Why Visiting LawKPIs booth at the Clio Con Will Make You PROFITABLE?

What Is LawKPIs?

LawKPIs is an easy-to-use, innovative 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. Our app is built to empower law firms to streamline their business operations and maximize the value of their investment in Clio by automating manual tasks and enhancing overall business efficiency.

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.

By leveraging our solution, you gain access to comprehensive operational, marketing, and financial insights. This enables you to optimize your firm’s performance, identify areas for improvement, and make data-driven decisions that enhance both efficiency and profitability.

What is the Clio Cloud Conference?

The Clio Cloud Conference (known, affectionately, as “Clio Con”) is 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 of holding 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 keynote 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 a 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 at booth #14?

We take pride in announcing that we are one of the exhibitors at Clio Con 2023. With LawKPIs you just don’t bigger and better, but most importantly, you can stand out in the crowd and be easily recognizable by building credibility among your clients, shareholders, and the like.

By integrating with Clio, we have been able to streamline and automate the reporting process for our clients, saving them valuable time and resources. The ability to extract and analyze data directly from Clio has empowered law firms to measure their performance accurately, identify areas for improvement, and make data-driven decisions to drive growth and profitability. The integration has allowed us to deliver more value to our clients, enhance their reporting experience, and contribute to their overall success. We are excited to continue our collaboration with Clio and explore new ways to innovate and support law firms in their growth journey.

Here are the 10 reasons why you should not miss to come to our booth#14, at the Clio Con 2023 –

At LawKPIs, we understand the importance of delivering immediate value to our customers. That’s why we offer a comprehensive range of features and benefits that provide an unparalleled value proposition. With over 30 pre-built standard reports, our app offers an out-of-the-box solution, allowing clients to quickly get up and running on our platform within just three days. These standard reports cover various aspects of law firm operations, providing insights into key operational, marketing, and financial metrics.

In addition to our standard reports, we go beyond the one-size-fits-all approach. LawKPIs also specializes in building custom reports tailored to meet each client’s unique requirements. Leveraging the custom fields set up in Clio, we create reports that align precisely with the specific data points that matter most to your firm. This customization ensures that our solution truly meets the distinct needs of your law firm, providing you with actionable insights that drive informed decision-making.

The top 10 benefits of LawKPIs to run the firm as a business:

1. Comprehensive Data Analysis: LawKPIs’ data analysis capabilities allow law firms to identify trends, patterns, and areas for improvement in their operations. This helps them make data-driven decisions that can lead to increased efficiency, improved client satisfaction, and enhanced profitability.

2. Real-time Reporting: Access to up-to-date information enables law firm leaders to monitor key metrics in real-time, enabling them to respond promptly to any emerging issues or opportunities. This agility helps firms stay competitive and make proactive adjustments to their strategies and resource allocation.

3. Customizable Dashboards: Personalized dashboards allow users to focus on the specific metrics and insights that matter most to their roles. This customization streamlines their decision-making processes, saves time, and ensures that they have the information they need at their fingertips.

4. Performance Benchmarking: Comparing firm performance between industry standards and peer firms provides a clear picture of where a law firm stands in relation to its competition. This benchmarking can drive strategic planning, identify areas of improvement, and foster a culture of continuous improvement within the firm.

5. Financial Management: LawKPIs’ financial focused reports help law firms better manage their finances by providing visibility into revenue, expenses, and profitability. This enables firms to make informed decisions about budgeting, resource allocation, and strategic investments, ultimately leading to improved financial health and stability.

6. Client and Matter Analytics: Deep insights into client behavior, matter progress, and profitability empower law firms to provide more tailored and effective legal services. Understanding client preferences and tracking matter performance can help firms enhance client satisfaction, increase client retention, and drive overall revenue growth.

7. Time and Resource Tracking: LawKPIs’ time and resource tracking capabilities enable law firms to optimize their operations by identifying inefficiencies, improving resource allocation, and maximizing billable hours. This leads to improved productivity, enhanced profitability, and better utilization of the firm’s resources.

8. Marketing Analytics: Leveraging marketing analytics allows law firms to make more accurate investment in the appropriate paid campaigns and significantly improve the campaign ROI.

9. Collaboration and Communication: LawKPIs’ collaboration and communication features promote transparency, knowledge sharing, and streamlined workflows within the firm. This fosters teamwork, improves efficiency, and enhances the overall client experience by ensuring smooth communication and coordination among team members.

10. Custom Reports and Data Integration: The ability to build custom reports and leverage data in custom fields provides law firms with greater flexibility and insights tailored to their specific needs. This empowers them to analyze and report on data points that are most relevant to their practice areas, allowing for better-informed decision-making and more targeted strategies.

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 calculated 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:

1. Billed flat fees.

2. Total hours billed.

3. Total billed time entries.

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

5. Total fees collected based on the percentage of work completed.

6. 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 analyze 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 fingertip. 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 Billing realization. In practice, the realization rate is the ratio of the revenue received against the revenue earned by a company, called 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 more such KPIs and reports, download LawKPIs Ultimate Guide to Law Firm KPIs completely FREE!!

Read what our esteemed clients say about us –

1. Cathie Wright, Pierro, Connor & Strauss LLC

Cathie Wright, Firm Administrator, shares her experience working with LawKPIs. Pierro Law were looking to improve their Clio reporting capabilities. LawKPIs helped them to automate and improve the efficiency with reporting data from Clio Manage and Clio Grow. The custom reports that LawKPIs team built for Pierro helped them to review the status of all the matters across different practice areas, to understand the WIP to track the profitability, AR balance, money in escrow and get the accurate results and saved all the manual tasks of maintaining the data into excels and thus saving lots of hours. Overall, Pierro got the better insights into their business and profitability.

2. Joshua Massingill, Principal, Massingill Attorneys & Counselors at Law

Joshua Massingill, Principal Attorney at Massingill, Attorneys & Counselors at Law, is a Clio user. He faced challenges with Clio’s reporting. He found the data scattered and time-consuming to gather to track the business and KPIs consistently. LawKPIs helped him save time and get real-time reports anywhere, leading to better decision-making and becoming a better business leader. LawKPIs provided customized reports, helping him track flat fee and utilization in dollars easily. Team LawKPIs has been very helpful in getting the product customized as per the firm’s requirements and getting Joshua in control of his business to make more informed decisions.

3. Erin Moskal, Edwards Creative Law

Erin Moskal, from Edwards Creative Law, talks about how LawKPIs helped them overcoming their reporting challenges with Clio. With LawKPIs automated reports, Edwards Law team saved a lot of time and gained a user-friendly insight on Clio Manage and Clio Grow data and Google Analytics. LawKPIs custom reports have been instrumental in day-to-day reporting.

For more details on us, watch our Overview Video here.