Rocket Matter Adds Advanced Analytics For Law Firms

Global News

18
Nov
2015

Editor

Rocket Matter, a leading cloud-based legal billing and practice management platform provider, today announces the expansion of its software with innovative functionality: Advanced Analytics. This new package of reports addresses a challenge faced by the company’s law firms: being a client advocate and a great business operator at the same time.

Billing management is a major problem for law firms and is only getting more difficult. A recent Georgetown Law study estimated that law firms collect only 71 percent of the work they perform. Rocket Matter Advanced Analytics helps law firms overcome this issue by helping them understand the efficiency of their billing process and which attorneys, matters and clients are most lucrative.

“Our law firm clients are all experts in the practice of law and are successful professionals faithfully servicing their clients,” says Larry Port, CEO of Rocket Matter. “Their challenge is how can they be an advocate and a great business operator at the same time. With this new Advanced Analytics feature, these two endeavors no longer have to be mutually exclusive.”

Advanced Analytics gives law firms of all sizes the tools that BigLaw employs to gain deep, strategic insights into their practice. Rocket Matter has thousands of advanced, operational-minded attorneys on its system, some of whom helped fine tune these reports and are already enjoying their benefits.

Rocket Matter Advanced Analytics includes the following benefits:

• Origination: Easily see who is originating new business for the firm, and run reports on how much has been collected from those clients.
• Matter Budgets: Set matter budgets to keep limits on billed time.
• Productivity per User:  Set target hours for performance of time tracked per user.  Break down how much time is spent hourly or unbilled. Quickly see if associates and staff are meeting their goals.
• Productivity per Matter: Understand which of your cases are absorbing the majority of your time.
• Collections Report: Show which clients are paying the most (or the least!) of their billed invoices. Take into account write-offs and unpaid billable activity.