If you can’t get a real-time, 360-degree overview of your practice and its finances, you have little more than your intuition to help you make smart strategic decisions. This 360-degree knowledge is the “current truth” that informs you about your firm’s financial position and overall productivity. The trouble is, unlike mega corporations who have access to highly-customized applications and a small army of number crunchers, small (and midsize) law firms rely on disparate applications, each perform only a portion of the firm’s activities and hence there is no clear way to perform centralized reporting.
In CARET Legal, we’ve empowered law firms to pull all kinds of neat info without leaving the application. Here are a few of my favorites:
- Work in Progress Report – Shows a breakdown of hours and expense by any combination of Client, Matter, Originating Attorney, Responsible Attorney, Practice Area and with data segmented by various time ranges.
- Hard and Soft Cost Expenses –Since CARET Legal’s legal accounting system is built-in, all expenses, whether or not reimbursable, will automatically display under each Matter so you know what each case is costing you.
- AP Aging Summary – This is a comprehensive report of all unbilled activities (time and expense) broken down by various time ranges (Current, 1-30 Days, 31-60 Days, 60+ and Total for each matter and in aggregate.
CARET Legal doesn’t just display data in the Reports section. Each section presents charts and metrics and allows custom filtering of data to help you get at your current truth.