The Billed and Unbilled Time by Practice Area report comprehensively summarizes how time is allocated across various practice areas within a law firm. This report is vital for understanding the financial health of each practice area and optimizing resource management.
Insights Expected from the Billed and Unbilled Time by Practice Area Report
This report delivers key insights that assist law firms in improving financial analysis and overall efficiency:
Time Distribution: It shows the total billable and unbilled (non-billable) hours logged in each practice area, helping firms understand where time is spent and how productive each practice area is.
Financial Efficiency: By analyzing billed hours, firms can assess which practice areas generate the most revenue, and by reviewing unbilled hours, they can identify inefficiencies that need to be addressed.
Resource Management: The report helps firms allocate resources more effectively by providing insights into which practice areas are consuming the most time and whether this time is being converted into billable revenue.
Performance Review: This report supports performance evaluations by showing how practice areas contribute to the firm’s overall productivity and financial success.
Strategic Planning: Understanding billed and unbilled time distribution across practice areas allows firms to adjust strategies, reallocate staff, and focus on more profitable services.
To generate the Billed and Unbilled Time by Practice Area report:
Navigate to the Dashboard
Click on Reports
Scroll down and choose 'Billed and Unbilled Time by Practice Area.'
You can refine the details by applying various filters. This report can be exported for deeper analysis, enabling law firms to track time allocation and optimize billable hours and operational efficiency across practice areas.
Explore this comprehensive guide for a deeper understanding of all features available in the reports interface.