The legal industry, from large law firms to private corporations, and solo practitioners to small businesses is extremely complicated. This complexity has resulted in various business issues that can impact profitability, including accounting and billing issues. managing invoices and reconciling trust accounts transactions, and tracking billable time can distract attention from important matters that are essential to the success of a practice. In fact, a 2021 survey by MyCase found that 61% of lawyers find capturing billable time a challenge.
Offering customers a variety of payment options is a way to be paid more quickly. Credit cards are easy for everyone and speed the process of paying. It’s also an excellent idea to offer rewards and discounts to loyal customers, since this could increase retention rates.
Increased efficiency and making sure that every dollar counts is another method to increase profits. This could mean offering a fixed-fee service in a limited number of cases, or reducing cost of operations by using technologies such as document automation texting, video and document automation.
Finding a competent lawyer is crucial however, it’s also crucial to have the proper legal support tools in place. It’s crucial to have a CRM system in place that lets attorneys manage client information and a cybersecurity provider who safeguards sensitive information. It’s also important to conduct a background check for any potential expert to ensure they don’t have a competing connection to a particular person or organization, parent company, or a defendant company.