CARET Legal Launches an Out-of-the-Box Data Analytics Platform to Make Firms More Profitable

SAN DIEGO, September 12, 2024 (Newswire.com) - CARET Legal, a leading legal practice management platform for attorneys and legal professionals, today announces the launch of its latest feature, CARET Analytics. This groundbreaking data analytics platform is designed to empower law firms with actionable insights and drive operational excellence. CARET Analytics transforms complex data into user-friendly dashboards and reports, enabling law firms to make informed decisions, streamline workflows, and maximize profitability.

“Law firms need a powerful tool to focus their energy on strategic planning, not spreadsheets,” said Jennifer Sherman, COO at CARET. “CARET Analytics provides comprehensive yet easy-to-understand actionable solutions for law firms to improve their efficiency and achieve sustainable growth.”

CARET Analytics offers a wide range of features and benefits, including:

• Intuitive Dashboards: Easily visualize key performance indicators (KPIs) with customizable dashboards tailored to specific user roles.
• Comprehensive Data Analysis: Gain a holistic view of firm performance through in-depth analysis of billed and collected data, accounts receivable (AR) and accounts payable (AP), pre-bill amounts, and more.
• Insights & Alerts: Access up-to-date data and metrics including alerts when KPIs exceed or miss pre-determined targets.
• Sophisticated Analytics: Leverage business intelligence to identify trends, patterns, and opportunities.
• Resource Optimization: Analyze attorney and staff performance to allocate resources effectively and improve case management.
• Advanced Reporting: Generate custom reports with ease so that you can report on your business in the way that makes sense for you and your team.
• Enhanced Cash Flow Management: Monitor aging accounts receivable and accounts payable to accelerate cash flow and reduce bad debt.

CARET Analytics is tailored to meet the unique needs of small and mid-sized law firms. This out-of-the-box solution can significantly enhance their efficiency, profitability, and client satisfaction. By automating data collection and reporting, CARET Analytics allows lawyers and staff to “do more with less,” helping them focus on higher-value tasks. Its data-driven insights facilitate better decision-making, optimizing resource allocation and case management for increased efficiency. 

“As a CARET Legal customer, we are thrilled about the insights that CARET Analytics will surface to drive better decision-making at our firm,” shared Joshua R. Driskell, Managing Partner at Lagerlof, LLP. “Armed with this information, our management team will be able to provide greater transparency into firm operations and performance to enable our future success.”

These insights also reveal new revenue opportunities, improve cash flow, and reduce costs, ultimately boosting profitability. Moreover, CARET Analytics empowers firms to deliver superior client service through its extracted data to better understand and meet client needs.

About CARET

CARET provides leading practice management and fintech platforms to thousands of legal firms across the world, empowering highly skilled professionals to refocus their expertise on what truly matters. CARET serves more midmarket law firms than any other provider through its portfolio of practice management platforms including AbacusLaw, Amicus Attorney, Amicus Cloud, and CARET Legal.  

CARET Legal, the company’s award-winning SaaS platform, combines the power of automated legal workflows, robust matter management, insightful dashboards, seamless client communication tools, full legal accounting, integrated payment processing and more to enhance the business of law.  

To learn more, visit caretlegal.com. 

Source: CARET