Every Law firms are aware of the need to stay profitable. You need to maximize your billing practices and time to increase your bottom line. You need to understand the requirement of a billable hour to optimize how you spend your time. You also need to spend less time on nonessential responsibilities to improve your profitability. There are several ways to make sure you capture every possible hour and bill according.
All employees who are eligible for billable time should document how they spend the time. When it comes to billable hours, procrastinating can backfire in some ways. It can be difficult to accurately recollect the number of billable hours if you forget to write it down. A good time tracking system can help your firm reduce expenses, so firms make use of the unique code for billable hours, such as document preparation and communication with clients.
Providing multiple payment options to your client is another way you can improve the efficiency of your billing system. Traditional law firms have become comfortable with the standard mode of payments: hand-delivered invoices paid by credit cards, checks, and cash or mailed. However, with the advancement in technology, there are others ways your clients can use to pay their invoices. You can explore options such as online payment solutions like PayPal, ClickBank, Payoneer, and more. You can also add payment options on your law firm’s website.
If you keep getting bogged down with non-billable activities, it may be time to hire support staff for this kind of work. Lawyers can focus on billable work when they don’t have to worry about administrative tasks.
If you are still using non-existent or old legal billing software, then it’s time you consider newer software programs. Highly billing software allows you to create several different bills within a click of a button, come with the intuitive user interface, produce stats in real-time, use it virtually on any device and more. They are also lots of other software for law firms that can help increase your billable hours.
When you have a consistent billing schedule, you establish a pattern your clients can follow. The process also helps you reduce the confusion and frustration that comes from the billing stage because you already have a structured system in place your clients can follow with ease.