Know where your time is going
Understand how much your firm’s work day is spent on billable work. See where you can identify opportunities to adjust workflows and better allocate resources.
See how much you could be billing
Find out how much money you may be losing due to write-offs. Get the hard numbers of which hours ends up on an invoice. Identify where your firm is doing work it doesn’t end up charging for.
Track your revenue
Understand what’s actually being collected from your invoices. Use performance metrics to see if you should be asking for larger retainers, offering flexible payment plans, and using other reliable payment methods.
Measure performance over time
Pinpoint what’s driving firm performance. See the data over a specific timeframe, and identify trends and changes over time—so you can plan annual budgets, invest in headcount, and set aside resources.
Number of billable hours worked divided by number of hours in a day
Number of billable hours invoiced divided by the number of billable hours worked
Number of hours collected divided by the number of hours invoiced
What is utilization rate?
Utilization rate measures how much of the day is spent doing billable work in comparison to the available hours in the day.
It’s an important metric that allows a law firm to determine how much of a lawyer’s day is spent on revenue-generating work compared to other activities.
What is realization rate?
Realization rate measures how much billable work ultimately gets billed after time reporting, discounts, write-offs, and other variables.
What is collection rate?
Collection rate measures how much billed work has been collected.