Take Control of Your Law Firm’s Data
When you track time, send out invoices, receive payment, and disburse payments to the lawyers at your law practice, you are creating useful data that could help you run your practice more efficiently. You just need to understand how to harness it.
LeanLaw is an app that works to customize QuickBooks Online for midsize law firms. It gives the feel of easy to use, boutique law firm accounting software — the kind that you enjoy using, rather than the one you loathe.
The accounting folks work in QuickBooks while the lawyers and law firm staff work in LeanLaw. Everyone is in their comfort zone in their workflows. Everyone is looking at the same data in real time.
In the reporting feature of LeanLaw, you can access the following reports with just a few clicks:
LeanLaw provides a summary of timekeeper activity with regard to billable and non-billable hours and for specific clients. You can easily export this data in a non-invoice format to understand the productivity and profitability of your timekeepers.
If you understand how your employees trend in real time, you won’t have accounting surprises.
Compensation and collection reports
LeanLaw breaks down payments for invoices into detail based on:
- Revenue by attorney
- Revenue from a client
- Revenue allocated to originating attorneys
- Revenue by practice area
You can fully automate the generation of monthly, quarterly, and annual reports to calculate attorney compensation, based on client collections.
You can understand the exact cost of a contingency matter in real-time in three ways:
- Expense tracking
- Non-advanced costs
The clumsiness that can happen on the back end of the settlement disappears.
Real-time expense reporting
When you understand the external expenses of a matter in real-time, you can more accurately budget attorney time, continuous outlay of expenses, and invoicing.
Benefits & Advantages:
- See the exact costs associated with a contingency matter: both expenses and time.
- Know exactly where the matter stands financially — accessing the data yourself in just a few clicks without having to ask support staff.
- Enter reimbursable costs or expenses in LeanLaw or QuickBooks Online, your choice.
- Tag expenses from your bank or credit card feeds: LeanLaw will automatically sync and stage them to an invoice.
In LeanLaw, you can see all the transactional activity of your client:
- Compensation, productivity, and client management
- Ready to bill, billed, paid
- Trust balance, trends against the trust balance
- Timekeepers recent activity with client – drill down into matters
- Integrated QuickBooks data: payments, AR balances
LeanLaw creates one place to have all the data on a specific client.
The data that the law firms create have traditionally not been used to the law firm’s advantage. The information that is collected within the timekeeping, invoicing and payments workflow can be used in strategic ways to help you run your law firm more productively and profitably.