Practice Management Software for Law Firms
There has been a trend in the legal market for instituting practice groups as an infrastructure in running the law Firm. This is not an idea that is particular to the legal industry, as many industries that have divisions within their company, typically may have someone in charge of that business who is responsible for the total operations of the business.
In the law Firm environment practice group leaders should be those individuals who are responsible and accountable for the success of the practice group itself. This is where the LMS Practice Management Software delivers. Areas of the business that are addressed include: Product Line, Marketing, Sales, Resource Management, Client Satisfaction and Profitability.
- Business Intelligence
- Conflict Avoidance
- Data Warehouse
- Docket / Calendaring
- My CRM
- Records Management
The Legal Management System (LMS) Business Intelligence Dashboard and Reporting module provides key analytics to law firm decision makers. The system gathers important accounting and general ledger data and presents the results in a graphical / drill down method providing meaningful and easy to understand information. The Business Intelligence software can be easily configured to present firm, office, practice group, department, client, matter, attorney data and others based on the individual needs of the law firm. The LMS Business Intelligence module gives firm management and individual attorney’s access to the relevant information necessary to help them make better and more insightfully informed decisions about the firm´s performance. Firm Profitability results are also included within the Business Intelligence Dashboard and Reporting module. Providing the most advanced profitability module in the industry today, Firm Profitability can be measured at every reporting level based on the individual needs of the law firm. Through Direct, Indirect and Overhead cost allocations captured for each attorney, the module focuses on key business drivers, and enables a firm to quickly ascertain the effect that utilization, realization, leverage, and cost allocations have on the firms overall profitability and performance all the way down to an individual matters profitability.
Conflict Avoidance for Law Firms
The Law Firm Conflict Avoidance System provides your practice management an automated means to manage client and contact information in order to avoid conflict of interest situations. The Legal Management System not only allows the Law Firm to quickly check for potential conflicts, but it also allows a user to further understand all of the client relationships. Information tracked by the system is user-defined and may include any information that can be defined from any LMS database. The system is designed for the Law Firm to maintain an unlimited amount of information per client and matter. The Conflict Avoidance System search is automatically tied to any client/matter entry in the LMS system and any data element in the total practice management concept. Potential conflicts can easily be discovered using client/matter names or numbers, data type, descriptions, vendor information or information from prior searches. In addition, information may be accessed on-line or via reports.
- Automatic search results
- Workflow features - client/matter intake
- Reduced insurance premiums
- Reduced staffing for maintaining a comprehensive conflict avoidance capability
- Targeted practice development information
- Informal searching for any user group
Reporting Data Warehouse for Law Firms
The LMS Reporting Data Warehouse allows for Business Intelligence for Law Firms through an easy to use collection of financial statistics that deliver ready access to critical information. The Data Warehouse takes raw data and summarizes it into a useful and manageable form, providing a high level summary of the Firm’s operations. This allows you to quickly and easily find the information you need to make comparisons, see trends and changes, and make informed business decisions.
- Firm | Office | Department | Practice Group
- Area of Law | Attorney Levels | Split Attorney Levels
- Client | Matter | Super Client | General Ledger
Law Firm Docket / Calendaring SystemLaw Firm Docket / Calendaring System provides a centralized, comprehensive approach to improve control and management of calendar events. Custom reporting, immediate inquiry, and thorough backup and audit procedures makes this a reliable, versatile source for scheduling activities. The system maintains and monitors events for individual attorneys, departments or the firm as a whole. This centralized, calendar-based system increases your control and improves your resource management.
- Reduced administrative time
- Decreased insurance liability
- Increased control through centralization
- Improved security through offsite backup and storage
- Better resource management
- Decentralized reporting and calendar presentation
- Timely project management
- Reduced administrative staff time via tight integration with LMS
Client Relationship Management for Law Firms
The law firm My CRM integrates directly with the Financial Management System and provides your firm with the ability to easily track information about the Firm’s Clients and prospects. Users can easily monitor and track contact information and business development activities. With the ability to assign Clients and Contacts to unlimited Firm mailing lists, the firm can streamline marketing activities through mailings and email.
- Contact information including multiple addresses, phone numbers, email and Web addresses
- Track prospects and clients
- Track marketing activities and notes per client or prospect
- Unlimited mailing lists
- Mail merge export
- Access to financial data for prospects or clients
Law Firm Profitability
Today, considerable emphasis is being placed on law firm profitability. An income statement can tell you if the law 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 law 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 Law Firm Software, 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.
- Business intelligence interface
- 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
- Secured access
Law Firm Records ManagementRecords Management provides law firms with the ability to track and manage all files from creation through to final disposition. Features include flexible assignment of physical file and sub file definitions, file tracking, user defined on-site and off-site locations, label generation, bar code tracking and interface and retention schedules for all files.
With a built in reservation system, individuals can check files in and out and also track individuals waiting for records. Each movement of the file is tracked through the LMS detail activity log. Built in security profiles and record status codes allow for tight control of users access for viewing, reserving and modifying records data.
The LMS full text database search engine allows for all file and sub file content to be searched on demand.
The Records Management module is fully integrated with the LMS Client/Matter Financial Management Inquiry and allows for a complete view of all file and sub file indexes along with key location and storage information
- Easy retrieval of files | Database for attorneys work product
- Reduced file opening/closing time | Reduced secretarial time | Bar coding
- Improved document production time | Improved client service
WatchlistsThe Practice Management Watchlists module was designed to assist your Firm’s Attorneys in managing their practice. The Legal Management System (LMS) provides the practice management tools to monitor timekeeper productivity and budgeting, practice management Team, Client specific Rate Review, New Client/Matter Net Investment, existing Client marketing opportunities for the firm and Case Opened Closed Trends. Each Watchlist is independently securable so the Firm can decide what users can gain access to this management data.
Each Watchlist provides the Firm with Revenue Raising opportunities. By utilizing the LMS technology in a fully Browser Based environment, results are presented in detail , summary or graphical format. The system also provides direct links to other modules in the LMS system.
Helping You Manage the Law Firm Practice:
- Individual and Team Analysis
- Actual and Available time for any time reporting period
- Trend graphs showing actual and budgeted hours
- Monthly and Year-To-Date Budget View
- Direct Links to Client/Matter Inquiry Statistics
- PDF or Excel Reporting
- Secured Firm Level or Individual Attorney Level Watchlist Tabs
- Quick review of newly opened Client/Matter statistics
- Quick review of Client/Matter frequency of activity reporting
- Quick review of Client/Matter opened and close activity and trends
Workflow SystemLMS includes the ability to create and publish Law Firm specific workflow processes. This gives Law Firms the ability to eliminate any manual or “paper based“ processes and automate them for accuracy and ease of use. Workflow can automatically run an informal conflict check for new client/matters and also allows for the attachment of unlimited documents such as engagement letters, receipts, invoices, etc. Since this is built directly into the LMS system the data flows to the appropriate Law Firm personnel for approvals and, where appropriate, directly into the accounting portion of the time and billing system thus, eliminating the re-keying of data by your accounting/billing staff. Notifications are sent out via e-mail and authorized users can at anytime check on the status of a particular request and see where it stands in the approval process.
The Law Firm Workflow feature within LMS allows Firms to create unlimited workflow processes, each one unique in the layout, required fields, approval routing, and functionality. Designing and publishing workflow forms is quite simple; no programming knowledge is required and can easily be performed by “non-IT” staff.