Forecasting Attorney Revenue

Forecasting is important for law firms so that they are not found “accidentally” out of business.  There are tools available, perhaps within your own organization, that are more than capable of helping you forecast attorney revenue.  However, some tools are better than others at showing the results.

Below is a graphic showing attorney monthly productivity, any variance from the budget and the attorney contribution percentage.  Clicking on any of the attorney initals changes the data to show the chosen attorney’s productivity numbers.  (You must have the free Adobe Flash Player to view.  You may download it by clicking here).

Graphical dashboards such as the one below provides an easy way for managers to stay informed as to the critical performance drivers of the firm without having to pore over rows of data.  This, in turn, makes the information more actionable and thereby helps focus the firm on reaching its goals.

Feel free to click on any of the sample attorney initials below to see the data change.  If you would like more information on how you can have dashboards like the one below implemented in your firm, please feel free to email me or call 205.588.4OCC (4622).

Adobe Acrobat Professional – A Lawyer’s Best Friend

For those who don’t have the professional version of Adobe Acrobat – get it.  There is just too much you can do with this application to not have a copy of it available.  No matter if you practice primarily in litigation or transactional law, Acrobat Pro is a must-have tool for lawyers.

Version 9 adds some new features that are geared to legal professionals:

• Enhanced Redaction and Bates Numbering
• File splitting
• Better Save to Word with flowing text
• PDF Portfolios (Packages on steroids!)
• More powerful Document Comparison

The feature I like best in version 9, though, is the new PDF Portfolios.  Click here to see a video outlining the features of PDF Portfolios.

With the ability to do Bates numbering, redact documents, create forms, collaborate with others, all without sacrificing security, Adobe Acrobat Professional is a must-have application for lawyers.

As an added bonus, Rick Borstein of Adobe has a blog for legal professionals where he provides ways to utilize Acrobat in a legal environment.  You can view his blog by clicking here.

 

Google Browser Signals End of “Mandated” Operating System

Google is set to release on Wednesday a first public “beta” of a web browser that at first glance appears to join a suddenly crowded web browser marketplace.  After reading its “comic” explaining the idea behind the browser, it becomes apparent that Google isn’t just trying to enter the web browser market – it is trying to transform the web browser into a vehicle for stable, web-based application delivery.

As explained in the comic, traditional browsers can crash pretty easily when delivering web applications.  This is due to the framework of the web browser.  It was initially developed to do small tasks such as render text and graphics quickly.  As browsers grew, they added tools for email and calendaring that were fine for individuals, but added bulk and instability for those who wanted to use browsers to push internal applications.

Google has responded by placing each tab of the browser in its own process (ie, each tab is like opening a new instance of the browser) so that if one tab becomes unstable, it doesn’t affect the other tabs.  This also prevents a script that is slowing down the rendering of a page to affect the other tabs.

This comes with a cost – additional overhead (more RAM memory, better hardware).  But for business use, this can finally usher in the end of executable-based client server applications and push all business applications through your browser.  This will not only simplify administration of applications from an IT perspective, it gives freedom to end users to choose whatever operating system they want to use (which may end up increasing IT administration, so that may be a wash – IT isn’t going to be less of a need in the future in any event).

Perhaps this is what will challenge virtualization (something Microsoft envisions as it prepares for the end of Windows).

The above is merely scratching the surface of the new features of Google Chrome.  The browser will be open-source, meaning developers around the world will be free to see, use, and improve upon the source code (and create their own applications based on the technology without paying licensing fees).  It also tries to improve upon the user experience that takes advantage of Google’s omnipresence on the internet.   Read the comic by clicking here to see more of what Google envisions with its browser.

The bottom line is that computing as we know it will soon be a thing of the past.  New technologies that are in their infancy now will be in the forefront of your technology decisions soon.  Make sure your IT department is testing these technologies now so they can give you a better opinion on which to choose when the time comes.

UPDATE:  As if on cue:  ”Google believes any task done in a standalone desktop computer application can be delivered via the Web and Chrome is its bet that software applications can be run via a browser.”  Read more here.

Array Formulas Solve Complex Excel Needs

There are plenty of reporting tools available for law firms.  However, one of the common questions firms have when looking at reporting software is “Can you export to Microsoft Excel?”  Microsoft Excel has become the tool for manipulating financial data.  Therefore, an understanding of some of the more powerful features will help you with the more complex needs, such as (from Microsoft):

• Counting the number of characters in a range of cells.
• Sum numbers that meet certain conditions, such as the lowest values in a range or numbers that fall between an upper and lower boundary.
• Sum every nth value in a range of values.

An array formula “is a formula that works with an array, or series, of data values rather than a single data value.”  In other words, for example, you can set up a formula to show a result based on a range of results from a column.  One way to use this is to measure your AR numbers.  Let’s say that you rank AR priority based on age, amount, and payment history.  You can create a column representing the average age of AR, one for the amount of AR, and one with a credit rating based on past payment history (using a scale of A-F). 

You can then create an array formula in a cell that can produce a result based on your logic for determining AR priority.  If you decide that A list clients with AR between $1,000 and $10,000 with an average age under 200 days should be excluded from your collections process, you can create an array formula that can sum all of the clients that fit these variables.  There are many uses of array formulas that will help you track important metrics.  They can be used to track fee earner capacity, mark-down frequency, and really anything you want to measure that is being tracked by the firm.

There are several websites that help in creating array formulas, but I really like the one set up by Pearson Software Consulting.  Instructions on creating an array formula from the Pearson site:

To enter a formula as an array formula, type the formula in the cell and press the CTRL SHIFT and ENTER keys at the same time rather then just ENTER. You must do this the first time you enter the formula and whenever you edit the formula later. If you do this properly, Excel will display the formula enclosed in curly braces { }. You do not type in the braces — Excel will display them automatically. If you neglect to enter the formula with CTRL SHIFT ENTER, the formula may return a #VALUE error or return an incorrect result.

To learn more about array formulas, visit their site by clicking here.

5 Technical Skills Attorneys Should Know

Inspired by the 5 technical skills a modern professional should know (Generally Aware Executive Part 1 post on Justin Foster’s BrandMilitia blog (hat tip to Stephen Nipper and Enrico Schaefer)), I have come up with 5 technical skills attorneys should know:

1. How to Use Microsoft Office (including Word, Outlook, Excel and PowerPoint);
2. How to use a blackberry, Iphone, or windows mobile device to check email, synchronize contacts and synchronize calendar;
3. How to use a projector;
4. Understanding the concept of redundancy;
5. How to navigate Windows without a mouse.

Some assumptions: 

• Microsoft Windows is the only option – great, use your Mac, use Linux, whatever.  Major software developers build on the Windows platform and to the extent they develop web-based applications, the servers that provide the backbone for these applications are Windows boxes.   I have a macbook pro at home and it does a great job with family applications.  Windows is and will be for the immediate future the solution for businesses.   This article isn’t about potential emerging trends.
• I make an assumption that attorneys can operate and perform basic tasks within Windows such as knowing the difference between a single click and a double-click.  It isn’t fair to leave out those who struggle with the basic tasks of using a computer, but if you don’t know how to use a computer by now the train has already left you at the station – and likely you made the choice to stay. 
• I am assuming basic skills in using a mobile phone, such as accessing voicemail.

Ok, so why did I choose the above 5?  I’ll go into each.

1. Attorneys must know how to use not only Microsoft Word and Outlook, but Excel and Powerpoint.  Why?  Because they are essential tools for your practice – and if you purchased just about any version of Microsoft Office, both of them came with it.  If you aren’t using them, you are wasting valuable tools.  One of the things I always do when working with firms is take an inventory of their existing technology.  Most firms have overlapping technology and some may be looking to invest in tools that they already have but don’t understand how to use.  Outlook is essential for communication.  Word is essential for drafting documents.  Excel is essential for creating reports, charts and graphs.  PowerPoint is essential in organizing your thoughts into a coherent argument that others who haven’t spent months researching the topic can understand.
2. Attorneys must know how to use a mobile device that can synchronize their calendar, contacts, and email.  If your firm doesn’t already utilize mobile technology, they will soon.  I have been a blackberry user for several years and have just switched to the Iphone (which works well with Exchange, the mail server that pushes email to Outlook).  I am not big on Windows mobile devices because of my past experiences – I never felt that I was productive using a stylus and no matter how much I tried, I never edited anything on a mobile phone.   Some swear by them, however, so it is necessary to understand the strengths and weaknesses of each solution so you can invest in the one that makes you the most productive.   For me, having my calendar, contacts and email synchronized and available to me anywhere is essential.
3. Litigators, if they don’t already, will eventually need to use a projector.   And I am not alone in experiencing the moment when you are trying to connect a projector to your laptop and the thing just doesn’t want to work.  Most of the time the solution is simple, but if you don’t know how the connection between a laptop and a projector works, precious moments are lost and at the very least you are distracted from your focus.  It isn’t that hard.  The easiest way to handle projectors is to have your own and have a spare lamp wherever you go.  Once you learn your own projector, your problems should end. 
4. Attorneys need to know several ways to get their information.  Just this past week I was working with an attorney who relied on a virtual private network (VPN) to access their office.  Unfortunately, VPN access isn’t assured when you are away from the office.  Some systems block the ports that are needed and then you are stuck waiting on tech support to get to your files or check your email.  Redundancy helps.  You should be able to access and compose email in several different ways.  Outlook for the Web allows you to access your inbox via any web browser.   If you have a mobile device, it should sync with your mail server.  There is also terminal services, which if not used as a primary method of access should only be used in an emergency.  However, it will get you access to your files and you can get work done – and that is the point of redundancy.
5. Attorneys need to free themselves from the mouse if necessary.  There are a few key reasons.  One, you can work faster.  Having to go back and forth from a mouse to the keyboard slows you down.  If you know keyboard shortcuts, it makes you more efficient.  Efficiency is the key to higher margins and is the primary benefit of technology.  Use it.  Also, if your mouse decides to stop working, which is known to happen from time to time, you are not stuck staring at a screen. 

If attorneys spend the time to learn the above skills, they will be in a better position to become more efficient and less frustrated with their technical resources.  If you think there is another essential technical skill attorneys should know, please feel free to add a comment.