If your law firm is anything like the average law firm — you need revenue to sustain your business. Although you may not immediately realize it, if you handle all of your billing needs in-house, you may not be maximizing the amount of revenue that flows through your practice. Fortunately, there is a path for you to do better and it involves a legal billing consultant. If you have not formed a partnership with one of these professionals, learn how it can benefit your firm.
Improved Client Focus
Most law firms are driven by billable hours. The more billable hours, the greater the amount of revenue that can be generated. Unfortunately, billing practices that are handled in-house often end up being counter-intuitive in that they often limit the amount of time that can be focused on other clients, and therefore, minimize the number of billable hours the firm can accumulate.
For example, if a paralegal has to stop research work on one case to complete billing for another case for 2 hours, the missed time represents a missed opportunity to complete important work for another case and to incur billing hours.
Legal billing consultants manage all the billing processes from start to finish for all your clients and cases, so that the legal team can devote all their time to casework and earning revenue.
Faster Client Payments
It is unavoidable when an individual has to perform several different tasks, they are bound to fall behind in one area or another. Unfortunately, for law firms, billing is often the area that lacks the most.
Whether your office staff or legal aids have more pressing matters to attend to or there is something else, invoices to clients can sometimes be delayed or submitted with incorrect information. As a result, the rate at which your law firm receives their payments can also be slowed.
Legal billing consultants help manage this problem by compiling and generating accurate invoices to clients faster to ensure your firm receives payment as quickly as possible, and without delay. Should the client's payment be delayed for any reason, the billing consultant will also handle all collection needs in order to ensure the payment is made as quickly as possible.
If you want to move your law firm in the right direction, make sure you contact a legal billing consultant professional to learn more about how they can benefit your organization.