Having the right law practice management software is probably not something you thought much about in law school.
Most soon-to-be legal professionals don’t spend much of their time talking about document management, case management, invoicing or what legal practice management software system has the most secure client portal or online payment setup.
But, if you are currently reading this, there’s a good chance that you’ve found yourself in the position of having to prioritize some of these necessary workflow tasks that are part of running a successful law firm, regardless of what specific practice area you’ve decided to focus on.
Does your firm currently use Practicepanther for all your law practice software needs?
And if so…are you starting to question whether this is the right software for your growing firm?
Key Takeaways
- Technology is constantly changing and that’s never been more clear than today. Law firms must be prepared to change with it.
- Though all-in-one practice management software systems used to be the industry standard, more law firms are choosing to create their own customized “tech stacks” to help them better manage their specific workflow needs and tasks.
- Learning the pros and cons of various software systems will result in creating the perfect tech stack for your attorneys, your staff, and your current and prospective clients for years to come.
Even if you like using PracticePanther for the most part, there is nothing wrong with spending some time questioning whether or not it’s still the best type of law practice management software for your modern law firm.
The legal industry is constantly evolving and – with the rapid advancements in technology – law firms feel more pressure than ever to keep up with the latest tools and software.
Technology changes have transformed the way law firms operate. From how they communicate with their clients to how they manage and organize their cases, technology has increased a firm’s efficiency and productivity and has also created new opportunities for growth and success.
However, as new technologies emerge, law firms will need to stay ahead of the curve to provide the best service to their clients and remain profitable.
And they need to make sure they have the right software to help them do that.
If you are currently using PracticePanther, let’s look more closely at the product and see if it’s designed to continue to serve your law firm’s needs in our increasingly digital world.
Practice Panther 101
PracticePanther was founded in 2012 and has grown rapidly over the years. It’s a powerful legal practice management software system that helps legal professionals manage their daily workflow and simplify their practice management.
It’s also a platform that is designed to be user-friendly and help streamline various aspects of legal practice workflow, from client management and trust accounts to billing, time entries, and invoicing.
PracticePanther has attracted tens of thousands of users since its introduction, claiming that it can compete with the other big all-in-one legal practice management software systems and offer a product that is better than others on the market.
And while it does offer client management capabilities, document management and storage, and case management features, it may also have some drawbacks that make it a less ideal legal software system than it has been in the past.
The Future of Practice Management: Does Practice Panther Fit In?
The truth is that the future of legal practice management is beginning to move away from all-in-one software systems like PracticePanther.
According to the 2021 American Bar Association Tech Report, the use of all-in-one practice management software among solo practitioners had decreased considerably from 55% in 2019 to 48% in 2020.
Not only that, but the report also found that small firms with 2 to 9 attorneys using all-in-one practice management software had decreased from 67% in 2019 to 61% in 2020.
Clearly, this suggests a growing trend towards using more specialized and integrated software solutions, rather than relying on all-in-one systems like PracticePanther.
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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While these types of all-in-one systems were once popular for their comprehensive approach, they are now becoming outdated due to the rapid advancements in technology that we discussed before.
Today’s legal professionals need more flexibility and customization in their software solutions to accommodate their unique needs and workflows.
And this is where the specialized software systems began being offered a seat at the table.
Specialized software systems that focus on one aspect of running a practice allow law firms to pick and choose the features they need and then integrate them into the tech stack they already have.
This approach results in greater efficiency, accuracy, and cost-effectiveness.
Regardless of what your firm has done in the past, the future of practice management is going to be about tailored solutions that are optimized for the unique needs of each law firm.
All-in-one software systems like PracticePanther are no longer going to make sense in this context.
But then…what is?
LeanLaw: Specialized Software for a Law Firm’s Accounting and Billing Needs
A good example of a type of specialized software that will integrate nicely into a law firm’s existing tech stack is LeanLaw.
LeanLaw is a cloud-based legal accounting software designed specifically for law firms. It focuses on all areas of a firm’s accounting needs with some of its key features being billing, billable time tracking, expense tracking, trust account management and timekeeping.
LeanLaw legal accounting software is built on top of QuickBooks Online, one of the most common and favorite apps for accounting software used by smaller businesses everywhere.
But LeanLaw takes the standard features of QuickBooks Online and customizes them specifically for the legal industry.
It has been designed to have many unique features that make it an excellent choice for law firms, such as real-time data syncing, customizable invoice templates, and other features that allow for more efficiency, increased accuracy, and allow for the firm to get paid faster.
But What About the Other Stuff?
Since LeanLaw isn’t an all-in-one practice management software system like PracticePanther, Clio or Tabs3 software, you may be wondering:
LeanLaw sounds great for accounting and billing…but what about the other workflow tasks that are important to my law firm?
In addition to core financial features, LeanLaw also integrates with a number of other popular legal software applications that your firm is most likely already using for other workflow needs.
Whether you use G Suite apps or Office 365, LeanLaw can be set up to easily integrate with these platforms, further streamlining your workflow and moving you away from the cumbersome and complex all-in-one management software systems.
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Here are some of the biggest reasons that LeanLaw is going to move your practice forward faster and with more ease than PracticePanther can:
- Real-time sync with QuickBooks Online: LeanLaw has a real-time sync feature with QuickBooks Online, which means that your financial information is always up-to-date and accurate. PracticePanther, on the other hand, does not offer real-time sync.
- Focus on accounting and billing: LeanLaw is specifically designed for law firms’ accounting and legal billing needs.
It provides a streamlined solution for these critical functions, making them more efficient and accurate. PracticePanther offers more features beyond accounting and billing, but it may not be as specialized for these specific needs. - User-friendly interface: LeanLaw has a user-friendly interface that is intuitive and easy to use. It’s designed to be accessible to all levels of users, including non-accountants. Practice Panther’s interface is also user-friendly but may have a steeper learning curve.
- Integration with G Suite and other software: LeanLaw integrates seamlessly with G Suite, making it easier to manage your documents and email communications.
While PracticePanther does offer integrations with some popular third-party apps, some users may find that the software lacks integrations with some of their preferred tools (like G Suite) or other services, which could impact workflow efficiency…and their financial bottom line.
If you are ready to learn more about what LeanLaw legal accounting software can offer your practice, reach out to us today.
Through our free demo and expert support staff, we can work through your remaining questions and concerns and help you make the right choice for the future of your firm.
LeanLaw prides itself on being a user-friendly software solution. We will help you embrace the evolving world of technology, not shy away from it.
