Cloud-based legal billing and practice management platform provider Rocket Matter has announced the expansion of its software with the addition of an ‘Advance Analytics’ tool to help law firm customers better understand their performance.
The new functionality will enable law firms to see who is originating new business and run reports on how much has been collected from certain clients. A collections report will show which clients are paying the most – or least – of their billed invoice, taking into account write-offs and unpaid billable activity.
Advance Analytics also enables law firms to set performance targets for fee-earners and track how much of their time is spent on billable work and whether they are meeting their targets. Rocket Matter customers will now be able to set matter budgets to cap billed time and understand which of their cases are absorbing most of their time.
A release today (18 November) from the Florida-headquartered company, which was set up in 2008 and gives firms access to their contacts, calendar events, tasks, matters, billing and documents in one location, said: “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.”
CEO Larry Port added: “Our law firm clients are all experts in the practice of law and are successful professionals faithfully servicing their clients. 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 endeavours no longer have to be mutually exclusive.”
It’s been a busy year for Rocket Matter, which this year also released an automated form builder – Rocket Matter Intake – that sits within the firm’s website and integrates with Rocket Matter’s client relationship management solution to create engagement letters, wills and other commonly used legal documents.
Rocket Matter is one of the best-known US cloud-based practice management platforms, alongside Vancouver-headquartered Clio, which was also launched in 2008 and now has 130 employees across its offices in Toronto and Dublin.
In the UK cloud-based PMS providers are also gaining traction, with Peppermint Technology this year winning a number of major law firm clients including former Thomson Reuters Elite clients Cripps and Penningtons Manches, as well as former LexisNexis Axxia client ASB Law.
Elsewhere, LawCloud – the cloud-based version of LawWare Enterprise practice management software – now hosts 198 UK law firms.