Tabs 3, Practice Master and the Future of Legal Tech

TABS3, PRACTICE MANAGEMENT SOFTWARE AND THE FUTUREJoyce Brafford

Practice Management Advisor

NC Bar Association

TABS3

• Time Tracking

• Billing Rate Flexibility

• Quick Billing

• Firm Reports

• Security

• Practice Master

TIME TRACKING

TIME TRACKING

• Quantity and Quality

• Discretionary Missed Time

• Tracking Lost Time

• Add it Up

• The Full Picture

• A Little = A Lot

“Capturing More Time and Keeping Your Clients Happy While Doing It.” Margaret Spencer Dixon and Debbie Foster. Law Practice Today. March 2007.

TIME TRACKING

TABS3

• Time Tracking

• Billing Flexibility

• Quick Billing

• Firm Reports

• Security

• Practice Master

BILLING FLEXIBILITY

BILLING FLEXIBILITY

•Group Activity:

•At your table, brainstorm the best alternative fee structure for your average client

•5 minutes

BILLING FLEXIBILITY

• The Decline of the Billable Hour

• The Alternative Fee has Merit

• Fixed Fee (Value Based Billing)

• Holdback Fees

• Capped Agreements

“Legal Industry Moves Away From Billable Hour to Alternative Fee Agreements.” Paige Kohn. Columbus CEO. October 2014

BILLING FLEXIBILITY

TABS3

• Time Tracking


• Quick Billing

• Firm Reports

• Security

• Practice Master

QUICK BILLING

• Individual Activity

•What are the 3 biggest reason your clients don’t pay.

•3 Minutes

QUICK BILLING

• Young Lawyer Billing

• Every Lawyer is Not a Born Biller

• Set Firm Wide Policies

• Follow-up is Essential

• Descriptive Bills

• Time Billing

• Cash Retainers

• Financial Reports• “Nine Essential Billing and Collections Skills for Lawyers.” Joel Rose. State Bar

of NY.

QUICK BILLING

TABS3

• Time Tracking


• Quick Billing

• Firm Reports

• Security

• Practice Master

FIRM REPORTS

FIRM REPORT

• Fuel Gage vs. the Speedometer

• KPI

• Leading Performance Indicators

• Leading vs. Lagging

• “Your Financial Dashboard.” Stephen Mabey and Colin Cameron. Law Practice Magazine. September 2013

FIRM REPORTS

•Group Activity

•Name 2 Lead and 2 Lagging KPIs

•5 Minutes

FIRM REPORTSLagging KPIs Leading KPIs

Fees Billed in a Month Number of Matters Opened

Hours Billed Hours Worked

Cash Receipts Number of Average Days Billing in

Lockup

Revenue Per Lawyer Number of Matters per Client;

Number of Lawyers Billed per Client;

Number of Types of Matters Billed to

Clients

Effective Hourly Rate Average Fee per Matter; Average

Fee per New Matter; Ratio of

Average Billed to Average Worked

Rate (Realization Rate)

FIRM REPORTS

TABS3

• Time Tracking


• Quick Billing

• Firm Reports

• Security

• Practice Master

SECURITY

TABS3

• Time Tracking


• Quick Billing

• Firm Reports

• Security

• Practice Master

PRACTICE MANAGEMENT SOFTWARE

• Case Management

• Contact Management

• Calendaring

• Time Tracking

• Billing

• Document Assembly

PRACTICE MASTER

PRACTICE MASTER

• Firm Wide Calendar

• Store and Organize Client Information

• Easily Check for Conflicts

• Assemble Documents Quickly with Templates

• Manage Documents

• Automate Work Flows

FIRM CALENDAR

CALENDAR

PRACTICE MASTER







CLIENT INFORMATION

PRACTICE MASTER







CONFLICT CHECKS

PRACTICE MASTER







DOCUMENT ASSEMBLY

PRACTICE MASTER







DOCUMENT MANAGEMENT

PRACTICE MASTER







WORK FLOWS

THE FUTURE

THE FUTURE

Timothy B. Corcoran

Corcoran Consulting Group

“Others will continue to pursue what is, and has always been, a more lucrative path to profitability – namely, proactively embracing alternative fees and delivering these projects with matter budgets, and guided by the principles of project management and process improvement.”

THE FUTURE

Lori Tripoli

Contemporary Law Office Management

“…, law firms have done a good job of trimming the fat. Now they need to build muscle mass. In 2015, I see more firms using big data to improve attorney and staff performance and to enhance client engagement.”

THE FUTURE

Erik Mazzone

Practice Advisor

“There will be a major law firm data breach which will open the conversation about law firm technology in general, and digital security in particular.”

TABS3, PRACTICE MASTER AND THE FUTUREJoyce Brafford

NCBA