We reduced total receivables in the first 10 months with Juris Collections by 42%. We reduced receivables over 120 days by 77%.”
By almost any standard, client demand that doubles the need for attorneys in a law firm from 50 to 100 in over just a few years practically defines success.
The problem is when fast and furious client growth collides with financial software and processes that are not suitable for dynamic growth.
According to Mike Dugger, Chief Financial Officer of New York-based insurance defense law firm Traub Lieberman Straus & Shrewsberry LLP, the firm had Quickbooks for accounting software and Tabs for billing.
The systems did not adequately talk to each other, resulting in duplicative effort.
The firm sent out an RFP for software that would centralize and integrate the firm’s finances from timekeeping to billing, accounting and reporting.
What they found was not just the best software, but by far the best consultants for the job too: Juris® and the Juris Professional Services team.
The service they provide is at a level you don’t get anywhere else.
Mr. Dugger was brought in after the initial Juris implementation, but he’s been quick to latch on to the value of Juris to his firm.
“There isn’t anything in Juris I don’t have my hands in,” he said. “This software is the backbone of our organization. Everybody uses it on a daily basis and it is vital to our business operations.”
A big part of their success getting the entire team on board with their billing, accounting and financial insight software, according to Mr. Dugger, was the Juris Professional Services team.
“They came out and provided training and really helped get our staff up to speed. We had a quick, easy, painless transition to getting bills processed and out the door and getting money to come in,” he said.
“Our account manager is wonderful. She’s always pleasant to deal with. She responds to our questions in a timely manner. And if she doesn’t know something, she has the resources around her to provide the support we need when we face complex business decisions.
“In fact, everybody on that team, I can’t speak more highly of. I’m really, really happy with their service.”
The firm had a significant number of aged receivables that needed to be collected.
First up on the list of tasks Mr. Dugger and his team tackled after his arrival at Traub Lieberman was taking a hard look at what it would take to decrease the firm’s aged receivables.
“We employed the Juris collections module to facilitate our collections.”
“What the collections module does very well is it allows you to keep detailed notes at the bill level. And it’s very important because when you’re trying to collect receivables in the insurance defense industry, you must understand the issues involved with each individual bill. Not with each matter. Not with each client. With each individual bill. Those details are what gets our bills paid.”
“During the first year of employing the Collections Module, my team reduced total receivables by 42% and invoices over 120 days by 77%. That is a significant reduction by any standard.”
“After clearing out the old stuff, our focus shifted to prevention. Now it was about how do we not let this happen again. So even though our receivables were more balanced from an aging perspective, we must work hard to avoid the same pitfalls. The Collections Module has helped us keep our aged receivables at an acceptable level”
This software is the backbone of our organization. Everybody uses it on a daily basis and it is vital to our business operations.
— Mike Dugger, Chief Financial Officer | Traub Lieberman Straus & Shrewsberry LLP
Juris is a robust solution that can be tailored with custom reporting
“Law firms, like other organizations, need custom reporting to provide relevant and timely information to decision makers, Mr. Dugger said. “Our firm is no different. The Juris team has created more than 50 custom reports for our organization, many of which we use on a daily basis.
“We’re also using the Business Intelligence module. The module has useful dashboards that provide information at a quick glance without having to dig in to too many details.
“And we really like the Power Packs as well,” he said. “They provide an array of useful information without being too unwieldy.
“In fact, the Realization Power Packs are something we use all the time. They provide a tremendous value for analyzing data at the matter, client and timekeeper levels.”
Law firms need industry-specific software. And that’s what distinguishes Juris from its competitors
The list of advantages Traub Lieberman gains from using Juris is almost endless.
“Not only do we utilize the budgeting feature at the case level and at the firm level, but Juris also helps us facilitate client expense reimbursements through the My Transactions module.”
“We’re using all the Juris modules on a daily basis and receiving great value from them.”
“For a firm our size or smaller, Juris is the solution.”
Customer Profile: Traub Lieberman Straus & Shrewsberry LLP is an insurance defense firm based in New York, with offices in New Jersey; St. Petersburg and Palm Beach Gardens, Florida; Chicago and Los Angeles. The firm has grown tremendously in the last five years and plans continued growth in the coming years.
Business Situation: While growing at a fast and furious pace, the firm found itself with increased billing that led to growing and aging receivables. When Mike Dugger came on board as the firm’s Chief Financial Officer in February of 2013, receivables over 120 days represented 32% of the firm’s total receivables. One of the problems that made back-office life even more difficult for Traub Lieberman was its use of two non-integrated programs, Tabs for billing and Quickbooks™ for accounting. Because the programs didn’t talk to each other, the firm didn’t have a single source they could turn to when they needed essential financial data. Not to mention that numbers had to be entered separately into both programs, doubling the amount of work, along with the potential for mistakes. Traub Lieberman sent out an RFP searching for software that would centralize and integrate the firm’s finances from timekeeping to billing, accounting and reporting, and that would also help keep the firms invoices in compliance with insurance company regulations.
Solution: The firm chose Juris®billing, accounting and financial management software, and brought in the Juris Professional Services team for implementation and bestpractices consulting on back-office processes and procedures. CFO Mike Dugger immediately put the Juris Collections module to work after his arrival to help the firm collect on aged receivables, then keep the firm on top of receivables from that point on. He also took advantage of other specialized modules and power packs in Juris, including Business Intelligence for quick-glance views of data trends, the Realization Power Pack to help them track where the firm’s money is going, along with the Budgeting module and custom reports to make sure their finances stay in order.
Product Summary: Juris is a legal-specific billing, accounting and financial management program that not only helps law firms take control of their everyday billing and accounting needs, it can actually help increase profitability by giving firms the in-depth insights they need to measure and improve firm operations. The Juris Professional Services team includes IT and law firm industry and financial experts who help guide firms on best-practice workflow solutions.