RazorLex
Modern Law firm practice is dynamic and ever-changing to meet the requirements of the legal ecosystem. Law firm respondents agree along with law practice, there also involves significant number of administrative tasks and operational functions. Checking conflicts, recording billable time, checking conflicts for new engagements, verifying and approving bills, managing workflows, communication with teams, recruitment, managing client relations involves manual supervision.
As a result, all resources have to wait overtime and firms spend a lot of valuable billable hours in such administrative work.
With the advent of technology, law practicing firms have opted for a smarter option. They now want technology to handle most or all of the manual work so they can concentrate on the legal practice and bill more. They can concentrate on increasing the productivity of the firm rather than managing manual processes and tasks. However, all these functions are important for any functioning and for automating them with accuracy, there is RazorLex Law, the collaborative legal practice management system which handles a number of office functions without any manual efforts. Legal firms can now capture more billable hours and automate and grow their law practice business.
We are going to see further, what are the challenges a law firm faces for running successfully and how Ready Technology like RazorLex Law can assist firms in managing and growing their practice more efficiently.
Challenge 1:
Accounting every billable hour and expense
Solution by RazorLex:RazorLex Law enables law firms to capture and bill every minute they work on the client whether they are in the office or on travel and automatically capture and bill all expenses incurred on Telephony, Travel, Courier, Printing, Photocopy, and court expenses. With automatic time entry for all daily actions, the process of billing time has been greatly simplified down to a few mouse clicks. RazorLex law integrates with Printers, EPABX, Mobile phones, and photocopy machines to capture and bill expenses as and when they occur. Time and expenses can also be easily recorded with RazorLex’s Time and Billing application for mobile phones.
Challenge 2:
Accurate and on time client Billing
Solution by RazorLex:
There are a host of traditional billing models available today to monitor client billing and legal fees. A one-time fixed fee, hourly billing, blended (team) rates, milestone based, activity based (different rates for document drafting, court attendance, etc) and Retainership fees, to name a few. Besides, there are various alternative fee arrangements, including a combination of the above like hourly + flat fee, threshold-based, contingency/success fee, and value-based billing.
RazorLex Law provides a solution to this complex issue by automatically collating and tagging all the required timesheets and expenses for the given fee arrangement for further partner review. Partners or senior resources can now easily see the automated draft bills on their console and approve the same. Incidental expenses and charges like telephone calls, travel, counsel fees, etc. may be accounted for instantly without having to wait for admin staff to collect and tag the same against the respective matters manually.
Challenge 3:
Increasing Resource Productivity
Solution by RazorLex:
RazorLex Law’s calendaring module sends automated alerts and reminders about all the important dates and milestones, including court dates, arbitration hearings, meetings, etc. well in advance so that the resources are better organized. The firm and individual calendars are also automatically updated so that all the calendars are in sync.
Forms and documents related to litigation, Patents, Trademarks can be automatically generated, thereby saving a lot of time and effort.
Challenge 4:
Locating, Sharing information/ documents and Knowledge management
Solution by RazorLex:Knowledge-sharing, capturing time is non-billable, and it is hardly a performance. It’s hard for lawyers to see the intrinsic value of many of the practices that knowledge managers try to enforce. RazorLex Law, Knowledge Management Solution, has been designed to ensure that the best knowledge across the organization is captured, shared and reused rather than starting each engagement from scratch. Then time will be saved, efficiency created, and costs of production will drop as the quality of deliverables is improved.
Ready to use templates are centrally available for reference, and RazorLex Law facilitates easy search and retrieval of all previously used documents, so that lot of the time is saved in drafting specific agreements. An intelligent search option enables associates to quickly locate information from various reference Sections, including Articles, CLE, Presentations, Forms, Word bricks, Opinions, Legal Insights, precedents, and templates.
Challenge 5:
Monitoring the law practice in real-time
Solution by RazorLex:
At the heart of RazorLex is the law Practice real-time Dashboard dashboards, analytics, and ready reports that provide complete insight into their law practice at their fingertips. Partners, Senior Associates and Team Leaders can now track and monitor productivity for all their matters, resources, and clients across all their offices.
An instant snap-shot of various activities happening across the firm including, new clients, new matters, billing and outstanding, client and resource productivity, work in progress, net billing and realization rates, growth in billable hours, etc.
Ready Analytics provide greater details of every dimension of the firm functions, including Billing, Realization and Outstanding, WIP, Productivity, Performances, and Finance.
Challenge 6:
Multi-Office Management
Solution by RazorLex:Law firms are now rapidly expanding across different cities and geographies, and staying in touch and fully connected with every team across cities is a challenge.
RazorLex Law is designed as a multi-office collaborative law practice platform that keeps all the offices fully connected. With RazorLex Law, it is now possible for teams to be spread across different geographies, and it is now possible to view the workload and assign tasks to any of the associates across multi offices.
Challenge 7:
Managing Technology and IT infrastructure
Solution by RazorLex:
Ever-changing Technology landscape including, Managing Servers, System Software, Databases, IT Infrastructure, Technical Teams, are always a challenge with Law Firms. Regular data Backups, Security access rights management, document management, system upgrades, inter-office connectivity, etc. is a time consuming and specialized task.
RazorLex Law offers a Cost effective, Ready-To-Use and Easy-to-Adopt, cloud (Internet) hosted setup on state-of-the-art data centers. Besides offering bank-grade security for data and networking, they also offer security for hosting, software security, application security, Customer Data Security and Personnel Security.
- Unlike the popular belief, the Cloud Provides a better Standard of confidential data Protection than most Law Firms can provide on their own IT setup
- The Cloud offers a better Standard of Privacy for Communications than traditional E-mail communication
- The Software as a Service (SaaS) or pay per use models that RazorLex offers is a more economical investment than developing or implementing traditional software.
- Data in the Cloud is Accessible anytime and Safer Than On Your Laptop
- Gain a competitive advantage by creating differentiation in overall customer interactions. Mobile computing is a key enabling technology for the creation of strategic information systems.
RazorLex cloud implementation requires No hardware/software/infrastructure and is a Simple and Ready to use solution and requires ZERO installation.
RazorLex Law is also available as an on-premise solution if required.
Challenge 8:
Managing Growth
Solution by RazorLex:
Growing law firms need an infrastructure that would support managing a large matter load and just as important, a system that could grow with the firm. Further, you would require a system that could be accessed from anywhere in the world so that lawyers can manage their matters on the move. Besides offering clients with immediate access to the spectrum of legal expertise, these growing firms also need to continue providing personalized attention and quality service, but with the ability to manage more cases which geographically spread across the world.
RazorLex law is a highly robust and scalable and collaborative enterprise tool utilizing advanced web and database technologies.
Challenge 9:
Client Relationship Management
Solution by RazorLex:
Managing and strengthening client relationships is a big challenge for all growing law firms. With an effective CRM strategy, it enables users to centralize the information and experience of clients, manage and makes information accessible to all authorized users including partners, associates and support staff. It also helps the users to manage their prospects, opportunities, potential and marketing campaigns effectively.
RazorLex Law CRM provides an effective Client Relationship Management (CRM) technology tool to firms to track, monitor, and quantify business development progress. Various features/modules offered RazorLex Law CRM include Event/Campaign Management, Opportunity Management, Proposal Generator, Experience/Deal Tracker, Client Relationship views and related analytics
RazorLex Law Solutions are available for all Full service, Corporate, litigation, specialized, and Intellectual Property Firms of all sizes. Over 2500 lawyers are using the solution in India currently across Large, Medium, and Small Law firms, and RazorLex Law is fast becoming the most preferred Technology solution for all successful firms.
RazorLex also has a range of other ready solutions for General Counsels, Corporate Legal for litigation/matter management across jurisdictions and Compliance Departments for managing all statutory and regulatory compliances.
