10 reasons to attend LawKPIs booth at Clio Con 2022

What Is LawKPIs

LawKPIs: An easy-to-use reporting and auto alert solution for all your advance and custom reporting needs.  We combine data from Clio, Clio Grow, Clio Manage, QuickBooks and Lawmatics to give you better visibility on firm’s operations that helps you to run your firm as a business and take back your time.

With LawKPIs you can embrace your data and grow your practice. We help you keep focused on the most important drivers and metrics of your law firm that help you with profitability, growth and revenue.

From billing to collections, from practice areas to attorney utilization, LawKPIs is where leading law firms turn for their answers and get their reporting issues resolved.

What is the Clio Cloud Conference?

The Clio Cloud Conference (known, affectionately, as “Clio Con”) is considered to be the best legal technology conference of the year. It’s a gathering of the brightest, most forward-thinking minds in law and technology—and it’s not just a user conference, it’s geared towards anyone, whether you are using Clio or not, or a legal professional or not.

The objective to hold Clio con is to accord you with practical skills and help you explore innovative technologies to drive your firm’s success and make a lasting impact on the legal community.

The inspiring key note speakers, thought provoking sessions led by legal and tech industry leaders on a wide range of topics like how to start a law firm, how to make legal technology work for you, ways to create a more inclusive legal system and much more exciting events, make Clio Con, one of the most anticipated and awaited events of the year across the legal and legal technology industry.

The Legal Trends Report is the detailed outcome and comprehensive report on the state of the legal industry.

Hence, The Clio Cloud Conference attracts legal professionals from across the industry—in all practice areas, at firms of all sizes, and legal professionals of all kinds: attorneys, paralegals, office administrators, bar leaders, law librarians, law students, legal technology enthusiasts, legal journalists, and others. The diverse conference programming each year speaks to these different constituencies so that everyone who attends can find engaging and relevant content they can bring back to their firms, businesses, or agencies.

Why visit LawKPIs booth?

We take pride in announcing that we are one of the exhibitors at Clio Con 2022. With the advent of legal technology, LawKPIs has made a mark and has a carved a niche for itself by serving and assisting the reporting needs of mid to large sized law firms.

WE help you identify and segment your most profitable clients so that you can target the right type of clients in your business development.

LawKPIs is easy to customize so each of your practice areas can create their own content. 

With integrations of Google Analytics and leading Law Firm Management Systems, LawKPIs allows you to monitor the effectiveness of your online and other marketing efforts in real time to maximize your marketing investments.

We make it easy to identify patterns and trends conducive to the growth of the law firm with self service analytics and custom reporting.

We help integrate data from time and billing systems to analyze pricing and appropriate staffing model. This can help determine the profitability of a case type.

Manage the practice area profitability by getting relevant and real-time insights. Increase business profitability and lower costs despite rare pressure.

We help understand your profitable referral sources and improve the leads for your legal practice.

LawKPIs makes it easy to track and manage your social media ad spend effectively.

We helps you get insights into your clients data so you can better support your clients by removing some of the uncertainty and introducing a degree of predictability.

Benefits of LawKPIs – Some of our exclusive Reports, out of many that are being used by our clients –

       1. Fee Allocation Report

       2. Attorney Utilization Report

       3. Profitability Report

       4. Realization Report

       5. WIP and Trust Report

1. Fee Allocation Report – Our fee allocation report best answers the question “What did we bill last month?” relative to what was collected. Fee allocation is set per invoice and automatically calculates based on the rules you’ve set globally and per matter. (Source) The best news? LawKPIs allows you to set different percentages for different attorneys for every matter. Expenses are always paid first and then the amount is allocated based on the percentages specified:

In one report, you’ll be able to immediately see the sum of:

• Billed flat fees

• Total hours billed

• Total billed time entries.

• Total expenses for the entire case (no matter who entered the expenses)

• Total fees collected based on the percentage of work completed

• Write offs, credit notes and partial payments

2. Attorney Utilization Rate Report – Calculating utilization rates gives lawyers the important data and insights they need to make informed business decisions. For example, you can use utilization rates to better understand the profitability potential for different legal services.

Utilization rates can also provide insight into resource allocation. For example, if an attorney’s utilization rate is quite high, they might need more resources and support. A utilization rate that’s continually close to 100% suggests that staff are overworked and potentially close to burnout. If this is the case for you, it’s an indication that it might be time to hire new people. If you have a utilization rate above 100%, that’s usually indicative of too much out-of-scope work or poor planning.

3. Profitability Report – A firm’s profit per employee is calculated by identifying the revenue generated by every attorney minus sum of all the costs (fixed and variable) associated with the firm Individual attorney’s revenue is the collected amount for activities done for the matters The cost per attorney is sum of all the costs divided by no. of attorneys/employees in the law firm.

Compare your attorney’s performance and analyse the profit generated by them towards the firm over the year to understand the return on talent.

LawKPIs ‘Profitability by Attorney’ report helps in analyzing firm’s profit by each attorney. To toggle between the chart and tabular data of any attorney and to view the profits thereby earned, becomes so handy for the lawyers with the Profitability dashboard in LawKPIs reporting solution.

Just as how you access the Profitability by Month data by applying filters, similarly, get any data for the year of your choice along with the month and the name of the attorney, respectively. A clear detailed Profitability by Attorney data is right at your finger tip. Reset the data and return to dashboard to get back to the original data.

We help attorneys who are or were spending long hours in the office, often sacrificing personal and family life., but without a decent return in billable hours. LawKPIs ‘Profitability by Attorney’ report helps in calculating profits the firm is making from each attorney.

4. Realization Rate Report – Realization rate is an advanced approach to calculate the efficiency and productivity of a firm as compared to other metrics.

Every law firm would like to know how its employees are performing. Professional service organizations specifically need to calculate the realization rates so that they know their efficiency levels. The realization rate also helps a firm to account for its non-billable working hours. Once it calculates all the available hours, it would then account for the actual billed hours.

This approach would create a cushion for non-billed hours. Using this approach, a firm would then adjust its profit margins and improve internal efficiency. Assigning the right employees for the right job increases efficiency and the realization rate effectively. The realization rate is a percentage term that refers to the billed hours earned against the total billable work hours, called as Billing realization. In practice, the realization rate is the ratio of the revenue received against the revenue earned by a company, called as Collection realization. Therefore, the realization rate is also important efficiency and revenue metric. It indicates the percentage of realized revenue against the total earned income.

5. WIP and Trust Report – Trust accounting is arguably one of the most fraught and complex concerns of every law firm.

The challenge of safeguarding and protecting client funds, while also sheltering your attorneys and your firm from the extremely serious consequences of improperly managed trust (and any hint of impropriety) is not easy. Client funds do not belong to you or your firms…You must segregate them from firm funds.

For example, Attorney John C. Drapp discovered that a trust account report could be generated directly from Clio, but that it was a bit clunky. “What is needed for three-way reconciliations as required by the grievance committee is a list of the balances for all matters of funds held in trust as of the end of the month,” he said.  “In other words, showing what the balance was as of 7/31, then showing, in each matter, debits and credits for the month of August along with a closing balance on 8/31.”

LawKPIs makes it simple and easy to achieve this level of analysis.

LawKPIs was created to streamline law firm analytics from multiple sources to eliminate manual report creation and give you back your time. In addition to three-point reconciliations, LawKPIs is capable of using different percentages for different attorneys for every matter.