Revenue leakage is one of the biggest problems for almost every business. In fact, law firms fall under the category where maximum revenue leakage is reported.

It sounds exaggerated but the fact is most law firms incur 35-40% revenue leakage every year. It’s just a couple of weeks left for the closure of this FY, so without much discussing on the problem let’s discuss about the solution.

Revenue = Revenue + Revenue * 0.35

Following are the 3 points that could still make you close this FY with 25-30% more profit.

1. Identify Unbilled Matters
   It sounds strange, but the fact is most law firms fail to bill 40% of the matters in a year.
   You don’t believe it?
   Do one thing, please check the following from the concerned person/ department at your law firm.
   • In the last FY what is 1) Total No matters, 2) no of matters billed and 3) no of matters unbilled.
   • Same data for this FY

   If you are lucky enough to get this data at the right time, you should be able to raise significant new invoices. With this, you should be able to seal the revenue leakage at your law firms drastically in terms of unbilled matters.

2. Unbilled Timesheet
   Once you’re done with the above exercise of identifying the unbilled matters now it’s the time to go one level deeper. It’s nothing but analysing the timesheets at the law firm which are still unbilled. Once you have that data just you need group these timesheets in terms of Matter or Client and create the invoices.

3. Unpaid Invoices
   Last but not least is to identify your unbilled invoices and prioritize these by their age and followup to get them paid.

   This is something that almost every law firm does periodically. A little innovation could make this process faster and more accurate.

   If you’re any good Practice Management Software, it should be pretty easy for you.

   If you’re still using the spreadsheets, we understand then it’s not that easy for you. In that case, you may make a consolidated list with the data like Invoice No, Amount, Client Name, Email etc and use the MS Word mail Merge feature to trigger bulk emails.

   We’ve tried to keep it so simple, but we guarantee to achieve the mentioned numbers you do this exercise accurately.

   So, what’re you waiting for? It’s just a few weeks left for the closure of the FY and we want you to close it with better revenue.