The legal business, from large law firms to private corporations and solo practitioners to small companies is extremely complex. This complexity has resulted in numerous business challenges that can affect profitability, including accounting and billing issues. Controlling invoices as well as reconciling trust account transactions and tracking billable times can distract the attention away from important matters that are essential to the success of a business. In fact, a 2021 survey by MyCase found that 61% of lawyers find it difficult to track billable time.
Offering customers multiple payment options is an option to be paid more quickly. Accepting credit cards is practical for everyone and speed up the payment process. It’s a good idea to also reward loyal customers with discounts and rewards. This can increase retention rates.
Another method to increase profits is to increase efficiency and ensuring that every dollar is counted. This could be done by offering fixed-fee service for a smaller number of cases, or cutting down on overhead costs through technology such as texting and automation of documents and video communications.
It is essential to find an expert who is qualified however, you must also have the proper legal tools. This includes having a CRM system in place for attorneys to manage client information, and a cybersecurity company that safeguards sensitive data. Additionally, it’s important to perform a conflict check on any potential expert to ensure that they do not have any kind of conflict with a person or company, institution, or a defendant company that is named in the case.
