainer deposit and then replenishes that amount when the account balance dips below a mutually agreed upon amount. This functionality helps law firms increase the realization rates of their billable activity.
The chance of having to write off work that never gets paid decreases substantially, dramatically improving the financial situation of the law firm.
Lawyers used to collect more than 90% of what they billed. That percentage is now in the mid-to-low eighties. Evergreen Retainers are a powerful tool for attorneys to minimize their economic risk.