One of the five pillars of running a successful law firm includes having a strong foundation for time tracking and billing practices. Optimizing your time tracking and billing leads to three benefits:
- Compliance: Keeping accurate real-time balances at the matter level allows firms to catch inaccuracies and issues earlier on.
- Happier clients: Easy-to-understand and accurate billing practices make it easier for your clients to pay and keep them on good terms. And in case of a billing dispute, you’ll have the accurate data to pull.
- Staying solvent: Prevent “leakage” or lost funds that are never recognized because meetings, tasks, and events were never properly billed for.
To create a strong foundation for your legal time and billing practices develop a regular schedule and utilize technology as much as possible:
- Streamline and automate your billing and collections workflows as much as possible.
- Set up automatic reminders to go out to clients for past-due invoices
- Send batch invoices with the click of a button
- Enter your billable work in real-time by leveraging cloud-based apps
Overall, the goal is to reduce the time spent on manually handling time tracking and billing tasks so that you have more time spent on lawyering!
Learn more about The Five Pillars of Modern Legal Practice Management.