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The post How to Grow Your LawFirm: 10 Strategies for Sustainable Success appeared first on Rocket Matter. Get free e-book If youve been proactively working to grow your lawfirm , you know firsthand that the road to business success is fraught with challenges. The question is, whats the best way to grow your lawfirm ?
According to our latest Legal Trends Report , many lawfirms spend over five hours a day on non-billable tasks like these, cutting into valuable billable time. Ready to transform your real estate lawfirm’s invoicing process? Book a Clio Payments demo
On your quest for the right payment processor, look for features that streamline and support the way lawfirms operate. Download free guide Why a year-end review matters for your lawfirm Your financial health checks go beyond tallying income and expenses.
Efficiency and precision are the hallmarks of legal billingsoftware. But while most legal billingsoftware can help you accomplish these goals, top-of-the-line legal billing tools go above and beyond with a comprehensive suite of features that transform the way your legal professionals handle your lawfirmbilling.
One thing lawfirms of all sizes have in common? The need to run billing every month. However, as a small or solo lawfirm with limited resources, the last thing you want to sink potential billable hours into is administrative tasks and paperwork. Download free guide 3. More flexibility!
While many lawfirms require that their attorneys work a mandatory number of billable hours (the time clients pay for directly) per week, that isn’t the extent of a lawyer’s workload. Fortunately, Rocket Matter is here to help you take the guesswork out of time and billing with these essential features every lawfirm needs in 2023.
Time is always in short supply for lawfirms, especially for firms with limited resources. Download free guide 4. Describe your time spent in detail No one wants a client disputing their bill. If you had a dollar for every time a lawyer wanted more time in the day…well, you’d probably have enough to retire.
If you’re a small or solo lawfirm, expense tracking may often seem like an afterthought. Use billingsoftware with integrated time and expense tracking Accurate time and expense tracking is critical to getting paid accurately for your work, stay in compliance, and build trust with clients. Download free guide 2.
Pros and Cons of Incorporating Apps into Your LawFirm Perhaps you are a solo practitioner who has been taking on more and more clients, and you’re finding yourself increasingly overwhelmed by the complex logistics of tracking your billing and case notes. Before you hit that “download” button, evaluate these pros and cons.
Pros and Cons of Incorporating Apps into Your LawFirm Perhaps you are a solo practitioner who has been taking on more and more clients, and you’re finding yourself increasingly overwhelmed by the complex logistics of tracking your billing and case notes. Before you hit that “download” button, evaluate these pros and cons.
Register Now Picking a payment processor for lawfirm is no small feat, as the wrong one can lead to slow payments, client frustration, extra fees, low cash flow, and a very real risk of compliance missteps. Which features and outcomes are most important to your firm? Air-tight compliance protocol? Download free guide 3.
Why the billable hour matters Reports state that many attorneys bill between 1,700 and 2,300 hours per year , so not tracking all your time accurately can lead to tens of thousands in lost revenue. Second, lawfirms track the billable hours of each attorney. However, it can be hard to keep organized and prone to errors.
Download free guide Don’t compromise on legal detail If you’re using the Legal Electronic Data Exchange Standard (LEDES) , you’ll need those codes in an invoice for certain clients. These codes need to be precisely applied, so make sure your legal billingsoftware has the option to enter LEDES codes as you record time.
Not only that, but the common online payment processors are not compliant with ABA and IOLTA guidelines, which is make-or-break for a lawfirm. The point is, when it comes to payment processors for lawfirms like yours, not all payment processors are created equal. Start accepting payments online!
Time management is a common challenge many legal professionals face, and it can significantly affect your firm’s bottom line. Legal time-tracking software is a tool designed specifically for lawfirms and legal practitioners that’s used to record, track, and bill for hours spent on various legal tasks.
Download free guide Five great reasons to track matter costs Whether matter costs are hard or soft, you’ll want to track them closely. Without them, you might run into compliance violations Lawfirms must provide itemized bills to clients upon request. Running a legal practice is definitely one of those things.
Some processes, such as billing and payments, are more troublesome than others. Billing and payments have a significant impact on your revenue, but getting them right can feel like trying to manage monkeys at the circus. Every lawfirm is different, and there isn’t a one-size-fits-all perfect solution for payment processing.
OK, that’s going way back.) New tools and technologies are emerging every day that provide lawfirms with advantages and opportunities. Download free guide Establish accurate fees and rates Lawfirms that offer fee structures beyond the billable hour need to know how much time is required for each project type.
We’re not talking about rates, pro bono policies, or any other conscious decision that lawfirms make regarding what they charge. We’re talking about the unintentional ways that lawfirms decrease their profits via lost billable time. Download free guide What are automated time trackers, and why do they matter?
When lawfirms don’t have integrated software systems that work together, it’s easy to lose profits in the cracks. Challenges of traditional legal billing Amongst the professional services sector, lawfirms have some of the most specific requirements for compliance. Start accepting payments online!
This is the time of year when lawfirms start charting their plans for the new year. Our suggestion: instead of spinning your wheels, throw your lawfirm into all-wheel drive by taking advantage of business intelligence reports in your practice management solution. Invoicing and billingsoftware.
And when these processes run in the background as you do the billable work, your firm can better focus on delivering a superior customer experience across the entire client lifecycle. Frequently used in traditional business settings, the client lifecycle concept can help lawfirms understand how they find and build loyal client relationships.
Download free guide 4. Just as tedious without a tech solution is sending individual invoices to multiple clients. The solution to both problems is time-tracking software integrated with billingsoftware that can process and convert billable hours and tracked expenses into invoices with just a few clicks.
Optimized cash flow Allowing clients to keep a card on file can transform your firm’s cash flow by significantly reducing the time between invoicing and payment. On your quest for the right payment processor, look for features that streamline and support the way lawfirms operate. Start accepting payments online!
It’s ideal for lawfirms and their clients when itemizations on invoices are clear, transparent, and accurate. Undercharging leads to lost profits for the firm. Overcharging, or bill padding, can lead to loss of client trust and, in some circumstances, even disbarment. Download free guide 4.
Ensure your letter adheres to all relevant laws to avoid potential legal repercussions for your firm. Rocket Matter’s legal billingsoftware , for instance, offers automated invoicing, reminders, and secure payment options. Request a demo today and see how Rocket Matter can transform your firm’s financial management.
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