The legal business, from large law firms to private corporations, and solo practitioners to small firms, is extremely complex. This complexity has led to a variety of business challenges which can impact profitability including billing and accounting issues. Controlling invoices and reconciling trust accounts transactions and tracking billable hours can distract the attention away from the important issues which are essential to a firm’s success. A survey conducted by MyCase in 2021 found that 61% of respondents find it difficult to track billable hours.

Paying bills faster is a key element of a successful operation and one method to do that is to provide customers with multiple options to pay their bills. Credit cards are practical for everyone and speed up the payment process. It’s a great idea, as well, to reward loyal customers with discounts and rewards. This can improve retention rates.

Another way to increase profits is by increasing efficiencies and ensuring that each dollar counts. This could be done by providing fixed-fee services for a less number of cases or cutting back on overhead costs using technologies like document automation, texting and video communications.

It is crucial to find an experienced professional, but you also need the right legal tools. It’s important to have a CRM system that lets attorneys manage client information and a cybersecurity partner who protects sensitive information. Additionally, it’s essential to conduct a conflict-check on any prospective expert to ensure that they aren’t in an unrelated relationship with an individual or business, institution, parent company or defendant company named in the case.

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