Although metrics and data are important for assessing a law firm’s performance, they are only beneficial if they provide actionable insights that allow you to drive your firm’s potential and growth. If your law firm is struggling to determine where you can operate more productively, it may be necessary to consider switching to a system that enables you to customize your reports with relevant and actionable metrics to ensure you are utilizing all the available resources to maximize your firm’s potential.
At PracticePanther, we recognize the significance of creating customized reports based on detailed metrics, data, and insights that can assist attorneys in managing their law firms more efficiently. Our user-friendly reports not only help law firm owners identify the areas of improvement but also enable them to anticipate future outcomes. PracticePanther offers a variety of readily available custom reports that can help you gain a deeper understanding of your firm’s operations. Let’s explore how these custom reports can unlock valuable insights and increase your law firm’s growth potential.
Monitor Staff Productivity and Billing Status with Custom Productivity Report
Managing a firm can be a challenging job, particularly when it comes to ensuring staff productivity and maintaining a steady collection rate. However, with PracticePanther’s productivity reports, you can easily balance these two major aspects of the law firm and dive deep into the details of your firm’s operations.
Law firm owners can leverage PracticePanther’s productivity report not just to monitor staff’s productivity and identify areas for growth, but also to keep a tab on their billing and collection status. For instance, you can analyze your staff’s productivity by looking at metrics such as the number of cases brought in, billable hours per case, time spent on specific tasks, and other key performance indicators.
Additionally, you can search for a particular attorney’s billing activities by specifying their name under “Billed By” and a given time frame to ascertain the amount billed and collected from clients.
By keeping track of such metrics, law firm owners can not only evaluate their staff’s performance to make informed decisions regarding resource allocation but can also easily identify areas where training is needed. With PracticePanther’s customizable reporting features, law firm owners can generate tailored productivity reports that uncover critical insights into their firm’s financial operations and staff’s efficiency. By having the ability to slice and dice data, PracticePanther empowers you to gain valuable insights that can drive your firm’s success.
Find Delayed Payments with Custom A/R Aging Reports
As a law firm owner, you’re already familiar with accounts receivable – the money your firm has earned but not yet received through unpaid invoices. An outstanding or high accounts receivable can create obvious issues, such as slower cashflow. PracticePanther provides an effective solution to stay on top of your firm’s financial operations through its A/R Aging Reports. These reports allow you to track your accounts receivable over time and filter them by contacts or matters. This way, you can easily identify which clients or matters still have outstanding payments and take appropriate action.
For example, with A/R Aging Reports, you can identify old bills that have not been paid and charge interest on them to recover the overdue payments. By keeping a close eye on your accounts receivable using these reports, you can ensure that your firm maintains a healthy cash flow and reduces the risk of unpaid bills.
PracticePanther’s A/R Aging Reports give you the flexibility to customize your reports to suit your specific needs, helping you streamline your firm’s financial management processes. By regularly tracking your accounts receivable with PracticePanther’s A/R Aging Reports and ensuring that outstanding invoices are promptly addressed, you can improve your cash flow, reduce financial risks, and boost your firm’s overall profitability and success.
Manage Staff Incentives with Originating Attorney Reports
As mentioned, a law firm’s success hinges on the talents of its staff, but it’s not enough to simply measure their output. To truly understand their performance, it’s crucial to examine the business impact of their productivity. That’s where PracticePanther’s Originating Attorney Reports come in, providing law firm owners with the ability to track the attorney who generates new business and revenue, enabling them to ensure that attorneys and supporting staff are compensated appropriately based on their commissions.
PracticePanther’s Originating Attorney Reports offer a range of filtering and tagging options, allowing you to gain deeper insights into the performance of individual attorneys or the entire team. You can filter the report by an individual attorney, or choose to see the performance of the entire team by filtering the report with “any user.” With these insights, you can quickly evaluate their workload and client engagement to make informed decisions and optimize for success. Additionally, the tagging capabilities in the Originating Attorney Reports enable you to create customized commission reports. These reports are ideal for splitting the cost of a case, making it easy to uncover insights and numbers for specific cost-sharing arrangements.
Suppose you want to split the cost of a case between an attorney and supporting staff in a 70/30 ratio. You can create a custom tag for this commission structure and filter the matters based on the tag. The Originating Attorney Report will then show payments stemming from matters that were set up with the specific commission tag chosen. By doing this, you can confidently calculate the bottom lines of each column against the commission percentage desired.
With PracticePanther’s tagging capabilities, you can easily create custom commission reports and generate insights into the financial performance of your law firm. By utilizing this feature, you can streamline your commission calculation process and ensure that your staff is accurately compensated for their contributions to your business’s success.
Unleash the True Success of Your Law Firm with PracticePanther’s Custom Reports
To truly gauge the success of your law firm, you’ll need detailed reports that provide valuable insights to guide your decision-making. PracticePanther provides a range of custom reports, including the Productivity Report, A/R Aging Report, Originating Attorney Report, and more, to ensure that you have all the necessary information about your firm. By leveraging the power of custom reports, you can make informed decisions and unlock the full potential of your law firm. To explore additional features offered by PracticePanther, get in touch with us today!
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