Dashboards – Why Bother?

Intro & Agenda Stroock & Stroock & Lavan LLP Nyemaster Goode PC Agenda 300 Attorneys with headquarters in NYC ~30 IT staff ~25 Finance & Accounting staff Project team consists of head of Accounting, head of IT, Senior Financial Analyst and 1 consultant Nyemaster Goode PC 95 Attorneys with 3 offices in Iowa 4 IT staff 7 Finance & Accounting staff Project team consisted of Controller and 1 consultant Agenda Why bother with dashboards? What metrics and KPIs? Anything other than metrics and KPIs? Who gets access? How we dealt with transparency & access. Timeframe and Training Demo

Why implement a dashboard? Because PDFs like these… Are just so 1990’s

What standard metrics can be included on the dashboard? Perspective 1: Two sets of dashboards Perspective 2: Single dashboard Working Attorney View by role WIP, AR, Disbursements Working Attorney, Matter Responsible Attorney, Matter Billing Attorney, Matter Managing Attorney (Intake Attorney), Client Responsible Attorney, Firm level Bill & Cash Realization Time Originations Practice Group Leader\Executive Committee Member Standard metrics Billable Fees, Fees Billed, Fees Collected, Top 5 Working Attorneys by Fees Billed, Aged WIP Fees, Aged AR Fees, Annualized Fees Billed, Hours Worked by Type, Rolling 12 months of Fees Billed, Top 5 Clients by Fees Billed and Top 5 Matters by Fees Billed Same as above + Utilization Leverage All can be analyzed by Clients, Matters, Office, Department, Practice Group, Subgroups, type of time (billable/nonbillable etc.). The data can also be viewed by Attorney, Department or Office and users can drill down to the bill level.

Anything else on the dashboard? Perspective 1: Not yet Perspective 2: Our dashboards include a link to custom reports that had previously been prepared manually in Excel and FRx but will now be system generated. This includes all financial statements (various versions of the Balance Sheet, Income Statement, Cash Flow report) along with hour, production, WIP, AR, etc reports.

Can the metrics provide actual, budget, prior year data? Perspective 2: Our dashboards include actual and prior year data and limited budget data (hours and productivity)

Who gets access to dashboard? Perspective 1: Phase 1\Pilot: Practice Group Leaders & Executive Committee members Phase 2: Partners Phase 3: All timekeepers? tbd Perspective 2: Shareholders

How much transparency is acceptable? Perspective 1: We have applied security so that only a partner will see his/her own dashboard, practice group leaders see only their respect group(s) and executive committee members see the entire firm. Perspective 2: The dashboard opens to the attorney’s own financial data but they have access to see financial data for other attorneys

Timeframe? Perspective 1 Three weeks to get 85% of the way complete Another three weeks of many [mostly] small changes Perspective 2: Our implementation took about a year; limited resources available for development and testing; custom reports took the most time

Training? Perspective 1: will be the same as Perspective 2. Perspective 2: Provided daily training sessions , Quick Reference Guide and one-on-one support, as needed

Applications? Perspective 1: Qlik Sense Perspective 2: Iridium

Iridium Screen Shot

Iridium Screen Shot

Qlik Sense Demo