Manage today and plan for tomorrow

Data gives you a number of important insights. It will tell you, for example, how much work actually costs. This is critical because when you’re costing future jobs for clients, or setting rates, you must be able to accurately predict the actual cost of a job in order to submit a competitive bid and one that will bring a profit.

What else does data reveal? It can break down the balance of partners and associates working on any given matter. This enables you to understand better the blend of skills that will optimize the costing of a file. It can tell you how long a job has taken. Data helps you schedule work. It can help you identify which types of work to bid for. All of which contributes to sound decisions that will underpin your firm’s profitability.

As well as steering the firm away from the risks of under- or over-estimation, data is also about minimizing compliance risks by billing in the right way, at the right time. It’s about nurturing relationships by presenting clients with detailed, timely, and accurate billing which gives them more confidence in the probity of the firm.

It’s about seizing opportunity. Data lets you understand the cost of a sale, what you should take on, and how. Without good data, you can be sending out bad bills and making bad decisions. Good data is powerful and important, which makes it really surprising that so many firms get data wrong and miss out on the opportunities it brings.

State of the art reporting

Fully customisable metrics and dashboards from Tikit Carpe Diem supply actionable management information that ca improve compliance, reduce risk and improve cash flow, at the press of a button.

The powerful management console allows finance teams to track and reduce the lag between activity, time-capture, billing and cash. This functionality also means firms can quickly generate real-time billing reports that enables greater billing transparency to strengthen client relationships.

Forecasting and workload management

Balancing and allocating resources across all of the firm’s workload is vital in order to make efficient use of the talent you have and consequently maximize profitability and competitiveness. Tikit Carpe Diem can provide insight into the level of resource availability and expertise required to fulfil new matters at the right price and within required timelines.

  • Comprehensive dashboards for reviewing work allocation / resource availability by individual, practice group, office etc
  • Insight into work patterns, areas of low usage and areas under stress from too much work
  • Develop tactical business development initiatives to drive work to under-utilised areas
  • Allows dynamic reallocation of work to those with spare capacity

Tikit Articles

Time to use data more strategically: AIT Portrait magazine
Legal IT Insider: Tikit talk forecasting in Carpe, integration with NetDocuments, and cloud complexities
TR Forefront: Timekeeping’s Role in Workload Management
Test your law firm KPI – Are you a KPI genius
Legal IT Today: Why measure if you don’t manage?
The Lawyers Weekly: getting time tracking down to a science
TR ForeFront: How to increase law firm revenue and profitability
Metrics and measuring to manage

 

Tikit Blogs

When it comes to mobile time recording, are firms looking at the right measures of success?

What smart data looks like in practice

How law firms can put a smart data strategy in place

Why so many firms are missing the point about data

Tikit Webinars

Time for a timekeeping audit

ILTA Webinar: How to increase law firm revenue and profitability by improving time capture data