Proclaim Reports You Never Knew You Needed
Proclaim is in essence a database that in the right hands can be used to produce comprehensive and enlightening reports for your business. At LPS we’ve yet to encounter a set of data we have not been able to provide by producing bespoke Proclaim Reports. Needless to say, the businesses that utilise the reporting functionality of Proclaim to its greatest extent can make quicker and more informed business decisions than those that rely on gut feelings. Whilst straight forward, Proclaim Reports can be one of the most effective forms of Proclaim Development.
Supplier / Service provider Profitability
Understanding the profitability of each supplier your business utilises, is essential for minimising wastage, maximising efficiency and therefore increasing your profit margins. Consequently, it’s of paramount importance that you are able to determine who your most profitable suppliers of work or services are.
This means by way of example, that you now have the capabilities to ascertain the failure rate of cases that suppliers send to you. For instance, while Supplier A may seemingly supply more successful cases than Supplier B, what percentage of those cases are the successful ones? It sounds obvious but many businesses fail to assess the success rate of their work. If your fee earners are having to run 3 cases from Supplier A before they get a successful case, it may be less beneficial to work with them than Supplier B. After all, you pay your fee earners to run cases, if they are spending 75% of their time running unsuccessful cases this is a terrible use of time and by extension money.
It’s the same principle for other suppliers of course, does Barrister A achieve better results than B, which Cost Draftsman is getting you the most profit per case and which Medical Expert is turning around your reports the quickest?
Risk Profiling Report
Naturally as well as analysing which supplier is the most profitable for your business you should also utilise Proclaim to analyse which of your businesses revenue streams provides you the best return on your investment.
While it may be great that your firm has hundreds of clinical negligence, RTA or immigration cases, what is the actual percentage of these that will successfully conclude? Then out of those that are successful, what will the profit be when compared to the investment you have made in terms of marketing spend, staff salaries and other such overheads? Proclaim Reports in this area can be critical to improving percentage success rates and minimising lost WIP.
In the legal industry recent and pending reforms have increased the need for all processes to be as efficient as possible. Automating processes will increase efficiency and will allow staff to work with higher volumes, but you will also need oversight of all these cases that is both meaningful and easily accessible; it is too easy after all, for a file handler to put that difficult case to one side and focus on the more straight forward cases.
The idea behind Proclaim Reports for progression is that you can breakdown any process into its key stages whether this be assembling flat pack furniture or in this instance running clients’ cases. All cases will have a beginning, a conclusion and multiple stages in between. The start generally would be vetting the case and the end would be submitting a final bill for the work done. A good illustration would be a typical personal injury case where you would want to breakdown the case into stages. Such stages may include: the procurement of signed identification and retainer documentation; the requesting and receipt of a date for a medical appointment and report; or whether the pre-action period has expired and the case is now ready for issue.
The obvious benefit to this kind of reporting is that you can quickly identify any bottlenecks in your workflows. If 50% of your work is stuck in a certain stage it will allow you to identify and rectify any issues before the consequences of the problem catch up with your cash flow. Additionally, you can quickly see how work is progressing, if 75% of the cases are still at the beginning of the progression report stages, you know these are unlikely to convert into revenue anytime soon and you can forecast accordingly.
Work Age Report
Leading on from progression reports, work age reports are also essential when trying to keep oversight of large volumes of work.
These Proclaim Reports will give you a breakdown of your cases and the length of time in which they have been running. The primary purpose of this reporting is so you can work out average conclusion times of cases, as well as ascertain where all of your businesses work sits within that time period. This helps with financial planning, especially when you utilise it in tandem with reports such as the work failure rate or a supplier profitability report.
For instance, a firm has 1000 cases, if you know that after analysing the work age report cases take 12 months to conclude and that 20% of your businesses work is still within the first 3 months of its life, that’s 200 cases that will not settle for another 9 months. You might also know by reviewing a work type failure rate report that 25% of these cases fail and consequently you will only be left with 150 of these cases by the time they conclude.
Furthermore, if you had a profit report that shows the average net profit per case being £1,000 you could project with reasonable accuracy that you would likely bill £150,000 in 9 month’s time.
Closing Remarks on Proclaim Reports
The benefit of robust and accurate Proclaim Reports cannot be overstated when running a successful business. Attempting to make sound business decisions without the appropriate information in your possession will almost always prove impossible. Of course the ability to accurately and efficiently pull data from your system will be limited by the extent to which your system has been developed. If you have limited automated workflows and rely on staff to manually input data, it will only ever be as good as the individuals inputting that data and as we all know, individuals are often prone to error through no fault of their own.
Consequently, to get the most from your reporting you should always seek to develop your system and its workflows. The more automated it is, the less prone to human error it will be and the more accurate your dataset and reports will be as a result.
This list is certainly not exhaustive, and should you want to know more about anything in this article or perhaps some other areas that fall outside the top 4 Proclaim Reports, then don’t hesitate to contact our Legal IT Director at firstname.lastname@example.org