Stats and the Flat Fee - BASF
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Stats and the Flat Fee - BASF
- 1. Statistics and the Flat Fee Joshua Lenon Lawyer in Residence Clio
- 3. Statistics and the Flat Fee Joshua Lenon Lawyer in Residence Clio
- 4. Agenda • Tracking Data • Data Sources in Clio • Control Charts • Flat Fees • Questions
- 6. The question is not “how big is your data?”, it is “what are you are doing with your data?” - Dave Fowler; Entrepreneur.com
- 7. Are you generating trackable data?
- 8. What Data Do Lawyers Track? • Hours • Rates • Types of Cases • Lengths of Cases • Case Resolution Outcomes • Clients’ Legal Histories • Amounts Billed • Payments Received
- 9. Ways to Generate Data • Bills Sent • Tracking Time • Custom Fields • Expenses • Consistency
- 10. What Can Lawyers Determine? • Financial Health of Firm • Profitability of Clients Over Time • Average Earnings Per Case by Practice Area • Profitability of Practice Areas Per Effort • Productivity of Associates • Projected Workload by Case Type
- 14. 0 200 400 600 800 1000 1200 01/01/2014 01/08/2014 02/01/2014 06/23/2014 Time Time
- 15. 0 200 400 600 800 1000 1200 01/01/2014 01/08/2014 02/01/2014 06/23/2014 Time Criminal Civil Admin
- 16. How Big Is Your Data? A lawyer tracking 20 hours a week would have 4,640 pieces of data, since 2010. Track 5 types of activities and you have 23,200 pieces of data. Track 4 practice areas and you have 92,800 pieces of data.
- 17. DATA SOURCES IN CLIO
- 18. Reports
- 21. CONTROL CHARTS
- 22. Control Charts If analysis of the control chart indicates that the process is currently under control (i.e., is stable, with variation only coming from sources common to the process), then no corrections or changes to process control parameters are needed or desired.
- 23. Control Charts
- 24. Steps 1. Start predicting costs 2. Subtract actual costs from predicted costs 3. Calculate the average difference between predicted and actual costs 4. This average difference is the center of your chart
- 25. Control Charts
- 26. Steps Continued 5. Calculate the Moving Range (MR) by subtracting the difference between each successive data points. Ex.: Pt.1 – Pt. 2 Pt. 2 – Pt. 3 Pt. 3 – Pt. 4
- 27. Steps Continued 6. Calculate the AVERAGE Moving Range (MR) 7. Calculate the Upper Control Limit
- 28. Control Charts
- 29. Last Steps 8. Calculate the Lower Control Limit 9. Graph everything on a chart
- 30. Control Charts
- 31. FLAT FEES
- 32. Hours vs. Billing You should run a control chart for both hours and billing.
- 34. Control Charts
- 36. QUESTIONS?
Notas del editor
- This is GoToWebinar, the product we are using for this webinar, you will notice that there is a Questions box on the bottom right of your panel where you can enter in questions as we go through the webinar. I will go back and answer them at the end. You can raise your hand which looks like a hand icon with an up arrow underneath. If you are having technical difficulties, meaning you cannot see my mouse moving around the screen or you can’t hear me, please click on this and then type into the questions panel exactly the problem you are having so we can address it as quickly as possible. Remember, we will be addresses questions sent at the end of this presentation. So please don’t feel bad if your question isn’t answered immediately. There are three questions that everyone asks during these presentations. I’ll try to address them here. First, this presentation will be about one hour in length. Second, we will be sending you copies of the slides and proof of CLE accreditation for the states that already approved this talk for CLE. These will arrive in your email either later today or tomorrow. Lastly, we will be providing a recording of this presentation to every attendee through email. Don’t feel like you have to copy everything down. We’ll send it to you. There will also be a blog post with every website and tool discussed today linked on goClio.com to help you find everything we talked about.
- Practice management software and strong data entry habits. Time tracking in Clio, using outside trackers like Chrometa ----- Meeting Notes (2013-08-15 13:50) ----- Continuous data set vs. discreet Include tracking time for every activity, not just billables
- Bills were a traditional method of tracking the Using a Practice Management Platform, like Clio, or a Cross-Application Timer, like Chrometa. Billing All the Time by Josh Camson on the Lawyerist SET A GOAL FOR TRACKING HOURS
- 160 HOURS TRACKED OVER 2 MONTHS
- There are 120 working days in the year, so far. At 8 hours a day, I’ve now worked 960 hours.
- At 8 hours a day, I’ve now worked 960 hours. If I bill 4 hours a day on a Criminal matter, 2 hours a day on a Civil matter, and track 1 hour a day doing Administrative work, like Client Development, Bills, Staff Meetings, Vendor Handling, etc., by today, I’ll have tracked: 480 billable hours in Criminal Matters 240 billable hours in Civil Matters 120 hours of Administrative work I would also know that I still have 120 hours of unlabelled time. What would you do with 120 more hours in this year? Now imagine you could do the same tracking on which is more effective phone calls or emails to opposing counsel, do higher hourly rates lead to better clients, when is the best time to send a bill to client in order to get paid. This data exists, you just need to track and analyze it.
- 5 activities: Research, Drafting, Phone Calls, Meetings, and Court Appearances 4 practice areas: criminal, family, real estate, and civil litigation
- Can generate your trust account reconciliation data
- http://news.bbc.co.uk/2/hi/6265976.stm