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Timekeeper Rates

Interpreting the Rate Analysis Data on Pending Rates

Required role | Only timekeeper rate reviewers and assigned reviewers can access the Rate Analysis data.
To show new timekeeper rates, select
Financial
Rates
Pending Rates
. The Pending Rates page includes the rate analysis data for immediate use when accepting or rejecting pending timekeeper rates and includes the following information:

Timekeeper Data

Field
Description
Name
The name of each timekeeper.
ID
The timekeeper ID of each timekeeper must be included in the rate sheet.
Firm Name
The name of each timekeeper's firm.
Metro Area
Tracker analyzes the location information in the law firm's rate sheet to identify the major metro area associated with each timekeeper. Metro area is the second element used to calculate index data for that timekeeper's rate in the United States.
Classification
The timekeeper classification of each timekeeper must be included in the rate sheet. Classification is one element of the Index data calculation.
Years of Experience
The years of professional experience of each timekeeper must be included in the rate sheet.

Matter Data

Field
Description
Matter Name
The matter name associated with any matter-specific rates. If there is no text in this field, the billing rate is the default rate for the timekeeper.
Matter Type
Tracker assigns a matter type for each timekeeper based on the majority of invoices submitted for that timekeeper. That is, if a timekeeper is associated with more than one matter type, Tracker displays the matter type for which the most invoices have been submitted. Matter type is the third and final element of Index data calculation.

Proposed Rates

Field
Description
Effective Date
The date when the rate will become effective. Can be edited to reflect the desired effective date, if that differs from firm provided date.
Date Posted
The date the rate was posted to Tracker. Links to the rate sheet the law firm user used for posting the rate.
Base Rate
The proposed standard billing rate for each timekeeper before any discount is applied.
Discount
The percentage by which a timekeeper's standard (or base) billing rate is reduced.
Effective Rate
The billing rate after any discount has been applied to the base rate. Can be edited to reflect a desired rate.

Rate Analysis

Field
Description
Current Rate
The current approved billing rate, if any, for each timekeeper. Link will take user to the Timekeeper's Historical Rate dialog, where the previous approved rates can be seen in tabular or graphical forms.
% Change
The difference between the current rate and the proposed Effective Rate.
Hours Last Yr
The hours worked by the timekeeper from approved invoices from the proposed Effective Date minus one year.
Index
The index billing rate for that combination of metro area, matter type, and timekeeper classification. That is, for each timekeeper, Tracker displays the average rate for similarly situated timekeepers. If the index rate is significantly different from the effective rate, you might want to adjust the rate or investigate further.
Percentile
Tracker displays a weighted value based on the index factors' metro area, matter type, and timekeeper classification plus hours worked. These weighted values are ranked into percentiles, and each timekeeper is assigned to a percentile group.
Fees Next Yr
The projected fees from the 12-month period after the Effective Date. Tracker estimates fees that your company would pay if the timekeeper works the same number of hours at the new effective rate.
Fees Last Yr
The sum of all fee line items for the TK on approved invoices between the proposed Effective Date minus one year.

Detail Rows

Field
Description
Gender
This field represents the gender selection for the timekeeper, as provided on the rate sheet by the law firm.
Ethnicity
This field represents the ethnicity selection for the timekeeper, as provided on the rate sheet by the law firm.
Internal Comment
This field is blank initially, but TK Reviewers and Assigned Reviewers can save comments for the timekeeper when editing the pending rate.

This article applies to:

  • PRODUCT: Legal Tracker
  • Audiences: Company