WIP It Good: What Can Work in Progress Tell You About the Future of Your Law Firm?
‘Work in Progress’ (often abbreviate d to WIP) is a representation of work outstanding for law firm clients . While most lawyers just let it ride, and take it for granted that the work just keeps coming in, and keeps getting done – WIP has some predictive powers that law firms are largely ignoring . Your WIP gives you an idea of what your pipeline value is, in aggregate . In other words, you should be able to pinpoint how much money you’ll make, if you finish everything that’s currently on your plate . Better yet, many modern softwares (including law practice management softwares ) will calculate that number for you automatically, so you don’t have to jump through any mathematical hoops. Now, you can get fancier than that, to boot . Because, if you know how long it generally takes you to close cases, and the frequency of payments for those cases, you can generally pinpoint ( pretty precisely ) when you’ll get paid, and how muc...