Top CARET Legal Releases of 2020
Each year, the CARET Legal development team releases hundreds of updates and dozens of new features to help law firms be more efficient and profitable. While it can be difficult to narrow down our list of favorites, CARET Legal users have spoken, and based on their feedback, we’re pleased to share our top 10 releases of 2020.
CARET Legal’s Settlement Management tools enable firms to efficiently manage settlement percentage and seamlessly generate settlement memos for all parties and even referring attorneys. With this feature, an accompanying customizable Settlement Statement is also generated with each Settlement Memo.
The Bulk Billing Center feature in CARET Legal allows users to Print and/or blast email hundreds, or even thousands, of Invoices or Statement of Accounts more efficiently.
3. New Business Intelligence Metrics
We’ve expanded CARET Legal’s Admin Dashboard, adding new BI Metrics that allow users to view Income and Expense trends for a set period of time. It also can show Previous Year Income Comparison and Previous Year Expense Comparison and Expense Breakdown.
CARET Legal’s integration with NetDocuments gives users access to matter-related files stored within NetDocuments from any matter within CARET Legal. You can upload/download documents, perform advanced searches, and access your NetDocuments workspaces through CARET Legal, eliminating the need to jump between two platforms with separate login credentials and user interfaces.
5. New Reports – Vendor Reimbursement, Effective Rates, Matter User Rate, Profit and Loss by Location
CARET Legal’s robust reporting offering got even more robust this year with three new reports that can be generated with a single click.The Vendor Reimbursement Report showcases unpaid Vendor Bill Expenses that have been marked as billable. The Effective Rates Report details a list of all users along with hours worked, fees collected and the effective rate for each. The Matter User Rate Report shows, by matter, the Responsible, Originating and Billing Attorneys rate along with any additional Matter Collaborators. Administrators can also now view a Profit and Loss report where each column displays the numbers for each firm location.
Users can now set a budget for individual LEDES codes within a LEDES-based matter. You can also see billed amounts against the total budget as the case progresses.
With this feature, firm leaders can create firm-wide budgets to estimate revenue and expenses on a monthly, quarterly and/or yearly basis.
Firm administrators can set, and track billable hours and/or total billing goals for members of their firm. These metrics can be viewed year-to-date or by prior month and prior week’s progress toward those goals.
Upon receiving a payment, firms can use this feature to specify how incoming payments should be applied and easily allocate specific amounts to timekeepers and expenses.
10. New LEDES Formats
In 2020, additional LEDES formats were added to CARET Legal’s offering which now includes 1998B Alpha, Case Litigator and Tymetrix versions of LEDES.