3 Key Numbers to Know If You Work in a Law Firm
In this solo episode of the Paralegals on Fire! Podcast Show, Ann discusses three key metrics you should know if you are working in a law firm that has a billable hour requirement.
- Learn how to calculate your utilization, realization and productivity rates.
- Tips to improve your numbers.
- How tracking these key metrics can fast track your career!
Your Actionable Strategy
In all of our podcast episodes, we try to give paralegals an actionable strategy that they can take away from the show because we know your time is valuable.
In this podcast episode, Ann discussed two actionable strategies:
Actionable Strategy #1: Start tracking your important numbers today!
Utilization = 1200 hours (actual hours billed) divided into 1,500 (budgeted) billable hours = 80% utilization.
Realization = It is calculated like this: Dollar Amount Collected/Dollar Amount Entered into the system (at full rate).
Productivity = Your productivity number is the percentage of time spent on billable work compared to the total hours worked (not paid). You can measure this by dividing hours billed into hours worked (not paid hours, just worked hours).
Actionable Strategy #2: Check out the Billable Hour Bootcamp
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Did you get a tip from today’s episode to help you fast-track your paralegal career? Give the show a review and let me know what you enjoy most about the Paralegals on Fire! Podcast Show. I’ll be reading every one of them! –Ann Pearson