There are many issues facing Legal practices which may directly relate to increasing the bottom line and improving operational efficiency such as cutting costs; improving fee earner utilisation or providing a competitive advantage in the tender process.
Legal–i can provide insight and answers to assist in overcoming your practice challenges in the following areas:-
Improving Fee Earner Utilization
If you are challenged with keeping on top of your Fee Earner performance; how charge rate and chargeability varies by department and individual and how this affects Matter/Case throughput without having to employ a person or an IT department to find this out, then Legal–i can assist. Legal-i enables you to identify and monitor department utilization which can instantaneously drill down to Fee earners and even down to the Matters/Cases they are working on.
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Client Aged Debt Analysis
All businesses must keep on top of their debt profile however when practices grow and clients increase it can become difficult without involving more internal resource and taking days to produce a regular overview of the aged debt position for the practice and even longer and more resource to identify the specifics of that debt and who should action the recovery of it.
Legal-i provides the information to immediately to take an overview of the aged debt by client group, client; department or Fee Earner and to effortlessly bring in other information into that view which enables the business to make decisions on that debt and action them.
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WIP Analysis and Recovery
If your practice WIP(Work In Progress) is becoming increasing difficult to grasp, if the variance between projected WIP recovered and Fees Rendered is increasing and you feel write-offs are becoming a hidden issue then Legal –i can assist.
Legal-I will delivers both a top level and detailed accurate insight into your practice WIP profile at any given point, enabling you to assist your Fee Earners to manage their WIP recovery more effectively.
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Client Growth Analysis
If your partners have differing views to where the growth potential of the practice is then Legal-i can assist.
Legal–i provides a clear insight to where the growth of the practice has been over the years and enables you to clearly identify trends and projected growth for the future using a number of measures away from the typical judgment of revenue growth such as average case/matter value; fee earner utilization per client factors.
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Practice Differential
If your practice is challenged with a competitive tender process for big clients, Legal-i can assist.
Utilizing dashboards technology, Legal-i can deliver secure customer dashboards which provide your client with an environment to access the information they need regarding their business with you. Allowing them to create their own reports rather than your practice having to create and maintain this facility will save on operational costs to maintain their contract and will assist your practice to propose more competitive proposals.
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Fees Rendered Analysis
If it is taking too long and too much resource to manage your practice insight into your fee’s rendered breakdown then Legal-i can assist.
Legal-i enables analysis of all transaction types relating to Fees Rendered and Billed providing clear breakdown of what is and isn’t marked for billing; what has been billed and what is outstanding. Further identification of what has been billed such as anticipated and actual dispercements, write offs and variations against revenue can clearly be identified and drill down to client and Department/Fee Earner.
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To many reports, not enough hours in the day
If your practice already produces so many reports to the business and the recipients have very little time to view let alone action on them then Legal-i can assist.
Utilising Decision solutions dashboard technology, Legal–i can consolidate all the information delivered through masses of existing reports into one view. Within this view we would change the data into KPI monitors which only display information pertinent to the viewer when it became an issue and then provide them with the information they need to resolve the problem.
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