Like all other businesses, law firms are also looking for ways to increase their billable hours and boost profitability, while providing better-quality services and advice to customers. If you own, operate, or work for a law firm, this short article is for you! Here we highlight some tips to help you increase your firm’s long-term profitability and sustainability.
- Adopt Technology
Legaltech helps law firms run more efficiently, streamline operations, and make it easier to bill and collect bills, all of which can increase revenue. Legal technology is also very useful in emergency situations, such as while working remotely during a pandemic. To know what kind of legal software is best for your firm, talk to the team @ Prime Infotech Solution. [add contact details]
- Automate what you can
Automating tasks with technology is critical to improve productivity, and ultimately, profitability. Client intake, practise management, time and cost monitoring, legal billing, and other non-billable administrative chores can all be automated to save time and effort. You can devote more time to billable work to increase your firm’s income and enhance its profitability.
- Set clear goals and focused on them
A broad aim of “raising law firm earnings” is a vague goal that will likely produce unclear – or NO – results. Take the time to develop SMART (Specific, Measurable, Attainable, Relevant, Time-bound) strategic goals if you’re serious about increasing your firm’s revenues. Take a look at this article to know more about business goal-setting.
- Take a client-centred approach
Favourable customer experiences translate into higher customer satisfaction, which is crucial to your law firm’s success and revenues. This entails producing high-quality legal work and offering the degree of service that they expect.
- Track each billable hour
Unbilled and untracked hours directly influence your law firm’s profitability. In a typical eight-hour workday, lawyers spend only 2.5 hours on billable work. Worse, they invoice only 81% of the time spent on billable labour. Even if your legal practise does not employ the billable-hour model, always track the time spent to ensure that you earn your fees and keep the cash registers ringing.
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