Are You Tracking The Right KPIS For Your Law Firm?
Stop Guessing. Start Measuring What Matters with LeanLaw.
Do you really know how your law firm is performing financially? Getting paid on time and maintaining healthy cash flow is critical for any business, especially in the legal industry. That's why tracking these 3 key performance indicators is essential:
- Accounts Receivable Balance: How much do your clients currently owe you? An aging report shows unpaid invoices and how long invoices have been outstanding. Watch for balances over 90 days, which may indicate problems collecting from those clients.
- Profitability by Matter: Are all your matters actually profitable? Understand the true cost of delivery for each matter compared to what you collect. Identify problem areas dragging down performance.
- Work in Progress: How much work has been completed but not yet billed? Until you invoice completed work, you cannot collect payment. High WIP balances directly impact cash flow.
Take control of your financial operations, get paid faster, and make more strategic decisions with detailed analysis of these key metrics with LeanLaw.
Reviews of LeanLaw Law Firm Billing Software
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Automate Your Law Firm Billing and Collections
Focus on practicing law, not administrative billing tasks. LeanLaw streamlines the invoice-to-payment process.
LEDES-Compliant Billing
Easily generate LEDES-format invoices that meet the complex billing requirements of institutional clients in insurance, banking, and more.
Evergreen Retainers & Trust Accounting
Automatically replenish retainers when they get low and seamlessly pay invoices from client trust accounts, all synced with QuickBooks.
Invoice Reminders & Tracking
Send invoice reminders, track open invoices, and monitor whether emailed bills were received and viewed to stay on top of collections.
Real-Time Law Firm Billing Insights
at Your Fingertips
Access the billing data you need to make informed decisions. LeanLaw provides robust financial reporting for law firms.
Accounts Receivable & Collections
Always know your firm’s outstanding AR and collection rate. Easily identify and follow up on overdue invoices to improve realization.
Origination & Compensation Tracking
See the source of your firm’s billings and collections to calculate fair compensation for partners. Quickly generate compensation reports.
Productivity & Profitability Reporting
Monitor utilization, billable hours, and profitability by attorney, paralegal, client, or matter. Spot trends to boost efficiency and revenue.
Simplify your law firm billing and collections with LeanLaw. Schedule a personalized demo today to see how we can help you get paid faster.
Frequently Asked Questions
LeanLaw is a cloud-based legal billing and timekeeping software designed specifically for law firms. It streamlines the billing process, helps capture billable time, and integrates seamlessly with QuickBooks Online for efficient accounting.
LeanLaw offers features like customizable invoicing, automated billing workflows, and online payment options that make it easier for clients to understand and pay their bills promptly.
LeanLaw is versatile and can handle billing for various practice areas, including hourly, flat fee, contingency, and LEDES billing. It’s well-suited for firms practicing business, family, intellectual property, immigration, and other law types.
No, LeanLaw is designed to be user-friendly with an intuitive interface. We offer comprehensive training and support to help your firm get up and running quickly. Most users are comfortable with the basic features within a few hours.
LeanLaw has a real-time, two-way sync with QuickBooks Online. This means that client information, invoices, payments, and trust activity are automatically kept in sync between the two systems, saving time and ensuring accuracy.
Yes, LeanLaw has robust client trust accounting features, including real-time trust balance tracking, automated trust replenishments, and detailed trust account reporting. Our trust accounting is fully compliant with state bar regulations.
LeanLaw offers a wide range of reports to give you insights into your firm’s performance. These include productivity reports, billed vs. collected revenue analysis, origination and compensation tracking, matter budgets vs. actuals, and more.
Absolutely. We use industry-standard encryption and security measures to protect your firm’s data. We also provide role-based access control within the app.
We provide unlimited support via email, live chat, and phone. We also have an extensive library of self-help resources.
