This report compares fixed fee charges with the actual time spent on the matter to determine efficiency and financial impact.
Accessing the Fixed Fee Profitability Report
Navigate to the Reports section in LeanLaw.
Select Fixed Fee Profitability from the available reports.
Use the Time Period filter to specify the reporting range.
Apply additional filters, such as timekeeper, responsible attorney, or practice area, for more detailed insights.
Enable Show Matters and Show Fixed Fees to display detailed breakdowns of fixed fee matters.
Understanding the Report Metrics
Fixed Fee Date
Indicates the date assigned to the fixed fee or Not Complete if it has yet to be finalized.
Completion Based Fixed Fees that are completed will show the date they were marked completed.
Fixed Fees Charges
Displays the total fixed fees billed for the selected client/matter.
Fixed Fee Hours
Represents the total hours tracked against the fixed fee.
Fixed Fee Hour Value
Calculates the equivalent hourly rate from the Billing and Rates tab by dividing the fixed fee by the hours worked.
Difference
Shows the difference between the fixed fee charged and the calculated hourly value of time worked.
A positive value indicates the firm charged more than the hourly equivalent, increasing profitability.
A negative value suggests that the firm spent more time than the fixed fee covers, potentially reducing profitability.
Additional Billable Hours & Amount
Displays any additional billable time beyond the fixed fee structure.
If no additional billable hours exist, the value remains at zero.
Fixed Fee Breakdown
Fixed fees are grouped by Client > Matter > Fixed Fees depending on the filters selected on the left side panel.
Each fixed fee is categorized under its respective matter.
Different types of fixed fees, including regular fixed fees, recurring fixed fees, and completion-based fixed fees, are listed with their status and profitability impact.
Using the Report for Profitability Analysis
Compare fixed fee rates against actual time spent to assess whether fees are set appropriately.
Identify areas where work exceeds the fixed fee allocation to adjust pricing strategies.
Evaluate uncompleted fixed fees to manage pending work effectively.
Use the insights to refine future fixed fee structures and improve financial performance.
Exporting & Printing the Report
Click Export to download the report as a CSV file.
Click Print to generate a hard copy for offline review.
By leveraging the Fixed Fee Profitability Report, firms can ensure that their pricing models remain sustainable and aligned with business goals.