Let’s Talk Profitability
According to the Bureau of Labor Statistics and the Occupational Outlook Handbook, the median salary of an attorney for 2018 was $120,918. This breaks down to a median of $58.13 per hour. The median salary for 2017 was $119,250. This breaks down to a median of $57.33 per hour.
As costs grow year over year, it’s vital for law firms to make sure that the $58.13 spent per hour is returned back at a profit to the firm. More and more firms are realizing that it’s important to lean out cost structures. That can be a good thing, but too much trimming can do more harm than good.
It’s more important to figure out what and who drives money into your firm. With FirmTRAK, you are able to not only track revenues and money collected by matter type and area of practice, but also overall productivity by employee.
We typically expect 8 hours of work per day for an employee and it’s important to make them count. If a typical employee works 40 hours per week, do you know the true profitability of that employee?
Our Productivity Panel outlines hours worked versus hours billed versus hours collected on an office and per employee level. From this, you can determine profitability of each employee’s time.
Click here for a video overview of this feature:
FirmTRAK was designed to solve these problems (and many more).
FirmTRAK will sit on top of your current practice management system to automate reporting and analysis of key performance indicators that will help drive the success and growth of your law firm. No more spreadsheets to analyze using a team of people. The information is instantly configured and available at your fingertips. Matters are tracked according to the time and overall activity.
Attorneys can work from remote locations and FirmTRAK will be able to make sure that the time spent working remotely is effectively tracked and recorded.
You went to law school to follow your passion for helping people with their legal needs, not to become a business analyst. That’s where we come in.
We are so confident that FirmTRAK can help your firm, that we are offering you a FREE 7-day trial of our program. Please click here to register for your FREE 7-day trial today.