There is no doubt about it, times are tough right now. Hardly a week goes by without reports of a law firm going under, or facing intervention by the Solicitors Regulation Authority. But recognising weaknesses in your performance early on and taking prompt action to improve efficiencies can make all the difference in turning around your financial fortunes.
Martin MacDuff, Managing Director of Redbrick Solutions [1] says; ‘The availability of comprehensive, easy to analyse financial information is critical for all law firms operating in today’s economic environment. Only when you fully understand how your firm is performing can you develop realistic strategies to improve profitability and monitor performance against targets’.
Redbrick Business Intelligence has been developed to offer so much more than traditional law firm accounting software. At the click of a button, it provides powerful information to help firms understand productivity across either the whole business or targeted areas. Reports include:
- Billable and unbillable hours – make sure you are maximising your billable time.
- Premium / write-off on invoices per Matter – compare the original unbilled time recorded and the invoiced amount, then use this data to understand if you are writing off work in progress or not billing in a timely fashion.
- Activity Report by Fee Earner – detailed daily performance by fee earner, ensure you have the right people carrying out the right tasks.
- Office Debtor Age Analysis – see where fees are not being paid in a timely manner, and recognise repeat offenders.
- Unbilled and Pending Disbursements – a snapshot of how much work in progress has not been billed and pending disbursements per matter. Use this to focus on profitability and productivity.
- Key Performance Indicators – set targets for each fee earner and monitor them to understand how each member of the team is performing.
- Fee Target Progress – daily or weekly analysis of each fee earner’s progress towards achieving their fee target enables proactive management of productivity.
Martin continues ‘We work closely with law firms to ensure we are delivering solutions that have a positive impact on their business. What we found was that firms either didn’t have this data or they couldn’t access it in a meaningful way enabling them to generate reports that provided this level of comprehensive information on which they could base critical business decisions. Business Intelligence delivers all of this and more and demand since launch has exceeded our expectations. Firms can utilise our technologies to ensure they are not just surviving but thriving.’
Redbrick Solutions recognise that the initial investment required to procure quality legal software can be a barrier for many firms. So, they have developed a unique pay per transaction business model, to make powerful technology accessible to all. Firms simply pay a transaction fee per file, which can be passed on as a disbursement to the client, so the use of Redbrick Solutions technology essentially costs nothing.
Redbrick Solutions offer free, no obligation consultations to demonstrate how their products can help solicitors turn around financial fortunes. To find out more, please call 0845 166 2629 or visit www.redbricksolutions.co.uk [2]