The legal industry is incredibly complex, ranging from large law firms and private corporations to solo practitioners and small firms. This complexity has resulted in various business issues which can impact profitability for example, accounting and billing issues. Controlling invoices and reconciling trust accounts transactions and tracking billable times can divert attention from other issues that are crucial to the success of a business. A survey conducted by MyCase in 2021 found that 61% of people find it difficult to track billable hours.

Offering customers a variety of payment options is one way to be paid more quickly. Credit cards are practical for everyone and speed the process of paying. It’s also recommended to offer rewards and discounts for loyal customers, as it can increase retention rates.

Making improvements in efficiency and ensuring every dollar counts is a good way to increase profits. This could mean offering a fixed-fee service in a limited number of cases, or reducing cost of operations by using technologies such as document automation or texting. Video communications, as well as video.

It is crucial to find an expert with the right qualifications however, you must also have the appropriate legal tools. It’s essential to have a CRM system in place that allows attorneys to manage client data as well as an expert in cybersecurity who can protect sensitive information. It’s also important to conduct a conflict check for any potential expert to ensure they do not have a competitive relationship with an individual or the parent company, institution or a defendant company.