boost your firms profits with law practice management software

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Boost Your Firm’s Profits With Law Practice Management Software Presented by: LexisNexis http://www.lexisnexis.com

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There are two ways to raise profits: cut expenses or increase revenue. It’s not always possible to raise fees, however you can use legal billing software to use current resources more efficiently. Three of the most important law practice management metrics are realization, leverage and margin.

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Page 1: Boost your firms profits with law practice management software

Boost Your Firm’s Profits With Law Practice

Management SoftwarePresented by:LexisNexis

http://www.lexisnexis.com

Page 2: Boost your firms profits with law practice management software

Raising Profitsn There are two ways to

raise profits: cut expenses or increase revenue.

n It’s not always possible to raise fees, however you can use legal billing software to use current resources more efficiently.

n Three of the most important law practice management metrics are realization, leverage and margin.

Page 3: Boost your firms profits with law practice management software

Measuring Receivables:Realization

n Clients likely won’t want to pay higher prices, but you can use legal billing software to better manage your receivables.

n This can increase your revenue without actually raising your rates.

n It’s important to recognize the difference between cash flow and revenue.

n Revenue shows up after you bill a client, but until they actually pay, the cash doesn’t exist.

Page 4: Boost your firms profits with law practice management software

Measuring Receivables:Realization

n Many law firms see a lag in the time between sending an invoice and when the client actually pays.

n This often happens as clients struggle to make ends meet.

n These delays reduce a practice’s income.

n Law practice management software helps identify these accounts so firms can actively pursue payment.

n This can improve collection rates.

Page 5: Boost your firms profits with law practice management software

Leverage: Choose The Right Person

n Many firms have senior attorneys doing a job that should be delegated to a less experienced lawyer.

n This is a waste of valuable company resources.

n Instead, have senior attorneys delegate routine tasks to lower paid attorneys.

n This lowers the cost of the case and frees up the experienced attorneys to handle more difficult cases.

n Senior attorneys can still monitor the progress using legal billing software.

Page 6: Boost your firms profits with law practice management software

Leverage: Choose The Right Person

n Delegation can actually improve the morale of junior attorneys.

n They will feel trusted and will have greater job satisfaction.

n Junior attorneys will also learn valuable skills and this will groom them for higher positions in the firm in the future.

Page 7: Boost your firms profits with law practice management software

Margin: Cutting Costsn All law firms have costs.

n An important part of law practice management is reducing costs without jeopardizing the quality of service.

n Finding ways to complete tasks more efficiently will reduce wasted time and create new profits for the firm.

Page 8: Boost your firms profits with law practice management software

Margin: Cutting Costsn Technology can help increase efficiency and cut costs.

n Legal billing software and other personalized legal applications can take labor-intensive tasks such as case management or filing and make them more efficient.

n If your firm still has paper contracts and other documents, you are likely wasting money by filing, retrieving and searching for documents.

n A paperless office might not be an option, but you should strive to reduce inefficient paper files.

Page 9: Boost your firms profits with law practice management software

Now Is The Time To Start Using Legal Billing Software

n A simple change, such as adding law practice management software to your firm, can help your office run more efficiently.

n Doing this can help profits rise, without sacrificing client satisfaction.

Page 10: Boost your firms profits with law practice management software

About LexisNexis

n LexisNexis is a leading provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets.

n The company can customize its products to the needs of the modern law firm and offers unique features that generic software solutions cannot.