Join us at noon in Salon A3 at the ABA TECHSHOW on March 16th to discuss how to measure what matter to your law firm's bottom line with law practice management software, FIRM CENTRAL. Key Performance Indicators (KPIs) for law firms
Winning CFO Approval for Expense Management AutomationCertifyInc
In this webinar, we examine the top priorities of today’s CFOs and how automation helps to achieve these goals. We walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
Capitalizing on analytics in finance: Creating trusted insights for the enter...Spencer Lin
A recent IBM study of 337 CFOs and senior finance executives found that about 90% are implementing analytics solutions. However, analytics adoption is happening in pockets and isn’t pervasive across finance activities. With investment in analytics poised to double in the near term, how can Finance better capitalize on these new capabilities? To answer that question, we looked at the most effective Finance organizations and learned three important lessons from their success.
Sales and Use Tax Process: Benchmarks and Best Practices for RetailersSovos
Nearly half of all retailers have not established KPI’s for to measure their sales tax process. Those that do are leading the way with a more strategic approach to compliance. Watch the on demand Webinar (see slide 4) to understand what they are doing.
View our webinar on demand to learn:
Challenges and risks for retailers
Performance benchmarks to help understand how you compare to your peers
Strategies and drivers for change
How leaders are leveraging technology to achieve superior results
Make Intelligent Decisions that Drive Business Value
Improving profitability is one of the highest priorities for business managers. The challenge is to identify and analyze profit-making activities by specific dimensions such as customers, products, channels, segments, and business units. Accurate data helps drive continuous profit improvement initiatives by helping businesses understand where and how to improve profitability.
The results can be staggering. Companies that leverage cost analytics
to focus on cost reduction can experience reductions of 3–5%, while those that focus on profitable growth and revenue initiatives can achieve 5–15% improvements. For example, a $4 billion financial services
firm added $600 million in annual profit enhancement by focusing on profitable growth and revenue rather than cost containment.
Longview Profitability Analytics leverages your company’s data to provide powerful insight into revenues, business costs, margins, and operations to help you develop profitable action plans.
Winning CFO Approval for Expense Management AutomationCertifyInc
In this webinar, we examine the top priorities of today’s CFOs and how automation helps to achieve these goals. We walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
Capitalizing on analytics in finance: Creating trusted insights for the enter...Spencer Lin
A recent IBM study of 337 CFOs and senior finance executives found that about 90% are implementing analytics solutions. However, analytics adoption is happening in pockets and isn’t pervasive across finance activities. With investment in analytics poised to double in the near term, how can Finance better capitalize on these new capabilities? To answer that question, we looked at the most effective Finance organizations and learned three important lessons from their success.
Sales and Use Tax Process: Benchmarks and Best Practices for RetailersSovos
Nearly half of all retailers have not established KPI’s for to measure their sales tax process. Those that do are leading the way with a more strategic approach to compliance. Watch the on demand Webinar (see slide 4) to understand what they are doing.
View our webinar on demand to learn:
Challenges and risks for retailers
Performance benchmarks to help understand how you compare to your peers
Strategies and drivers for change
How leaders are leveraging technology to achieve superior results
Make Intelligent Decisions that Drive Business Value
Improving profitability is one of the highest priorities for business managers. The challenge is to identify and analyze profit-making activities by specific dimensions such as customers, products, channels, segments, and business units. Accurate data helps drive continuous profit improvement initiatives by helping businesses understand where and how to improve profitability.
The results can be staggering. Companies that leverage cost analytics
to focus on cost reduction can experience reductions of 3–5%, while those that focus on profitable growth and revenue initiatives can achieve 5–15% improvements. For example, a $4 billion financial services
firm added $600 million in annual profit enhancement by focusing on profitable growth and revenue rather than cost containment.
Longview Profitability Analytics leverages your company’s data to provide powerful insight into revenues, business costs, margins, and operations to help you develop profitable action plans.
Delivering earnings predictability, owning corporate governance, and supporting productivity across the enterprise are among the top challenges faced by financial professionals. Where do financial professionals even begin defining a strategy to embrace these opportunities? The answer to that question may raise more than a few eyebrows: best-in-class travel and entertainment (T&E) expense management
Breaking the data barrier: Lessons from analytically advanced Finance organiz...Spencer Lin
The majority of enterprises recognize that data and analytics are transforming their businesses. But what about the Chief Financial Officer (CFO) and Finance? How are data and analytics changing their professions? To find out, the IBM Center for Applied Insights asked over 1,000 organizations across five industries about their Finance departments’ approach to data and analytics, cloud and engagement. Findings show that enterprises with analytically advanced Finance organizations reported better outcomes when it came to decision making, growth and agility.
Tendencias y mejores prácticas del Financial Performance ManagementNexolution
En el área de Finanzas existen dos roles fundamentales que son más necesarios equilibrar. En el primero debe de enfocarse en realizar una serie de controles y verificaciones. En el segundo aprovechar su amplia experiencia sobre el conocimiento de los recursos necesarios que generan un determinado nivel de ingresos.
La forma en que Finanzas encuentra este equilibrio (y muchos otros) determina en gran parte el éxito o el fracaso de la empresa.
Lo invitamos a ver nuestra presentación: “Mejores prácticas del Financial Performance Management”, donde le mostraremos de que manera encontrar el equilibrio para el éxito de la corporación alineando procesos y controles, y al mismo tiempo asesorando al negocio sobre direcciones futuras.
[Whitepaper] Aberdeen Research Report: AP Invoice Management in a Networked E...Anybill
The Aberdeen Group just released their newest research report, "AP Invoice Management in a Networked Economy." The report discovered how Best-in-Class companies are leading the way toward improving both the internal and external facets of their financial operations.
5 KPIs that can boost your business intelligence programGrant Thornton LLP
Many finance and IT executives acknowledge that large-scale data analysis is key to organization strategy for market differentiation. Still, a large portion of food and beverage consumer packaged goods companies the next steps are murky. Here are 5 KPIs to help you boost your BI programs. For more on making business intelligence work for your company, click here: http://gt-us.co/WHvOfw
Understanding Profit/Loss Lineage to Successfully Deploy Information Manageme...Cognizant
Organizations increasingly are embracing information management and business information technology as a means of leading to profitability, but preparation—achieving an understanding of the company's “P&L Lineage”—is an essential first step.
Discover why yesterday's approaches to workforce management won't cut it in today's tough business environment-and what you need to stay current.
Mitri Dahdaly, part of Infor's Product Management and Strategy team, will explore the new world of workforce management, the changes it demands, and the opportunities it offers.
In this presentation you will learn about:
Five key factors shaping new labor approaches in WFM
Recent WFM changes having a profound impact
How to deliver strategic value with WFM
The State of the Customer Success ProfessionTotango
Compensation, bonuses, team maturity, goals & challenges - everything you've wanted to know about the Customer Success Profession in 2015 is covered in this webinar presentation.
Fueled by two leading industry surveys, Totango and Satrix Solutions will share the results, trends, and insights they're seeing in the marketplace.
Watch the webinar: http://customer-success-resources.totango.com/h/i/121783406-the-state-of-the-customer-success-profession
Delivering earnings predictability, owning corporate governance, and supporting productivity across the enterprise are among the top challenges faced by financial professionals. Where do financial professionals even begin defining a strategy to embrace these opportunities? The answer to that question may raise more than a few eyebrows: best-in-class travel and entertainment (T&E) expense management
Breaking the data barrier: Lessons from analytically advanced Finance organiz...Spencer Lin
The majority of enterprises recognize that data and analytics are transforming their businesses. But what about the Chief Financial Officer (CFO) and Finance? How are data and analytics changing their professions? To find out, the IBM Center for Applied Insights asked over 1,000 organizations across five industries about their Finance departments’ approach to data and analytics, cloud and engagement. Findings show that enterprises with analytically advanced Finance organizations reported better outcomes when it came to decision making, growth and agility.
Tendencias y mejores prácticas del Financial Performance ManagementNexolution
En el área de Finanzas existen dos roles fundamentales que son más necesarios equilibrar. En el primero debe de enfocarse en realizar una serie de controles y verificaciones. En el segundo aprovechar su amplia experiencia sobre el conocimiento de los recursos necesarios que generan un determinado nivel de ingresos.
La forma en que Finanzas encuentra este equilibrio (y muchos otros) determina en gran parte el éxito o el fracaso de la empresa.
Lo invitamos a ver nuestra presentación: “Mejores prácticas del Financial Performance Management”, donde le mostraremos de que manera encontrar el equilibrio para el éxito de la corporación alineando procesos y controles, y al mismo tiempo asesorando al negocio sobre direcciones futuras.
[Whitepaper] Aberdeen Research Report: AP Invoice Management in a Networked E...Anybill
The Aberdeen Group just released their newest research report, "AP Invoice Management in a Networked Economy." The report discovered how Best-in-Class companies are leading the way toward improving both the internal and external facets of their financial operations.
5 KPIs that can boost your business intelligence programGrant Thornton LLP
Many finance and IT executives acknowledge that large-scale data analysis is key to organization strategy for market differentiation. Still, a large portion of food and beverage consumer packaged goods companies the next steps are murky. Here are 5 KPIs to help you boost your BI programs. For more on making business intelligence work for your company, click here: http://gt-us.co/WHvOfw
Understanding Profit/Loss Lineage to Successfully Deploy Information Manageme...Cognizant
Organizations increasingly are embracing information management and business information technology as a means of leading to profitability, but preparation—achieving an understanding of the company's “P&L Lineage”—is an essential first step.
Discover why yesterday's approaches to workforce management won't cut it in today's tough business environment-and what you need to stay current.
Mitri Dahdaly, part of Infor's Product Management and Strategy team, will explore the new world of workforce management, the changes it demands, and the opportunities it offers.
In this presentation you will learn about:
Five key factors shaping new labor approaches in WFM
Recent WFM changes having a profound impact
How to deliver strategic value with WFM
The State of the Customer Success ProfessionTotango
Compensation, bonuses, team maturity, goals & challenges - everything you've wanted to know about the Customer Success Profession in 2015 is covered in this webinar presentation.
Fueled by two leading industry surveys, Totango and Satrix Solutions will share the results, trends, and insights they're seeing in the marketplace.
Watch the webinar: http://customer-success-resources.totango.com/h/i/121783406-the-state-of-the-customer-success-profession
The New Work Order: Team Ingredients and Role BlendingHeather Fleming
Heather Fleming's Keynote from The Future of Work Summit in Austin, TX talks through the differences between "Old Work" and "New Work" including a framework to unlock your team's full potential using "Team Ingredients".
First Things First: Welcoming Non-English Speakers Into the Reading Community Emily Freeman
Does a child need to have English language skills before participating in reading workshop? No! If you have worked with Non-English Speaking students and worried about what to do with them while they learn basic language and speaking skills, this presentation is for you! Learn how you can welcome NES students into your reading community immediately, find resources that level the playing field, and leverage the entire classroom community to foster social language skills. Drawing on our own classroom experiences teaching NES students in a general education and leading a direct service ELD program, we will share success stories and tips for reaching every learner - and staying sane while doing it! (Originally presented at the Michigan Reading Association 2017 Annual Conference)
GOING THE EXTRA MILE: Using Client Data to Improve Client Service, Loyalty, A...Traklight.com
Surveying clients through the matter lifecycle may seem like a crazy concept but it's happening. This means regularly gathering feedback from clients about their expectations and your firm's performance. Learn how firms gather this information, and how they use it to manage their successful businesses while rewarding attorneys and employees.
SUHNER “para llevar” - Máquinas inalámbricas para lograr el lijado perfecto
Con una serie completa de cuatro rectificadoras compactas móviles SUHNER Abrasive Expert amplía ahora su cartera de productos: La serie comprende la rectificadora recta ASC 9, la rectificadora de cinta ABC 7, la rectificadora de costuras de garganta AKC 3, la rectificadora de cinta para tuberías ATC 7.
Rails Girls Presentation: Adventure to CodelandEster Kais
Presentation Prepared for Rails Girls event on the 11th of February 2017 about my experience becoming a web developer in a short amount of time. It refers to my blog, which can be found at: https://beebytes.wordpress.com/.
The Beatles were an English rock musical band that formed in Liverpool in 1960. With John Lennon, Paul McCartney, George Harrison and Ringo Starr, they became widely regarded as the greatest and most influential act of the rock era. In the early 1960s, their enormous popularity first emerged as ‘Beatlemania’, but as their song-writing grew in sophistication they came to be perceived as an embodiment of the ideals shared by the era's socio-cultural revolutions. No band has influenced pop culture the way the Beatles have. They were one of the best things to happen in the twentieth century, let alone the Sixties.
Watch the recording of this session and learn how to effectively leverage benchmarks to build a roadmap of efficiency opportunities in your Finance & SSC organization through real-world examples.
DMC: Use Microsoft SharePoint Technology You Already Own to Operate Efficient...DMC, Inc.
www.dmcinfo.com/sharepoint - This is the slide deck DMC presented at the Alliance for Illinois Manufacturing Executive Lunch Briefing on March 4, 2010.
Change Your Mindset: The Key to Growing Your Accounting PracticeAggregage
In the accounting profession, the post-COVID business model is surely on everyone's minds. Unmistakably, the way to forge ahead will look different than in years past. The biggest mistake that a majority of companies are making in regard to growth is holding onto old conventions, paradigms, and practices.
Whether re-integrating back to in-office life or staying digitally connected through remote work, the first step in determining how to spur growth comes with reevaluating your company's willingness to change mindset.
Join David Bergstein, Chief Innovation Officer at Bergstein CPA, as he shares insight on the accounting landscape, new trends, and practical tips for reevaluating your company's positionality.
This session will cover:
• What it means to challenge tradition and change your company mindset
• How to make sure you are set up to be as productive and efficient as possible
• Best practices for choosing the tools you will utilize
• Methods to measure and track your success so you can watch yourself improve!
...and more! Everyone who attends will walk away with the knowledge of what to do to be successful in the "New Normal."
Making Metrics Matter: An investigation of sales-aligned marketing reporting...Remen Okoruwa
31 HubSpot Marketing Agency Partners share details on how they report on the metrics that matter most to clients, and the challenges they face in reporting.
How do you measure the sucess of AP automationSarah Fane
Traditionally, the success of Accounts Payable (AP) automation is measured in savings created from headcount reduction. While it is an important metric, there are other metrics that will help determine whether AP automation is benefiting not just AP, but the wider business.
As AP departments and finance shared services mature, they are being looked at not just as transactional centers, but also as a source of business intelligence that can provide strategic insight.
This white paper will examine both traditional cost-based Key Performance Indicators (KPIs) and value-adding KPIs that will help you better align AP with the wider business.
Most organizations have no idea of how to implement Key Performance Indicators (KPIs). They either measure everything that moves, or they operate in the blind and measure nothing except perhaps revenues or profitability.
It’s no secret that Accounts Payable is one of the main areas of opportunity for automation and optimization within a finance department.
In this video recap of the webinar held on 2/26/ 2019; Auxis’ RPA Consulting Director Eduardo Diquez together with The CFO Leadership Council, UiPath & Ephesoft discussed a perspective on what it really takes to optimize the end-to-end AP function, its key benefits, key technology solutions in the market, and more.
What was covered:
- What does Modern Finance really mean?
- Digitization as a Key Element of the Modern Finance Organization
- Most Common Tools you should be implementing as part of your Digital Finance journey
- What’s driving RPA’s growth?
- Implementation Strategies & Alternatives
- How Outsourcing can help finance executives self-fund their Digital Finance Strategy and drive faster outcomes
Although Big Data is changing enterprise data architecture models, support for Big Data extends beyond the walls of IT. The most successful companies are focused on building strong business cases for Big Data to drive support, adoption and funding though the enterprise.
This webinar investigated the two perspectives in constructing a business case for Big Data as well as how to create a compelling business case for Big Data success.
During this webinar, we covered:
-Challenges Creating Business Cases for Big Data
-Two perspectives for building Big Data business-cases
-Building the business-focused case and getting to monetized benefits
-Fortifying your business case with IT-benefits
PCO Bookkeepers is an accounting and business advisory firm obsessed with providing pest control companies’ information they need to prosper in today’s competitive business environment
The Traklight Journey around fundraising and intellectual property (IP). Overview of some of the AZ programs for fundraising journey and Traklight's obsession with IP education, identification and protection for all small and medium sized businesses.
May GLSA Mary Juetten Law Practice Management Key Performance Indicators Sim...Traklight.com
Small and Solo General Practice Attorneys need simple metrics to run their firms and create satisfied clients and profitable results. KPIs are trending but can be over complicated by technology. Keep it simple!
Intellectual Property 101: How to Leverage Intangible Value for Your ClientsTraklight.com
Small and medium businesses all have valuable intangibles and intellectual property. Learn about the four types of IP and how to identify, protect, and manage your client's IP to minimize risk and maximize value.
Don't Risk it All! Ten tips to maximize business valueTraklight.com
Whether you are a new business or an established brand, there are an overwhelming number of administrative and legal tasks that have to be managed. Don't wait until it's too late! Without a solid plan to identify and address risk, your valuable assets are at risk. In this session, we'll show you common pitfalls to avoid, and provide a roadmap for success. This interactive session uses case studies to demonstrate ten actionable tips.
Minimize Your Client's Risk: From IP to Cash FlowTraklight.com
Most businesses are unaware of the legal issues businesses can face at the outset. Often it is simple mistakes or omitted steps that jeopardize a company's future. Areas covered during this webinar include: foundational decisions, financial projections, intellectual property, record-keeping, fundraising preparation, employee versus contractor decisions, and entity types.
KPIs are critical to the success of a law firm but measuring is just the start. Learn why, what, and how to measure. Using Modern Law case studies insert business into your law firm to measure, evaluate, and act.
How to Prepare to Sell or Finance your CompanyTraklight.com
You work hard building up your company to either pass onto family or sell. Maybe you are preparing for your next round of funding. Maximizing your value by discovering all your assets and managing your risk is critical. Hear from experts on how to organize and position yourself for fundraising or exit. Our speakers have been there and done that with fundraising, risk management, executive leadership and outside counsel. Learn tips and tricks from case studies to affordbly spot your risks, cover your assets, and get ready for the next level.
IP 101: Why Care about Intellectual Property: SCORE WebinarTraklight.com
You have a great idea and turned it into a business, but if that intellectual property (IP) isn’t a part of your business strategy, you’re not only putting your ideas at risk, you’re also risking investment opportunities.
In this SCORE LIVE webinar, Mary Juetten, a JD and CPA, and the founder of Traklight.com, will break down what "intellectual property" is and why businesses must safeguard it.
Startups need to care about their IP from the beginning! Not just for tech startups—100% of businesses have IP.
Shed your misconceptions about IP, and start understanding what it is and how it relates to you and the value of your startup.
Don’t risk the success of your business to ignorance. Educate yourself, and thrive!
Learn how putting your ideas and IP to work for you now will save you time and money in the long run.
Traklight - EGFS Is your Business at Risk - 10 Tips to Reduce Risk & Maximize...Traklight.com
At any stage of business there are an overwhelming number of tasks facing owners and leaders - we review the top ten and provide practical strategies for risk management. Your assets are your value - identify and protect those assets to ensure your success.
April 2015 NBIA Traklight | CEI IP 101 for Incubator ManagersTraklight.com
Incubator Managers need to help their clients with Intellectual Property because everyone has it and IP is the most valuable asset; not just patents! Learn from case studies and Traklight CEO, and CEI entrepreneur in residence.
IP 101: Why Startups Should Care About IP from Day 1 [Phoenix Startup Week]Traklight.com
Entity formation, contracts, IP, co-founder agreements, insurance and more are critical for maximizing value and minimizing startup risk. All startups have IP and it's more than 80% of your valuation!
Taking the Plunge Into Entrepreneurship; How to Dive In Intelligently | Webin...Traklight.com
Jennifer Hill was an international startup lawyer who left a stable career as a senior attorney to launch a tech startup company. Sixty Vocab is an adaptive gaming platform (online and mobile) to learn, retain and recall conversational foreign language vocab. Sixty Vocab was selected by Forbes as a 2014 Start-up to Watch and a semi-finalist in the Milken-Penn GSE Business Plan Competition for the nation's most promising edtech startups. It was recently featured in Entrepreneur Magazine as well as BBC Capital in a story on how to ditch the 9-to-5 life. Sixty Vocab just launched its mobile app for iOS and Android featuring an offline mode for convenient learning anywhere anytime.
In this webinar, Jennifer provides guidance on how to take the "jump" as an entrepreneur and what it looked like for her business, Sixty Vocab, once she did.
Traklight Webinar with Shane Olafson and Kyle Siegal on Patent Dos and Don'ts...Traklight.com
A discussion of patent tips for startups, including:
- Carefully allocating precious startup funding
- Properly limiting disclosure of new products and concepts
- Understanding patent application timelines
- Knowing when a provisional application may be appropriate
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
MEASURE WHAT MATTERS TO YOUR FIRM'S BOTTOM LINE WITH FIRM CENTRAL
1. MEASURE WHAT MATTERS TO YOUR FIRM’S
BOTTOM LINE WITH FIRM CENTRAL
March 16, 2017
Mary Juetten & Kathy Freije
2. 2 Measure What Matters to Your Firm's Bottom Line with Firm Central
MEASURES WHAT MATTERS
TO YOUR FIRM’S BOTTOM
LINE WITH FIRM CENTRAL
12:00 Measures that Matter: State of Small Law
12:10 KPIs Examples
- Pipeline | Net Promoter Score
- Individual Collections | Accounts Receivable (A/R) Aging
- Matter profitability
12:40 Getting Started
12:50 Questions
3. 3 Measure What Matters to Your Firm's Bottom Line with Firm Central
Measures that Matter
4. 4
Solos and Small Law Firm Partners Say…
7
88%
50%+
Types of challenges experienced by at least 50% of small
law firms
Firms with significant challenges have taken no action to
address them, with the exception of keeping up with legal
changes
Client satisfaction ratings are how they define firm
success
2016 State of Smaller Law Firms Study, Thomson Reuters
5. Small Law Firm Success Defined
36%
38%
50%
76%
81%
82%
87%
88%
0% 100%
Profit per partner
Revenue per partner
Case win percentage
Overall revenues
Work/life balance
Overall profits
Repeat business
Client satisfaction ratings
2016 State of Smaller Law Firms Study, Thomson Reuters
6. 6
Small Law Firm Challenges
• Challenges acquiring new client business
• Spending too much time on administrative tasks
• Cost control and expense growth
• Clients demand more for less or rate pressure
• Increasing complexity of technology
• Lack of internal efficiency
• Keeping up with changes in the legal market
• Succession planning
• Information overload from growth in legal documents
2016 State of Smaller Law Firms Study, Thomson Reuters
Experienced
Challenge
78%
69%
62%
62%
63%
54%
56%
47%
47%
7. 7
Those With Significant Challenges….
Implemented
Change
37%
19%
46%
34%
28%
54%
11%
27%
18%
Living with the
Problem
63%
81%
54%
66%
72%
46%
89%
73%
82%
• Challenges acquiring new client business
• Spending too much time on administrative tasks
• Cost control and expense growth
• Clients demand more for less or rate pressure
• Increasing complexity of technology
• Lack of internal efficiency
• Keeping up with changes in the legal market
• Succession planning
• Information overload from growth in legal documents
2016 State of Smaller Law Firms Study, Thomson Reuters
8. 8 Measure What Matters to Your Firm's Bottom Line with Firm Central
WHAT ARE KPIs?
Key Performance Indicators are metrics for
measuring all aspects of business and are
beyond the traditional billable hour.
Law can borrow from other professional
services and industries for KPIs.
Focus on outputs, client experience,
collections rather than inputs such as hours
billed.
Move from Profits per Partner.
9. 9 Measure What Matters to Your Firm's Bottom Line with Firm Central
Thomson Reuters Small Law Firm KPI and Benchmark Survey
Participants:
• 690 surveys sent out to customer panel June 2016
• 62 Firms Responded: 10 Solos & 50% under 10 Attorneys
Stats:
• 81% use technology (time & billing (34%) and practice management (44%))
• 58% do NOT use KPIs beyond traditional billable hours
• Only 6 or <10% use more than 4 KPIs
– 19 use Collected Billings by Attorney
– 15 measure overdue Accounts Receivable (A/R)
– 14 track Matter Profitability
– 3 measure client satisfaction (less than 5%)
10. 10 Measure What Matters to Your Firm's Bottom Line with Firm Central
KPI Examples
11. 11 Measure What Matters to Your Firm's Bottom Line with Firm Central
Start with Client Satisfaction
Positive and Predictable Cash Flow:
Satisfied clients tend to pay and it’s easier
to upsell or have happy clients refer friends
and associates.
Start with client development KPIs,
including pipeline and cost of client
acquisition and measure firm culture and
client experience.
Borrow from outside the law: Net Promoter
Score (NPS) & Pipeline.
Also on KPI Starter Spreadsheet – Client
Acquisition Cost
12. 12 Measure What Matters to Your Firm's Bottom Line with Firm Central
CLIENT EXPERIENCE: Net Promoter Score (NPS)
Net Promoter Score (NPS) (%)
The percentage of total clients responding to the
survey question who are promoters less the
percentage of total clients responding who are
detractors.
Q: On a scale of one to ten (with one being not at all
likely and ten being extremely likely), how likely are
they are to recommend your firm to their friends,
family, and colleagues?
Additional Question: Why or Why Not?
Allow for feedback, good and bad.
Help with action plan for improving NPS.
Survey must be tracked, not anonymous.
Technology:
Google Documents or Survey Monkey, Excel for
responses.
13. 13 Measure What Matters to Your Firm's Bottom Line with Firm Central
CLIENT DEVELOPMENT: Pipeline
Adjusted Prospect Pipeline ($)
Total dollar value of the Prospective Clients’ Matters on
the Pipeline adjusted for likelihood of success divided
by total Attorneys (and Paralegals in some cases*) to
yield a dollar value.
Technology:
Can start with Excel and move to Customer Relationship
Management (CRM).
Can look at the Matter reports in Firm Central for data to create the
different types of matters (buckets).
Targets:
Should tie into the monthly revenue in your budget.
14. 14 Measure What Matters to Your Firm's Bottom Line with Firm Central
Firm Central Reports to Support KPIs
Available Reports
15. Steps to Export the Client | Matter Reports from Firm Central
1. Click the Time & Billing Tab at the top of screen
2. Click the Reports tab
3. Select appropriate report and click Generate Report button
4. Select date range (date range will default to current month
range)
5. Select individual or all client/matter data
6. Click Export button
7. Click Download button
8. Open report in Excel
16. 16 Measure What Matters to Your Firm's Bottom Line with Firm Central
Exported Firm Central Reports: Collection Realization by Matter
(in Excel)
17. 17 Measure What Matters to Your Firm's Bottom Line with Firm Central
Misplaced Focus on Billable Hours.
Allan focused on billing, not collecting
At the end of the year, Allan was a billing machine at 116.25%
utilization but 86.22% collected.
Align your KPIs with firm goals: Cash is King.
Have timekeeper’s focus on collections, not billing. 160 hours
does not matter if only 120 hours are collected.
Results are 88% when look at one month based on this data.
Firm Central provides collections realized by
timekeeper or $ collected by timekeeper to
develop these metrics for your timekeepers.
18. 18 Measure What Matters to Your Firm's Bottom Line with Firm Central
PROFITABILITY: Aging Tolerance
4- Profitability (f) Aging Tolerance (%)
Total collections within 60 days divided by total billings.
Set deadline for recording WIP by month-end.
Policy to bill out all WIP each month (where practical) or at end of
each engagement, regardless of timing.
Set payment terms.
Investigate factoring or other services if necessary.
Use e-billing and consider accepting credit cards.
Unbilled(
Time
Billed(
Time
Collected
Time
19. 19 Measure What Matters to Your Firm's Bottom Line with Firm Central
Exported Firm Central Reports: Aged A/R
(in Excel)
20. 20 Measure What Matters to Your Firm's Bottom Line with Firm Central
Steps to Export the Aged A/R Report from Firm Central
1. Click the Time and Billing Tab at top of screen
2. Click the Reports tab
3. Select Accounts Receivable and click Generate Report button
4. Date range will auto populate for current month. Change date range to
see overdue A/R (see attached Export Settings.jpg)
5. Click Export button
6. Click Download button
7. Open report in Excel (see attached Aged Excel Report – Current
Month.jpg)
21. 21 Measure What Matters to Your Firm's Bottom Line with Firm Central
PROFITABILITY
58 responses to TR KPI Survey, 31 firms
reported using either of the two profitability
metrics:
Take-home dollars
Bank Balance
KPIs need to be timely to allow for
corrective action.
Matter profitability was an option on the
survey.
22. 22 Measure What Matters to Your Firm's Bottom Line with Firm Central
PROFITABILITY KPI: Contribution Margin (CM) by Matter
Look at the mini profit and loss by firm by month
PI firm with two partners so overall was 49% in Jan but OF was 60% and
PR was 46%.
Remember the CM uses Direct Costs which is at salary and/or draw costs;
not billing rates. We can do a calculation at billing rates which is Leverage
Use Firm Central to export the timekeeper value and
costs by matter – and calculate leverage KPI OR use
salaries instead of billing rates for CM.
23. 23 Measure What Matters to Your Firm's Bottom Line with Firm Central
Exported Firm Central Reports: Timekeeper & Expenses by Matter
(in Excel) Also indicates whether the matter has been billed or not in last column
24. 24 Measure What Matters to Your Firm's Bottom Line with Firm Central
Exported Firm Central Reports: Write-offs & Discounts by Matter
(in Excel)
25. 25 Measure What Matters to Your Firm's Bottom Line with Firm Central
Getting Started
26. 26 Measure What Matters to Your Firm's Bottom Line with Firm Central
KPI Framework: 40+ measures
Client
Development
Client,
Acquisition Cost
Productivity
ProfitabilityPerformance
Client,
Experience
Firm Culture
27. 27 Measure What Matters to Your Firm's Bottom Line with Firm Central
Systems & Data
Systems – from manual to high tech, define
your workflow. Pick the appropriate
technology.
Garbage In; Garbage Out.
Check the data sources and set up as many
links as possible.
For example, Firm Central to QuickBooks,
extract data to automatically populate your
spreadsheets using linking.
28. 28 Measure What Matters to Your Firm's Bottom Line with Firm Central
KPIs: monitor frequently
Client Development
Client Acquisition Cost
Productivity
Profitability
Performance
Client Experience
Firm Culture
29. 29 Measure What Matters to Your Firm's Bottom Line with Firm Central
Questions
30. 30 Measure What Matters to Your Firm's Bottom Line with Firm Central
Small Law Firm KPIs: How to Measure Your Way to Greater Profits
Order your copy today or visit the TR Booth at 1:15pm:
http://legalsolutions.com/Juetten
20Juetten for 20% off
Free Starter Spreadsheet will be emailed to participants upon request (send me a
note or give me your business card).
FREE TRIAL of FIRM CENTRAL
http://legalsolutions.thomsonreuters.com/law-products/solutions/firm-central/free-trial
Mary Juetten Kathy Freije
@maryjuetten @WestlawSmallLaw
mejuetten@traklight.com firmcentral@thomsonreuters.com
Traklight.com Thomsonreuters.com
Evolvelawnow.com
Editor's Notes
The following numbers tell a story about the state of the profession today:
88% say that client satisfaction ratings is their measure of firm success
7 - Types of challenges experienced by at least 50% of small law firms
More than 50% of those with significant challenges have taken no action to address them.
What do these numbers mean for you?
You're probably facing at least one of the challenges we identified.
It's difficult to change or even determine a plan of action to address them.
We asked each participant to identify how they define law firm success. You can see the topics they chose. 88% said client satisfactions ruled the day....KEEP GOING DOWN
We asked those same people to identify the challenges they face in their practice. 78% said its acquiring new client business...KEEP READING
Then we asked those folks - how many of you have implemented some type of change to address the challenge?
Admin Tasks: 81% live with the problem
Rate pressure: 72% live with the problem
Lack of internal efficiency: 89% live with the problem.
Let's recall the title of this presentation: Stake out your Competitive Advantage... Isn't there a spot to stake it out right here?