The day-to-day of a family law practice is filled with multitasking everything from employee schedules and client meetings to custody negotiations and firm accounting. It can be a never-ending cycle of busyness that leaves firm leaders more focused on administrative tasks than lucrative client tasks. This dynamic can be dangerous for a family practice, leading to diminished profits and even interfering with client services. When domestic relations attorneys are overwhelmed by admin tasks like billing and collections, they may inadvertently prioritize these tasks over client duties.
One possible solution to this problem is hiring additional administrative support staff to handle the administrative workload or hiring an additional attorney to take on more billable hours. But new employees always come with greater expenses, including increased payroll and overhead costs. A simple analysis may reveal that the cost of bringing on a new firm member outweighs the benefit.
A more cost-effective option involves outsourcing some of the most time-consuming administrative tasks, and legal billing definitely fits that bill. Family law attorneys and staff members spend countless hours trying to navigate inefficient billing processes. Things like antiquated billing systems, limited payment methods, and disjointed procedures frustrate the process, decreasing a firm’s realization of billable time. Family law firms need systems in place that cut down the hours spent on these tasks so more time can be spent on billable tasks.
The Many Benefits of Outsourced Billing
- A more profitable focus – Firm members can place their focus on billable legal services instead of administrative billing and collections.
- Quicker collections – Family law firms need reliable collection rates that increase cash flow and profitability. With faster collection rates, firms can collect more invoices on time and in full.
- Valuable reporting – A comprehensive legal billing system offers family law practices the ability to run a variety of financial reports for an up-to-date and accurate view of the firm’s financial wellbeing at any given time.
- Streamlining – By outsourcing difficult administrative tasks, law firm leaders also streamline their internal tasks by freeing up time for client matters and addressing in-office inefficiencies.
- A cost-effective solution – Unlike the costs of bringing on new employees, outsourcing can provide family law firms with extra skilled and knowledgeable hands without the added overhead expenses.
Finding the Right Outsourced Legal Billing Option
With TimeSolvPay, a full-charge legal bookkeeping service offered by TimeSolv legal billing software, attorneys can outsource their billing needs to a leader in the legal billing service space. This innovative platform handles all aspects of the process from the generation of invoices to delivery and collection of client payments. Here’s the step-by-step of how it works:
- The firm enters time and expenses into the TimeSolv software
- TimeSolvPay generates draft invoices and sends the drafts to the firm via a pdf format for approval
- Firm approves draft invoices
- TimeSolvPay sends the finalized invoices to clients using the firm’s desired method – email, first-class mail, or LEDES
- TimeSolvPay runs automated payments
- The firm receives client payments and allocates the funds
It’s that simple. Once a family law client agrees to the secure storage of their payment information for use in relation to legal representation, TimeSolvPay handles the lion’s share of the billing process following the invoicing and payment timelines established by the firm. It’s a unique outsourcing service that is designed to provide family law practices with an efficient and cost-effective solution for increasing billable time.
The outsourcing of legal billing tasks is a smart choice for family law attorneys who appreciate the financial and time advantages that come from a day filled with the actual practice of law instead of creating invoices and attempting to collect client payments. TimeSolvPay empowers busy family law attorneys to spend their time serving clients and maximizing all potential billable time.
TimeSolvPay for 10x More Billable Time
Time is an extremely valuable commodity within a family law practice. These firms need tools that help them allocate the hours of the day in the most efficient and profitable manner. With the premium billing services of TimeSolvPay, family lawyers can stop wasting resources on legal billing and payment processes.
To learn more about TimeSolvPay, visit the website at www.timesolv.com.