Introducing the firmTRAK Productivity Panel on Profitability
A study by CBI Insights stated that 42% of businesses fail due to a lack of market. Similarly, many law firms start down a path of low profitability due to not being able to see what markets represent the largest number of matters. On the flipside, many firms start down a path of low profitability due to concentrating resources on handling a large number of matters that actually end up having a low profit margin. How can a firm properly figure out what is profitable vs what will produce a sufficient number of matters/cases?
Truly, profitability can be a tricky concept. Depending upon the day, your firm can look like the doors are about to close or that you can buy your own island the next day. The majority of data reporting sticks to comparing revenue with expenses. Subtract your expenses from your revenue and your job is done.
Or is it?
firmTRAK has the unique ability to automatically run your revenue vs your expenses vs your actual collections over a given time period. The only way to truly track your profitability is to track it over a given time period.
It gets even better than that – with firmTRAK, you can see the following, automatically:
- Top 10 area of practice by invoice
- Top 10 area of practice by outstanding dues
- Top 10 area of practice by gross profit margin
- Invoice trend by month over the past year
- Expense trend by month over the past year
- Collection trend by month over the past year
Once you figure out your trends, you can figure out what areas of your business to concentrate on improving. Knowledge is power and, quite often, the power to save you time and money.
All of these reports are done for you automatically when you are synced. No reports to run. No queries to try to figure out. Simply see the power of firmTRAK at your fingertips.
Here’s more on the power that firmTRAK gives your business:
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.