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Today, considerable emphasis is being placed on law
firm profitability. An income statement can tell you if the firm, as a
whole, is profitable; but it does not tell you if the work performed in a
certain area of law, by a specific timekeeper or for a specific client, is profitable.
Performing regular profitability studies at the
timekeeper and time entry levels enables the firm to make more knowledgeable
decisions regarding hiring and staffing, overhead expenditures, work
assignments, target marketing, billing and collections, billing rate
evaluations, and performance reviews.
Rippe & Kingston has developed a method of collecting
the direct and indirect cost information together with time, billing and
collection data to generate a profitability analysis. The information
collected by the LMS+ System, combined with your salary and expense data,
makes it possible to calculate net profit by: Office, Practice Group,
Timekeeper, Attorney, Area of Law, Client and Matter.
| Features |
Benefits |
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Multiple cost rates per timekeeper
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Direct and indirect cost structures
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Accounting basis - Time, Billing and/or
Collections
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Multiple analysis levels including:
office, practice group, timekeeper, area of law, client and
matter
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Reporting and Data Warehousing
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Historical Reporting
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- Provides strategic information directly to firm
management that can be used to effectively plan and
recognize opportunities to increase firm profits
- Provides a more sophisticated measurement of
profitability than a traditional Income Statement
- Accurately identify profit/loss summary or detail at
multiple levels for the firm
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