Law firm realization rates have been declining, and Evergreen Retainers are another tool for attorneys to minimize their economic risk.
Boca Raton, FL (PRWEB) June 04, 2014
Rocket Matter, leading purveyor of online legal software, today announces the addition of a new Evergreen Retainer module in their recent “Pon Farr” release. Working closely with hourly billing law firm clients, Rocket Matter added the ability to setup replenishment amounts, invoicing, and reports to enable Evergreen billing.
Evergreen Retainers facilitate the following billing workflow: the client first pays an initial retainer deposit and then replenishes that amount when the account balance dips below a mutually agreed upon amount. This functionality helps law firms increase the collection of their billable activity and their revenue.
“Law firm realization rates have been declining, and Evergreen Retainers are another tool for attorneys to minimize their economic risk,” says Larry Port, CEO of Rocket Matter. “Our clients asked for the flexibility to set up Evergreen Retainers, so we worked with them to design a system that would accomplish their objectives.”
The chance of having to write off work that never gets paid decreases substantially, dramatically improving the financial situation of the law firm.
In addition, Rocket Matter, through a combination of hardware and software optimizations released in “Pon Farr”, has increased the speed of their legal SaaS application by over 60%.
The “Pon Farr” release is Rocket Matter’s third major update of 2014, preceded by the revised Intergalactic Global Search and Box integration. Also included in the release are two new analytics reports, several bug fixes and minor user interface improvements.
“So far in 2014, we’ve rolled out Box integration, and now our newly revamped search,” says Port. “We have a lot more exciting stuff coming down the pike to make life for law firms a whole lot easier.”
About Rocket Matter:
Rocket Matter, LLC (URL: http://www.rocketmatter.com) provides Rocket Matter®, total law firm management software in the cloud. Rocket Matter helps you create a more profitable law firm by optimizing your work, giving you insights into performance, and streamlining your billing. It’s a firm management tool that works on iPads, iPhones, Droids, Macs, PCs, and any device that’s online. Launched in February 2008, Rocket Matter’s corporate headquarters is in Boca Raton, FL.