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How to Use Legal Experts to Stay Profitable

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The legal industry, from large law firms to private corporations, and solo practitioners to small firms is extremely complex. This complexity has brought about many business issues that include accounting and billing issues. Controlling invoices as well as reconciling trust account transactions and tracking billable times can divert attention from the important issues that are critical to the success of a business. In fact, a study in 2021 by MyCase found that 61% of lawyers find the process of capturing billable hours a challenge.

Offering clients multiple payment options is a way to get paid faster. This includes accepting credit cards, which can be beneficial for both parties and accelerate payment. It’s also a good idea to offer rewards and discounts to loyal customers, since this can increase retention rates.

Enhancing efficiency and ensuring that every dollar counts is another way to boost profits. This could mean offering fixed-fee service for a lesser number of cases or cutting costs associated with overheads through technologies like texting and automation of documents and video communication.

It is crucial to find a qualified expert and, in addition, you need the proper legal tools. This includes the use of a CRM system for attorneys to manage client information and a cybersecurity partner that safeguards sensitive information. It is also essential to conduct a conflict check for any potential expert to ensure that they don’t have a conflicting relationship with an individual or institution, parent company or defendant company.

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