Redwood Analytics® Business Intelligence
Use financial intelligence informed by a decade of law firm best practices.
Gain detailed insight into firm performance, including practice, client, matter and lawyer profitability via tailored, customized dashboards, reports and alerts that bring actionable information to drive improved business performance.
Gain detailed insight into firm performance, including practice, client, matter and lawyer profitability via tailored, customized dashboards, reports and alerts that bring actionable information to drive improved business performance.
- Improve profitability and cash flow
- Give information to lawyers where they work
- Uncover true billing and collection opportunities
- Manage plan-to-actual performance
- Collect more outstanding bills
- Gain visibility into utilization
- Save time by eliminating unnecessary complexity
- Improve Profitability
Identify profitability levers such as productivity, pricing, leverage, overhead, billing and collection speeds to see which drivers are affecting margin to make your firm more profitable.
- Reduce WIP and AR Balances and Improve Cash Flow
Target problematic invoices earlier, avoid future problems, and reduce overall inventory balances.
- Give Information to Lawyers Where They Work
Provide performance and operational information easily and seamlessly to lawyers and management in flexible dashboards, portlets and reports designed to meet the needs of legal professionals.
- Uncover True Billing and Collection Opportunities
Segregate inventory balances into manageable components rather than trying to glean information from every current outstanding balance. Identify billing and collection opportunities using historic client performance.
- Manage Plan-to-Actual Performance
Firms will have the ability to feed in their budget numbers (working and billing roles) to be included in reports and dashboards to compare performance against goals/budget.
- Collect More Outstanding Bills
Identify the largest billing and collection opportunities based on deviations from historic client behavior patterns and not just standard aging methods.
- Gain Visibility into Utilization
Get insights into lawyer productivity to spotlight (under)utilization. Assess, at the firm/office/practice group level, the cost/benefit of working below/above capacity; understand which timekeepers are on track to hit budgeted hours; and clarify where resources can be deployed based on capacity.
- Save Time By Eliminating Unnecessary Complexity
Alleviate the need for complex spreadsheets and the reorientation of data from billing system extracts.
- Client, Matter and Attorney Profitability
Allocate costs to clients, matters and attorneys (in addition to firm and practice areas). Gain visibility into profitability at each of these levels.
- Predictive Analytics
Analyze expected collections and margins based on historic client patterns that derive forward-looking realization “curves” and take proactive action to improve profitability.
- Partner and Management Access
Provide information to lawyers and management via flexible, customizable dashboards, on-demand and automated reporting, and soon, mobile handheld devices.
- Static Pool View of the World Plus Periodic
Tie time back to period billed or worked to get an analytically correct view of the world. See more clearly what happened period by period or within a specific time frame on a more familiar cash basis.
- Unique Metrics
Gain access to leading indicator metrics—unavailable with any other tools—and sophisticated financial metrics highlighting WIP and AR performance as well as your best and most important opportunities and problems at a client/matter level.
- Multidimensional Views
Examine issues readily at multiple levels—practice area, section/department, office, lawyer, client and matter—using true “BI” slice-and-dice functionality.
- Balance Status Segmentation
Identify which clients present collection opportunities and which ones are delinquent or potential write-offs.
- Automated Direct and Overhead Costs Allocations
Allocate direct and overhead costs automatically using firm-selected methods. GL accounts are seamlessly integrated, allowing cost allocation to your firm, office, department, office-department and even specific attorneys.
- Volume/Pricing Fluctuations
Analyze and report proactively on volume/pricing issues quickly as they occur across all segments of your firm’s business. Avoid time-consuming data gathering and issue identification.
- Daily Inventory Updates
Monitor up-to-date inventory balances to support daily billing and collection activity.