Firm Insights assists you with managing and growing your law firm. Use Firm Insights to review your firm’s profitability estimates by matter and matter type.
If you find yourself asking the following questions, then our profitability reports can help:
- Is there more time that could have been billed?
- Are we discounting on invoices too often?
- Are we not collecting enough?
- What areas of law or matter types are performing the best?
- What areas of law or matter types are underperforming?
- Where am I losing potential profit? Where am I most profitable?
Running these reports alongside the Firm Insights Dashboard and Fee Earner reports will help you paint a picture of how your firm is performing.
How to access Firm Insights
Access to these reports is located in Firm Insights. Select Firm Insights from the home screen, then select the Matter tab to run Profitability by Matter, or Matter Type to run Profitability by Matter Type.
Firm Insights are only available for Firm Owners on Smokeball Prosper.
Firm Insights by Matter
This report is extremely helpful in looking at the profitability across all matters, area of law, or even billing type.
When you click on Run Report, matters will be displayed in a list based on the filters you have set.
Firm Insights by Matter Type
This report is similar to Firm Insights by Matter, however, it displays matter types for each line item.
How to read the report
The table below defines each column and how the figures are calculated:
| Column Name | Description |
| AT Time | All billable and non-billable activities completed in Smokeball presented as an hourly figure |
| AT Total | All billable and non-billable activities completed in Smokeball in dollar figures, based on the fee earner's hourly rate in Settings |
| Staff Cost | Cost to the business compared to time spent working in Smokeball |
| Fees Entered | All billable fees entered into Smokeball, including waived amounts |
| Fees Billed | All fees billed/invoiced on any matters that have had an activity completed or fee recorded on them during the period - this does not show all fees billed during the period |
| Fees Collected | All fees paid on any matters that have had an activity completed or fee recorded on them during the period - this does not show all feeds paid during the period |
| Collection % | Fees Collected as a percentage of Fees Billed |
| Estimated Profit | Fees Collected minus Staff Cost |
Extract data from the report
You can print or export the report to a .CSV file on the top-left corner of the screen.