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 Origination Reports.
INSIGHT: I want to see how members of the firm are utilizing their time, how much revenue they’re generating, and their average billable rate.
How are attorneys, paralegals, and other timekeepers at the firm spending their time each day? How much is spent on billable versus non-billable matters or on administrative functions? Which attorneys at the firm are getting their billable hours written off? Did your new associate meet her billable hour requirement? Great! But, wait a minute…her average rate dipped, impacting her billing rate. Now you can see, at a glance, which matters she’s discounting.
The Rocket Matter Productivity Per User report lets the firm see how timekeepers are tracking and managing their time, how much billable versus non-billable time attorneys and other employees are recording, and other meaningful insights into how the firm’s key money makers are spending their days. Get the entire firm on board by also tracking how non-billable staff are allocating their time to identify productivity wins and problem areas.
The report lets you set time, billable, and revenue expectations for attorneys and staff by assigning target billable hours for each timekeeper. You then get a breakdown of how each user spends their time so you can quickly assess if they are meeting their productivity goals, who are the profit centers, and who are not pulling their weight.
Productivity per User report details include:
- Billable Hours
- Non-Billable Hours
- No-Charge Hours
- Total Hours
- Billable Amount
- Average Billing Rate
How does it work?
To use the Productivity per User report, you must first set target hours for each of your users. Then, when you run the report, you will get a breakdown of how much time each user is spending on hourly, non-billable, and no-charge hours (this time appears on the invoice as time spent on matter but not charged to client). The report will also approximate the user’s billing rate based on their time usage. Two additional metrics are used to assess a user’s productivity:
- Utilization is measured by adding billable hours and no-charge hours and dividing the result by the user’s target hours.
- Realization is measured by dividing billable hours by the total time captured.
In a nutshell, know and manage, at a glance, how members at the firm are spending and billing their time by setting hours and revenue expectations.
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 Matter, Matter Budgets, and Collections Report, each of which, can be easily exported to Microsoft Excel.