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• Gain visibility into cost and profitability driversforcostmanagementandoptimization
• Generate accurate cost rates byleveragingdirectandindirectcost dataupdatedthroughouttheyear
• Make informed business decisionsusingpersona-based dashboardstailoredandfilteredforwhateachmanagerneeds
• Increase efficiencies and profitsbycalculatingprofitability analyticsbypractice,feeearner,client,andmatter
• Achieve profitability goalswiththehelpofsettingtargetsand measuringperformanceagainstthem
PROFITABILITY IS THE PERFECT TOOL FOR THE LAW FIRM THAT WANTS TO GROW IN TODAY’S HIGHLY COMPETITIVE LANDSCAPE
Profitabilty from Thomson Reuters
THE INSIGHTS YOU NEED TO PROFITABLY GROW YOUR BUSINESS Wherecanyourfirminvestforprofitablegrowth?Wherecanyouimproveefficiency?Howareyouperformingagainsttargets?ProfitabilityfromThomsonReutersbringstogethercostaccountingcapabilitieswithanalyticstohelpyouconfidentlypinpointtheanswerstotheseandotherpressingquestionsaboutcostmanagementandoptimization.
Analyze firm profit by practice group from the Firm Insights Dashboard.
THE INSIGHTS YOU NEED TO PROFITABLY GROW YOUR BUSINESS
PROFITABILITY FROM THOMSON REUTERS
To learn more about Profitability from Thomson Reuters, contact your account representative.
©2020ThomsonReutersTR765565US/7-20
INCREASE EFFICIENCIES AND PROFITSVisibilityintocostandprofitabilitydrivershelpsyouoptimizecostmanagementandcalculateprofitabilityanalyticsbypractice,feeearner,client,andmatter.
• Differentiateyourfirmfromthecompetitionandprovidesuperior customerservicewithaccurate,up-to-dateprofitabilitymetrics
• GaininsightsintotheefficiencyofAFAswithout-of-the-box profitabilityanalytics
• Utilizebuilt-inbestpracticesandastarterpackforcalculatingfee earnercostrates
GENERATE ACCURATE COST RATESProfitabilitypullscriticalcostaccountingdatafrom3Etogenerateaccuratecostratesinrealtime,leveragingdirectandindirectcostdata.
• Automaticallyallocateoverheadandindirectexpensesto practices,offices,titles,andworkingfeeearnersusingvariousspread methodologies,includingsquarefootage,headcount,weightedFTE, revenue,andmore
• Utilizeactual,budget,target,andwhat-ifassumptionsfor greateraccuracy
• Createcostratesforeachfeeearnerbasedonuniquecompensation plansandapplyexceptionstocertaintitlesorfeeearnerstoquickly pinpointimpacttoprofitability
• LeveragethefamiliarMicrosoft®Excel®interfacetoprovide transparencytojustifycostsanduncovernewopportunitiesforcost managementwithflexibility,control,andaccuracy
MAKE INFORMED BUSINESS DECISIONSThedatawarehousein3E®DataInsightsextractsdataoutof3EandMicrosoftPowerBI®toproviderich,persona-baseddashboardstailoredandfilteredforwhateachmanagerneeds.
• Budgetoractualcostratesbasedonworked,billed,andcollected dataprovidesaccrualandcashbasisprofitabilityanalytics
• Out-of-the-boxstockanalyticsalignwiththefirm’smanagement structuretoprovidethemwithprofitabilitydatapointsforthegroups, clients,matters,orfeeearnerstheymanage
• Easilycreateinteractivedatareportswithoutwritinganycodeusing PowerBIDesktopandthestockreportingmetricsprovidedoutof thebox
Analyze profitability by industry and practice group against firm targets. Consider rates and leverage by title to glean insights on profitability performance. Use the scatterplot graph to identify actions to move practice
groups toward the top right quadrant to maximize profitability.
Allocate overhead and indirect expenses to practices, offices, titles, and working fee earners using various spread methodologies.