Trying to find ways to boost your law firm’s profitability? Have you been struggling to bump up the bottom line and increase your client base and profits?
Legal software could be the answer to your troubles.
Below we explore five ways that legal tech can improve your legal firm’s profitability.
5 Ways Legal Technology Enhances Your Law Firm Profitability
In the law business, the saying ‘time is money’ is as literal as it gets.
Time is an especially valuable element of running a successful law firm. To maximize how your team spends their time, you need to have them prioritize valuable and billable hours.
Although you can’t simply spend all your time on billable activities (someone’s got to do the non-billable work), you can make them your primary focus.
Technology can help you manage and complete non-billable tasks faster. By automating tasks like email management or scheduling, your attorneys can work more efficiently on tasks that increase your profits.
Another way to improve efficiency is by monitoring and improving your team’s performance. Integrated analytics allow you to track performance, recorded and billed hours, etc.
With this data, you can identify improvement areas and adjust your workflow and resource allocation to enhance performance and productivity.
The truth is that, sometimes, billable work gets lost in the cracks and your lawyers end up completing activities for free.
A 2021 Legal Trends Report placed fee realization rates at 84%, meaning firms failed to collect their income for 16% of billable activities.
Legal management software can help you address these losses through time tracking and billing systems. A system like Amberlo can monitor exactly how much time your attorneys spend on which tasks. You can then use this data to bill clients accurately so you never shortchange yourself.
Other aspects of billing that our software can simplify include the application of discounts, integration of emails and billing, invoicing, and more.
Legal software gives you better insight into your firm’s operations. All members of your team can track the progress on a matter, including completed and pending tasks. It is also easier for your team to gain visibility into documentation through centralized document storage.
Lawyers can access data easily, making it easier for them to be responsive to clients without waiting for documents to travel down the email pipeline. This also enables them to increase productivity.
Through the Amberlo client portal, for example, both the lawyer and client can securely access matter documents, billing and invoicing history, and other data. They can also communicate on the platform, leaving notes on files and exchanging messages.
Improves Client Experiences
Clients are at the centre of your law firm’s profitability and success. The kind of experience you create for your clients and the quality of service you offer determine your client retention.
When you provide the best service, you ensure that they use your law firm’s service continuously.
You can use our legal software to improve your client experience in various ways. The system can help you create a transparent and efficient communication process through email and contact management.
The visibility discussed before also ensures your lawyers stay up to date with all information, so they’re always on top of their game!
Protecting your client’s information and matter details is good business. Clients are more concerned with the safety of their data, which means they expect you to make it a priority, too.
In addition to client satisfaction, cybersecurity is also necessary for compliance and the legal running of your business.
Your company cannot be profitable if it is unable to operate due to noncompliance and lawsuits from clients whose data’s been compromised.
Poor cybersecurity also affects your firm’s reputation and stability. This goes on to harm your lead generation and client attraction, too.
Legal tech can help you tighten data security through encrypted systems and secure data storage.
Amberlo: The Best Legaltech Solution For Law Firm Profitability
At Amberlo, we offer law firms a comprehensive, competent solution to increase your organization’s profits.
We provide a fantastic range of features to enhance your firm’s operations, including:
- Matter management
- Contact management
- Document management
- Time tracking
- Email management
- Billing and invoicing
- Expense tracking
With these features, you can focus your legal team’s activities on profit-boosting work. You can also improve your client relationships and experience through better visibility, communication, and document access.
Technology evolves to simplify and streamline our lives and tasks. This applies to various industries and operational demands.
Legal tech empowers your firm to surpass its capacity if you otherwise relied only on manual labour.
Automation and other features reduce the time spent on tasks. In turn, this increases efficiency and productivity overall. To begin the journey to optimum law firm profitability, try our software for free today.