Today’s law firms want to use up-to-the-minute information to navigate the road ahead, rather than rely on the rearview mirror approach of reading stale reports. Moreover, firm managers prefer a graphical user interface of gauges and displays which monitor various aspects of operations to indicate firm performance. Such an interface has been coined a “dashboard” by business intelligence (BI) experts because the interface resembles a car’s instrument panel designed to operate and control the vehicle (i.e. or the firm) with a quick and easy to read layout. To satisfy this need, PerfectLaw® introduces BizRadar to manage BI dashboards and workbooks.
Dashboards and BI workbooks can play a role in business planning. Just as automobile drivers have replaced penciling in routes on a paper road map with entering directions into a GPS, legal professionals are replacing paper reports with real-time dashboards and workbooks that allow them to input goals and budgets. In fact, a BI dashboard with a direct connection to the firm database can display key performance indicators (KPIs) which measure billing, accounting and case management performance to evaluate if the firm is running smoothly or if there are outstanding issues requiring immediate attention.
Functions
Benefits
Business Intelligence KPI's | Production | Enterprise | Video |
Work Units and Value (WIP, Receipts) | • | • | |
Billed, Relieved, Writedowns Units, Value | • | • | |
Receipt, Writeoff Value by Period | • | • | |
Aged WIP & AR by Period | • | • | |
Days to Bill and Settle | • | • | |
Number of Matters Opened | • | • | |
– New Clients, Existing Clients | • | • | |
Direct Costs | • | ||
– Salaries | • | ||
– Benefits | • | ||
– Other Entity Expenses | • | ||
Overhead | • | ||
Profit | • | ||
Internal Cost Rate | • | ||
Net Income Ratio | • | ||
– Fee Income Before Partner Distributions / Fee Income | • | ||
Effective Rate | • |