how to bill an extra eight hours every week with clio

How to Bill an Extra EightHours Every Week

George PsiharisVice President, Business Operations

Oliver BrowesStrategic Account Executive

Our Agenda for Today

Exploring data insights from the 2016 Legal Trends Report:• How do we benchmark efficiency at small to mid-sized law firms?

• What insights can we draw from analyzing live practice data?

Putting the insights into action using Clio:• Automating document preparation

• Streamlining your billing process

• Using data to become more profitable

• Maximizing time capture across your billables

Show me the Data

Part I

“What gets measured gets managed”

— Peter Drucker

Source data or

Raw data

Survey data or

Collected Data

Exploring data insights from the 2016 Legal Trends Report:

• Healthcare

• Aviation

• Finance

• Economics

• Pharmaceuticals

Most professions rely on data

So What About the Legal Profession?

2005 was a while ago now…

To preserve anonymity when collecting data and publishing trends, Clio’s Data Operations team has ensured that:

• No personally identifiable information is extracted or used;

• No client file information is ever available or accessed;

• Data that is extracted is aggregated and anonymized;

• We collect this information to publish trends but also to improve our service and user experience.

Our Aggregation of Data

Measuring Law Firm Efficiency

Total hours in the workday

Utilization rate (how many hours were billable?)

Realization rate (how much work did I actually bill for?)

Collection rate (how much did I get paid)

Utilization Rate

Utilization Rate

Of your available hours, how many are chargeable after netting out all non-client facing activities?

chargeable hours

available hours

28%

Total 2015 Utilization Rate

Utilization Rate by State

Utilization Rate vs. # of Attorneys

The Case of the Missing Six Hours

Two Leading Causes:

Supplemental interviews with firms in private practice show two predominant causes for low utilization:

1. Not enough work to be fully utilized;

2. Too much time spent on overhead / non-billable tasks;

3. Or… a bit of both.

Part II

Increase your Billables by Being More Efficient in Clio