Increase your Billable Hours with Practice Management Software
by PracticeLeagueHave you adopted an integrated practice management software for maximizing
your billable hours? If not, you’re losing out—six minutes at a time.
Time is Money, quite literally for law firms, who operate via billable hours. For any legal firm to survive and thrive, tracking and billing of time to clients is the most important and indispensable part of their operations. Without proper and timely billing, there is a chance that the firm will be unable to invoice the client, thereby losing money on essential billable activities. Hence it is vital, for both premier and growing law firms, to have proper time and billing software that helps them keep track of the activities ensuring precise on-time billing for the clients and billable out of pocket expenses.
The scrutiny over outside counsel spend is growing and law firms are also feeling the pressure to become more cost-efficient, budget-driven and productive. It is becoming, therefore, necessary for lawyers to automate and streamline their mundane tasks, that take up most of their billing time.
The American Bar Association reports that failing to track
billable time
immediately causes a 20% drop in time billed.
Agile law firms are adopting integrated technology solutions to not only streamline their key processes but also focus better on their billable hours on value-added activities. PracticeLeague’s Practice Management allows law firms to track every activity done by their firm with integrated time tracking management feature ensuring precise on-time billing for the clients and billable out of pocket expenses.
- 1. The robust platform ensures easy and seamless billing with multiple levels of billing structures, including Retainership, Hourly, Activity Based, Resource/Designation specific and Blended models.
- 2. The Invoicing and Payment Tracking feature allows for one-click availability of final invoices and receivables. Timesheets, activities, court appearances, tasks, etc. are integrated for timely and automated billing.
- 3. Automatic invoicing for the work done by teams and individual resources can be managed through the Time and Billing Module.
- 4. Draft bills are prepared and sent for Partner review and approval with timesheets and billable expenses automatically tagged based on the billing mandate given by the client.
- 5. Tracking of payment from clients can also be done through the application and reminders can be sent for any overdue payments.
- 6. Easily assign, track and manage various tasks for themselves or their team while tracking the progress of all assigned responsibilities, being able to set deadlines, automate reminders and receive alerts for all competed tasks.
- 7. Real-time and on-demand Client, Team, Resource, Partner and Office wise reports are made available to help you analyze and grow your practice. Comprehensive reports and graphs with every detail about your firm's productivity and revenue are automatically computed.
- 8. Expenses related to travel, court fees, calls, and other overheads can be recorded in real-time even from your devices. Out of the pocket expenses can then be automatically tagged and attached to the client invoices.
- 9. Milestone Based Payments allows law firms to manage various milestones on each project, work progress, total cost of individuals working on the project, the cost, time, and resource allocation. The Project Management tool allows Law firms to track profitability of projects and clients while allowing for a better control and visibility on each project.
One of the biggest barriers that legal has observed in the adoption of technology is their resistance to change. Law firms, as well as in-house counsels, have been sceptical about implementing technology fearing that it will decrease their billable hours, if not their jobs. And, indeed, innovative solutions like PracticeLeague Practice Management Software have significantly reduced the hours wasted on manual and time- consuming tasks, but it has also allowed for legal counsels to improve collaboration, maximize efficiency, employ their time for strategic, value-adding tasks, thereby improving the bottom line of their business and serving their clients better.
