What is WIP? How does the management of WIP save your firm time and money? Do you see your employees as a capital asset or expense? Managing
WIP, or "work in process", is one of the most important tasks for any
law firm. To many, WIP is just another number waiting to be billed. We,
however, see it as the difference between a successful firm and a very
Some recommended steps to manage WIP are:
your time entry collection process. Using a system designed to work in
the legal industry is a must and will provide instant access to what
work you've done for a matter and overall help you track what you have
worked in a specific time period to keep you working toward your goal.
milestones and expectations for each matter and communicate them to the
working team. If your client has provided you a tight budget, be sure
to set their expectations on the level of service given the budget, but
also let others know the scope of the matter and budget so billable
staff can make decisions on how to handle work for the client.
on going checkpoint meetings. Don't rely on thinking everyone knows
what's going on. Be sure to schedule on-going checkpoints to keep
everyone on the same page.
the matter is complete, take time to debrief, understand things that
worked well and those areas that didn't. Review with the staff and make
sure the client is satisfied with the outcome.
To read the full article by the Legal Loudspeaker published by Accellis Technology Group, visit http://legalloudspeaker.com/2011/04/22/%E2%80%9Cwip%E2%80%9D-your-receivables-into-shape/
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