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