The legal business, from large law firms to private corporations, and solo practitioners to small businesses is extremely complex. This complexity has led to numerous business challenges that include accounting and billing issues. The focus of a practice can be diverted by managing invoices as well as reconciling transactions within trust accounts, and tracking the billable hours. A survey conducted by MyCase in 2021 found that 61% find it difficult to track the billable time.
Getting paid faster is a major element of a successful operation and one method to do that is by offering clients multiple ways to pay their bills. Credit cards are convenient for everyone and speed the process of paying. It’s a great idea, to also give loyal customers discounts and rewards. This can improve retention rates.
Making improvements in efficiency and ensuring every dollar counts is a different way to increase profits. This could be done by providing fixed-fee services for lesser number of cases or cutting down on overhead costs through technology like document automation and texting, as well as video communication.
Finding a qualified lawyer is essential however, it’s equally important to have the right legal support tools in place. This includes having a CRM system for attorneys to manage client records and an IT security partner who protects sensitive information. It’s also vital to conduct a check on conflicts for any potential expert to ensure they don’t have a conflicting relationship with an individual or institution, parent company or defendant company.