The cloud-based practice management platform Rocket Matter today announced a new feature, Advanced Analytics, that allows law firms to create various reports on billing and productivity. The reports are intended to help small- and mid-sized firms understand the efficiency of their billing process and which of their attorneys and matters are most effective at bringing in revenue.
Specifically, the new feature enables the following reports:
- Origination. See who is originating new business for the firm, and run reports on how much has been collected from those clients.
- Matter budgets. Set matter budgets and track against projections to keep limits on billed time.
- Productivity per user. Set target hours for performance of time tracked per user, break down how much time is spent hourly or unbilled and see whether associates and staff are meeting their goals.
- Productivity per matter. Get a picture of which of your cases are absorbing the majority of your time, so you can allocate resources more appropriately.
- Collections. Show which clients are paying the most (or the least) of their invoices. Take into account write-offs and unpaid billable activity.
Each of the reports can be exported to Microsoft Excel.
“Our law firm clients are all experts in the practice of law and are successful professionals faithfully servicing their clients,” Larry Port, CEO of Rocket Matter, said in a press release. “Their challenge is how can they be an advocate and a great business operator at the same time. With this new Advanced Analytics feature, these two endeavors no longer have to be mutually exclusive.”