Anyone running a law firm knows the importance of accurate and efficient billing practices.
Yet, with so many various tasks on your plate, it’s often challenging to try and dedicate the necessary time and resources you need to be able to really sit down and figure out if your current billing practices are as good as they could be.
And even if you find the time to do so, what do you do with that information?
Key Takeaways
- A law practice that uses the right legal billing software tools can have great success at streamlining their billing practices, improving their revenue and retaining satisfied clients.
- All-in-one legal practice management systems used to be the most effective way for a firm to operate. This is no longer the case.
- Now, finding the right legal billing software system and implementing it into your already existing tech stack is going to not only save your firm time and money, but will increase your revenue as well.
Yes it can be difficult to know if your current billing practices are as effective as they could be. It can also be tough to figure out what the next best step is if they aren’t.
This is where implementing some simple billing software solutions can come in handy.
By utilizing the right software tools, you can quickly find ways to streamline your billing process while also beginning to improve your bottom line.
In any business, there is always going to be room for improvement and a law firm billing process is no exception to that.
But knowing where you can improve and what it’s going to cost you — in time and expense — is an important factor before you can decide if implementing the changes is going to be worth it.
Let’s look at some of the simplest legal billing software solutions that can be integrated into your practice now that can make the biggest difference in your practice’s future, particularly when it comes to revenue and reputation.
What Do We Mean By Legal Billing Software?
Though this term may sound a bit ambiguous, it doesn’t have to be.
With today’s ongoing advancements in automation and technology, streamlining and simplifying the billing process for law firms and their client accounts is no longer something that should be considered complex or difficult to do.
Good billing software should have an intuitive user interface that allows your firm’s attorneys and support staff to quickly and easily enter time and expenses, track billable hours, generate and send invoices, and even track things like your online payments and credit card payments.
The software should also offer features such as automated billing reminders, customizable invoice templates, custom reports and easy integration with other tools that your law firm relies on throughout regular, day-to-day operations.
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The goal of simplifying your legal billing software is to save your law firm time as well as effort in managing your billing and invoicing processes, while also reducing the risk of errors and improving the accuracy and timeliness of billing.
The Legal Industry Norm Is No Longer Normal
Up until pretty recently, traditional legal practice management software (like Clio Practice Management and PracticePanther) were the go-to solution for law firms to manage the majority of their operations.
These all-in-one legal management practice platforms promised to be a one-stop-shop for everything from case management to matter management to document management to client communications.
However, as technology has continued to advance, these systems have become bloated and cumbersome, leading to decreased efficiency and productivity for attorneys and their staff.
Not only that, but many of these systems can also lead to human errors, particularly if a person is intimidated by the process or hasn’t had the appropriate training. And human errors, as we all know, lead to unhappy clients.
The Alternative to Traditional Law Practice Management Software
Today, many law firms are turning to more specialized software solutions like LeanLaw that provide dedicated legal billing software that focuses on specific areas such as time tracking, expense tracking, invoice delivery and tracking billable hours.
Introducing a specialized billing software system like LeanLaw can also help a law office with all of their trust accounting needs as well as helping to standardize their LEDES billing format, further reducing the risk of errors and discrepancies in the billing process.
By choosing a simpler and more targeted software, law firms can streamline their operations, save time and money, and provide better service to their clients.
Streamline With LeanLaw: 5 Ways that Our Software for Law Firms Can Make Big Difference for Your Firm
A good legal billing system that’s specifically designed software for law firms is going to make a big difference to your revenue stream, your cash flow and your client’s satisfaction with your firm. Here are 5 ways that a legal billing software system like LeanLaw can do this for you from the beginning:
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- Improved Efficiency: A legal billing software solution like LeanLaw is able to streamline many aspects of the billing process and reduces the time spent on certain administrative tasks that used to have to be done by hand.
From time tracking, expense tracking, to creating accurate invoices to payment processing, legal billing software like LeanLaw will allow your attorneys to be able to focus on billable work — which will then increase their productivity and revenue stream. - Better Accuracy: Because an attorney is able to track time and billable hours in LeanLaw, he or she is then able to automatically push invoices, track open rates and track payments through LeanLaw’s system as well.
This method means that there will no longer be reason to worry about missed billable time or a wrong description, alleviating the need for manual workarounds. You can also edit invoices in either QuickBooks or LeanLaw when necessary.
Tracking time spent on each task is essential for billing clients correctly. When you choose legal billing software like LeanLaw, it will become an almost effortless task to record time and generate invoices with fewer errors and discrepancies.
Three-way reconciliation
Bank accounts, trust accounts and QuickBooks Online are in continuous sync and in-line with state bar standards, so you are well positioned for your weekly or monthly three-way reconciliation. That’s less time spent on your law firm’s end.
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- Improved Client Satisfaction: With a simple billing software solution like LeanLaw, clients are almost immediately more satisfied, as they will always receive detailed legal invoices that are easy to understand, which will in turn provide the essential transparency needed to build and retain trust with the entire legal team.
Studies have shown that 60% of clients who received an inaccurate time tracking invoice from their attorney said that it would very likely influence their decision to continue working with that law firm in the future.
Having the right billing information on your client invoices is a crucial part of all electronic billing systems, no matter what type of legal billing systems you choose to implement. - Faster Payments: A good billing software solution can automate the invoicing process, resulting in faster payments and improved cash flow for the law firm.
With LeanLaw’s legal billing software, legal invoices can be generated and sent out quickly and accurately, without the need for manual data entry.
The software can also help to automate reminders for overdue payments, reducing the need for time-consuming follow-ups. According to a survey by ABA Legal Technology Resource Center, law firms that use electronic billing software typically receive payment in 35 days, compared to 68 days for firms that don’t use electronic billing.
By automating the invoicing process and enabling faster payments, LeanLaw can help improve cash flow for the law firms that choose to implement it. - Cost-Effective: Traditional legal billing software can be expensive, but LeanLaw is often more affordable, making it accessible to small law firms and solo practitioners.
With LeanLaw, users will pay a monthly subscription fee that is based on the needs of your firm. Our qualified legal billing and accounting experts can help determine which plan is going to be best for you.
Are You Ready to Learn More?
Anyone who works in a law firm knows that good legal billing is an essential part of any firm’s operations, and having a simple and effective billing software solution can make a significant difference in the bottom line.
LeanLaw is one such software solution that can automate time-consuming billing tasks, increase billing accuracy, and speed up payment processing, while also saving everyone time and increasing your overall staff’s productivity.
By implementing LeanLaw into your practice’s tech stack of practice management choices, your law firm can streamline the billing processes, reduce human errors, and increase efficiency, ultimately leading to improved profitability and client satisfaction.
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With its user-friendly interface and easy-to-navigate features, LeanLaw is the best legal billing software on the market today.
It can serve as a valuable asset for any law firm looking to optimize their billing practices while also increasing their client’s satisfaction and their overall bottom line.
LeanLaw was built by legal professionals who were tired and frustrated with the antiquated way that practice management software was forcing them to run their law firms.
They wanted something that would work with attorneys and their staff, not work against them.
So…they created LeanLaw.
When you are ready to discover more ways to simplify your legal billing tasks while also increasing accuracy and profitability, reach out to LeanLaw and let us show you the best legal billing solution for your law firm today.
