how to bill an extra eight hours every week with clio
TRANSCRIPT
How to Bill an Extra EightHours Every Week
George PsiharisVice President, Business Operations
Oliver BrowesStrategic Account Executive
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
Exploring data insights from the 2016 Legal Trends Report:
• Healthcare
• Aviation
• Finance
• Economics
• Pharmaceuticals
Most professions rely on data
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
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
Of your available hours, how many are chargeable after netting out all non-client facing activities?
chargeable hours
available 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.