The legal sector is extremely complex, from the big law firms and private corporations to small and solo firms. This complexity has resulted in various business issues that could impact profitability, for example, accounting and billing issues. Managing invoices as well as reconciling trust account transactions and tracking billable times can distract the attention away from other issues that are crucial to a firm’s success. In fact, a survey in 2021 by MyCase found that 61% of lawyers consider capturing billable time a challenge.
Faster payment is a crucial aspect of running a successful business and one method to achieve this is by offering clients multiple ways to pay their bills. This includes accepting credit cards, which are practical for both parties as well as accelerate payment. It’s a good idea, to also give loyal customers discounts and rewards. This can boost retention rates.
Another method to increase profits is by increasing efficiency and ensuring that each dollar is counted. This could include offering fixed-fee service for a less number of cases or cutting back on overhead costs using technology such as document automation and texting and video communications.
Finding a competent expert is crucial, but it’s also essential to have the proper legal support tools in place. This includes having a CRM system for attorneys to manage client data and a cybersecurity partner that protects sensitive information. It is also essential to conduct a check of conflicts on any potential expert to ensure they are not in an unrelated relationship with a person, organization, parent company, or defendant company named in the case.