Perhaps we should all take a page from Citigroup’s top tier’s Top Gear playbook and relax over those Brexit fears.
Last week, several senior executives specializing in foreign exchange trading at Citigroup’s London office opted out of billable hours and opted into a Ferrari funfest. According to the Financial Times, five of the bank’s top financiers took a “Ferrari safari” around France rather than help prepare for an event that could potentially pound down the country’s currency.
Lower ranks were forced to work long hours on prep for the June 23 referendum—a decision that will determine whether or not the UK exits the European Union—and described the bank directors’ ill-timed holiday as “insulting”.
Now, however, we’re forced to ask, were these caravan critiques made in vain?
Global equities rallied and the pound strengthened today, the most since 2008, with news hinting that the UK has no intention of leaving the EU after all. Instead, the S&P 500 Index shot up, the most in a month, and the Stoxx Europe 600 Index had its largest gain since August as a poll showed Britons favored remaining in the EU.
As star Citi executives sipped on champagne, the Sterling jumped 2 percent, Spanish bonds rocketed, and credit risk fell the most since March, reports Bloomberg. So, don’t vilify those VIPs just yet for rallying, the market seems to be doing much of the same.
If you’re not ready to hop into your Ferrari just yet, try taking another page from this Sterling story. You can bet that the rank-and-file members of Citigroup were making good use of Excel spreadsheets in their GB pound preparation.
Excel is not a tool exclusive to finance executives, law firm managers can make use of it, too. Excel provides many functions that lawyers can use to achieve productivity gains and perfect time-saving techniques that increase overall profitability.
Organizing timesheets in Excel can help trend your most significant cases over time. A legal administrator can organize attorney time by case matter, month, billable hours, or the billing attorney to discover which cases are the most active and which may need more attention, which attorney billed the most this month and which the least.
The best part of using Excel to short cut your expense cutting is that this complex calculator comes free with MS Office.
Your first tip? Press Ctrl + Shift + L too apply filters to your data. Filters create an easy-to-use drop down menu that automatically categories fields in your row or column.
For other tips and tricks, take The Center For Competitive Management’s audio course, “How to Use Excel for Law Firm Billing,” on Thursday, June 23, 2016 at 2:00 PM To 3:15 PM Eastern. Other Excel audio courses can be found here and here.
The same day you learn how to balance your budget, you can see exactly how much of your investments remain after the UK referendum is sure to rock financial markets.