The legal industry, from large law firms to private corporations, and solo practitioners to small-sized firms is extremely complex. This complexity has brought about numerous business challenges which include accountancy and billing issues. Managing invoices and reconciling trust accounts transactions and tracking billable time can distract attention from important matters that are crucial to the success of a business. A survey conducted by MyCase in 2021 found that 61% find it difficult to track billable hours.

Offering clients multiple payment options is a way to pay faster. This includes accepting credit cards, which can be advantageous for both parties and accelerate payment. It’s a good idea too, to give loyal customers discounts and rewards. This can boost retention rates.

Increased efficiency and making sure that every dollar counts is another way to boost profits. This could include providing fixed-fee services for smaller number of cases, or cutting down on overhead costs through technology such as document automation and texting and video communication.

It’s important to find an experienced professional, but you also need the right legal tools. This includes having a CRM system for attorneys to manage client information and a cybersecurity partner that protects sensitive information. In addition, it is essential to conduct a conflict-check on any prospective expert to ensure they aren’t in an unrelated data room software for due diligence relationship with a person or business, institution, parent company or defendant company named in the case.