4 ways your firm’s outdated billing methods are lowering your revenue | TimeSolv
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4 ways your firm’s outdated billing methods are lowering your revenue

The stereotype of lawyers is that they are tied to their ways and fearful of instituting change. Stereotypes are, of course, not true of all members of a group, but, in this case, lawyers have earned this reputation. And, for many decades, this conservatism and resistance to change has not affected the ability of attorneys to make a substantial livelihood.

But with the growth of internet marketing which gives legal consumers an infinite diversity of options, increased transparency regarding billing structures and costs, and the ability of consumers to conduct their own research regarding legal options, attorneys can no longer cling to outdated methods. One way that solo attorneys and small law firms can regain ground is by updating their automated back-office solutions to increase their billing revenue. The alternative is continuing to unnecessarily lose billable revenue. Here are 4 ways your firm’s outdating billing methods might be costing your firm revenue.

 

Incomplete Time Entries

One of the most frequent complaints that clients have on legal bills are incomplete, vague, or delayed time entries. Every lawyer knows that keeping track of one’s time can be a hassle, but TimeSolv makes it easy with the ability to use automated time tracking functions and input hours from any mobile device at any time, with the result being that attorneys input their time promptly and accurately with fewer rejected entries.

 

Too Much Time Managing/Reviewing Bills

Oftentimes, the highest-billing attorney on a team or in an office is the one responsible for managing the team and specifically has the duties of reviewing bills, monitoring budgets, and generally making sure the team is on track to meet client expectations. While some of this time might be billable, oftentimes it is not and thus a firm’s revenues go down when a senior attorney’s time is taken up by non-billable administrative tasks and not billable works. TimeSolv’s many automated features – including streamlined approval processes – let managing attorneys focus on billables, not admin work.

 

Bills That Go Over Budget

Few things make a client more angry and less likely to place their trust with you in the future (much less pay the bill presented to them) than a bill that goes over the budget approved at the outset. With TimeSolv’s project management and reporting features, you can keep your entire legal team on budget with daily reminders and reports.

 

Rejected/Overlooked Expenses

Expenses are often a huge part of a client’s bill, especially when travel is involved. When expenses are poorly tracked, they are often rejected by clients or simply not included in the bill. With TimeSolv’s expense tracking feature, attorneys can forget about crumpled receipts and input their expenses anytime, anywhere as they accrue.

 

Optimize Your Firm with TimeSolv

TimeSolv offers backend automated office solutions that brings big-firm innovation to all types of firms, no matter the size. We provide low-cost automated solutions to optimize your firm’s billing, collection, expense tracking, internal reporting, and project management efforts, and offer free training to ensure that you are maximizing all the features that TimeSolv has to offer. To start your free 30-day trial of TimeSolv today, click here.