firmTRAK

FirmTRAK provides the ability to harness your data by a direct API integration with CLIO manage to unlock the potential of your law firm with instant, ready-made and sortable Key Performance Indicator (KPI) reporting. Our law firm dashboard solution has 10 KPIs that summarize the vital parts of a law firm business which we have established as Clients, Matters, Financials, Productivity, and AR. Each of these parts of the law firm application has their own KPI page. firmTRAK has compiled approximately 50 legal focused KPIs total. We also have a dual integration with Xero to bring key parts of the financial data into our KPI’s with more information being developed all the time.

Key Features

  • The newest version of FirmTRAK Visualize allows you to:

    All listed KPIs have robust sorting features that can include date, practice area, billing method, status, originating attorney, responsible attorney.

    Dashboard KPIs include trust balance, concentration ratio, diversity index, outstanding WIP, days sales outstanding, client and matter counts, AR, revenue, and billing by year, client and matter snapshot, and finally, invoices, AR, and revenue snapshot.

    Client KPIs include new clients per month, client composition, total client trends, clients by AR, clients by invoices, and clients by revenue.

    Matter KPIs include new matters per month, matter composition, total matter trends, matters by AR, matters by invoices, matters by revenue, matters by billable vs non billable.

    Financial trend KPIs include invoices vs revenue vs AR, sales vs cash flow vs net income, revenue vs operating expenses vs draws, net income margin, and client expenses vs operating overhead vs wages & salaries

    Productivity KPIs include available vs worked vs billed & collected time by CLIO user, target vs forecast vs actual billed time trend, target vs forecast vs actual billed time trend (cumulative), worked vs billed vs collected vs total available time, utilization vs realization vs collection ratios, area of practice productivity breakdowns, and user productivity breakdowns.

    Matter tracker keeps track of your matters in jeopardy, in tolerance, or matters as planned by monitoring status of activities, tasks, and invoices. Matters have 2 levels of tracking, engagement and progress, to help managers stay on top of new and ongoing matters.

    Trust report summarizes activity on trust balances to show lifetime billable work vs the lifetime trust balances and the expected AR collection amounts. The trust report can drill down to show staff breakdowns of billable time and expenses on each matter.

    Accounts receivable report shows the standard AR Aging report with drill down functionality in each of the days outstanding categories. 0-30 days, 31-60 days, 91-120 days, and 120+ days.