4 analytics tools to monitor firm expenses in 2022

4 analytics tools to monitor firm expenses in 2022

If you're a user of uLawPractice, then the fastest way to find out current statistics on your law firm are to simply login to the uLawPractice app and run advanced analytics on the freshest data available to you.

uLaw insights and analytics provides you with up-to-date and current information (and historical data), all at your fingertips. All you need to do is open up your phone and check the app, or download it if you dont' yet have it. (you can do so by downloading the uLawPractice app on Android or iPhone)

So what are some of the insights you can expect to see with this app? Take a look below.

Here are 4 insights you can gain using uLaw analytics on your phone

Start by logging in to your uLaw app on your phone and visit Accounts-> "?" (hit the question mark in the bottom right-hand corner) and navigate to "choose category"

You'll see all the different areas where analytics can be generated.


1. Expense Chart by Client

With an Expense Chart by Client, lawyers can surmise the percentage of outgoing expenses going towards particular clients

For the month of September 2022, we can see that your client Nancy Wills happens to be taking up nearly 40 per cent of your law firm's expenses. Is she worth it? Well, these types of reports lets you dive deep into the data that you (or your assistants) are currently using to handle the books at your firm.


2. Expense chart by category

Depending on how your firm operates, different categories can really eat up expenses at your law firm.

In our example here, you can see a bar chart that indicates that the vast majority of expenses at the entire law firm are eaten up by clients.. Which, if we look at our previous category, isn't surprising since the amount of money the firm spends on clients typically is quite high.

What this report does is it looks at all the expenses for the time period you select and then it queries uLaw's secure database (which contains your information) and then produces this instantaneous report to your phone.

With insights like this you can see how much money gets paid out for things such as rent and other areas of expenses.

If you're planning on making an assesment on how your firm is operating, when it comes to expenses, this might be a good place to begin looking. (ordered by category)

3. Profit and Loss Insights

A law firm isn't always profitable every single month. Depending on your area of practice and the type of clients you take on, there might even be months where your firm isn't generating as much revenue as the costs that are piling up.

Profit and loss reports can tell you a lot about how your business is running, and uLaw generates this and many more reports within its analytics and insights, viewable in your phone at any time. Take a look at the following screenshot generated via the uLaw app on android.

In this example we can see that this particular firm has been very successful and profitable for the majority of the month of september. Remember, profit is revenue minus expenses, and for our practice account we can see that $12,949.03 is the profit for the firm for that period. You can adjust the date ranges to get a more historical outlook on how things are going.


4. Client Insights: referral of clients

As a licensed and complaint legal professional you're probably already aware that Law Societies routinely require law firms to produce records about the source of referral for clients.

Practice management based analytics can be generated via your telephone as a means to remind you of some of the record-keeping that should be going on at your firm at a regular basis.

As you can see in the screenshot to the right, this particular practice account happens to have a total of 520 clients without a referral source listed within uLaw. This will be a big problem when our practice account gets audited, which is why some serious time should be devoted to fixing this immediately.

Analytics are available: use them or lose them!

Anywhere you bring your phone, you have access to fresh data the moment it is inputted into uLawPractice. It's one of the benefits of using a cloud-based, secure legal accounting and practice management software to handle your bookkeeping and compliance obligations.

With uLaw analytics on your smartphone, you can always check in on your firm and see how things are gong, from a distance. Users don't even need to be at their desk or their computer to know how the firm is performing. Other than the 4 examples we've cited above, there are many more reports and insights you can use with uLaw on your mobile. That's why we recommend you download the app so you have it in your repetoire of useful tools at your disposal.