We at Rocket Matter, the world’s finest purveyor of cloud legal billing and practice management software, are excited to announce our new Evergreen Retainer module as part of our “Pon Farr” release. Check out our video announcement:
You may have also noticed a speed increase while using Rocket Matter – we’ve been working on optimizations and have sped the application up by over 60%!
Here’s the problem this new feature solves: law firms are feeling an economic pinch on all sides, and declining realization rates are a big part of the problem. 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.
Evergreen Retainers, for those unfamiliar with the concept, 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.
We worked closely with hourly billing law firm clients like family lawyers and litigators to define the requirements for this feature. Rocket Matter added the ability to setup replenishment amounts, invoicing, and reports to enable Evergreen billing.