Just a few simple steps to help you simplify your billing system to deliver greater efficiency to attorneys and give clients a more positive experience. It all starts with understanding where you are spending your time now. From there, just a few simple suggestions to make a real difference in managing the business side of your practice.
1. Track your time: From the ABA, attorneys spend an estimated 30% of their total workday on billable work. And of that billable time, roughly 81% of it is actually invoiced. And of the total invoiced, only 85% is collected. Correcting even 1 hour of the 'leak' can have dramatic affect on the law firm profitability.
2. Be descriptive with details: There is a big difference between 'Phone Call' and 'Phone call to discuss document needs including document A, B, and C, due to attorney by Date.' Not only does this help you identify the specifics of the phone call discussion by case, it helps the client recall each phone call, so there are fewer questions on the bill.
3. Offer multiple payment options: Checks are great, of course. But offer online payment options, too. And maybe even more than one. There are multiple options out there. LawPay and PayPal are great options.
4. Legal tech: The easiest way to do all of the above? You guessed it. Legal technology. Like SimpleLaw.
Of course, you need to be sure you understand your current processes too. If you do, you are one step ahead. If you don't, it's worth the time to review the process. Take the next billing cycle. Follow the process for one invoice. Remember, there are natural time lags as other work needs attention, too. Be sure to note that as well.
It's not just about online payment options, but sure, that's one of them. And of course, finding the right legal technology.