The legal industry is incredibly complex, from the big law firms and private corporations to solo practitioners and small businesses. This complexity has created many business issues that include accounting and billing issues. Managing invoices as well as reconciling trust account transactions and tracking billable hours can distract attention from other important aspects that are essential to a practice’s success. In fact, a survey conducted in 2021 by MyCase found that 61% of lawyers consider it difficult to track billable time.
Offering customers multiple payment options is an option to be paid more quickly. This includes accepting credit cards, which can be convenient for both parties and can speed up the process of paying. It’s a good idea, as well, to give loyal customers discounts and rewards. This can boost retention rates.
Increased efficiency and making sure that every dollar counts is a different method to increase profits. This could include offering a fixed-fee services for a small number of cases, or reducing expenses by using technology such as document automation or texting. Video communications, as well as video.
Finding a competent expert is vital but it’s also vital to have the proper legal support tools in place. This includes having a CRM system that allows attorneys to manage client records and an IT security partner who protects sensitive information. It is also essential to conduct a conflict-check on any potential expert to ensure that they aren’t in any kind of conflict with an individual or company, institution, or a defendant company mentioned in the case.