If keeping matter fee estimates up to date is standard at your firm, RedView provides some interesting management information using that data.
Expected Future Fees is the difference between the matter estimate and the amount billed for the matter i.e. the possible fees that could still be generated based on the original estimate. A number of charts are available that provide summary analyses of those future fees by person acting, type of work etc... See the example below.
This information provides a view to the future relating to staff workloads, the type of work “in progress” and the potential future revenue stream. Armed with that type of information, important management decisions around workforce management and business development can be made.
When displayed on the Fee Earner Dashboard it gives the lawyer an early insight into their future billing performance.
The first step is making sure your fee estimates are kept updated!
Tip: if you click on the “matters with no estimate” value at the bottom of the chart, it will give you a list of matters without an estimate – to help you on that journey!
The RedView Team