Lock-up is work you have delivered but not billed, plus work you have billed but not collected. Most firms measure the second half and not the first, because unbilled time sits in a time recording system rather than on a balance sheet. Enter your live jobs and this works out both.
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Every figure here already exists in your time recording and accounting systems. We connect to them and build the reporting layer on top, so lock-up, WIP ageing and client concentration are on a dashboard that refreshes itself rather than a spreadsheet somebody rebuilds before each partner meeting.
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Lock-up here is work in progress plus debtors divided by daily fee income. It is a management measure and will not tie exactly to a statutory WIP valuation, which applies different recognition rules. Benchmarks vary by firm type and billing model.