As attorneys deal with the unique challenges and circumstances of this pandemic, they can employ strategies aimed at increasing the amount of money flowing into the firm. This post will explore some of those options for growing law firm revenue in the midst of a pandemic.
#1 Implement a Practice Management System
Practice management involves documented routines and procedures that can be completed consistently by anyone handling the task. It becomes crucial when faced with major business interruptions. COVID-19 disrupted the day-to-day routines and processes of legal practices across the country, but firms with practice management systems in place were able to quickly rebound and continue with the business of running a law office.
To increase revenue during this time, law offices need effective practice management tools. The right software helps with the practice organization and the maximization of billable time. When firm members can devote less time to administrative tasks and more time to billable hours, higher firm revenues often follow.
#2 Take Care of Clients
Bringing in new clients may prove challenging in the middle of a pandemic, but law firms shouldn’t neglect another possible source for increased revenue. Current clients can be a viable avenue to new business and increased revenue, especially when satisfied with the services received from your firm.
Happy clients become repeat clients and excellent referral sources, but their trust must be cultivated with quality client services. Lawyers need to make an extra effort to exceed client expectations during these troubling times. Remember that they are dealing with their own concerns. Provide the guidance and communication they need to feel confident in the legal services your firm provides.
With consistent communication and quality representation, firms can develop long-term relationships with their clients while also building their reputation within the community. An excellent reputation leads to repeat business and client referrals, which leads to greater revenue.
#3 Improve Your Billing Process
If your firm’s billing process was inefficient prior to COVID-19, the interruptions of the pandemic may have left you completely unable to bill and collect revenue. Remember, without proper invoicing, there is no revenue. Late and inaccurate invoices undercut your firm’s efforts and leave your practice without the compensation it has earned.
One way to elevate a firm’s billing process is to capture all time spent by timekeepers. Procrastination and delayed time tracking can steal thousands of dollars from law firms annually. To get a true picture of where time is being spent, and to ensure proper compensation for all billable time, timekeepers need to track as soon as they complete tasks.
A convenient app, like the one offered by the TimeSolv legal billing system, helps law firms promote accurate and complete time tracking. The app allows legal staff to track time from the convenience of a smartphone or mobile device. Even when there’s no Wi-Fi available, they can track time and it will sync with your office system once internet service becomes available.
Once time tracking is completed, TimeSolv streamlines the billing process, so firms can quickly and efficiently turn tracked time into customized invoices. Their innovative billing system provides lawyers with the tools they need to prevent inaccuracies while promoting quicker client payments and greater revenue.
#4 Raise Your Rates
Another viable strategy for increasing revenue is increasing your billing rates, especially if it has been a while since your firm has done so. Many law firm leaders may be tempted to lower their rates during this time of financial uncertainty in hopes of attracting more clients, but this may not be a profitable option.
Clients who want the best services are willing to pay for them, and they often perceive more expensive services as superior to less costly options. Even a small change can bring higher-paying clients and make a difference in firm revenue.
#5 Make Your Marketing Relevant
A marketing plan is always essential to the profitable practice of law, but in this time when new clients are even harder to find, law firms need to review their plans and make changes that reflect the unique challenges brought on by the pandemic. This may mean updating your website or crafting some relevant blog posts.
In a time when law firms need to attract new clients from a decreasing pool of potential customers, a relevant marketing plan is a necessity. Firms need to identify ideal clients and create marketing strategies that communicate how they can be helpful in the age of COVID-19.
#6 Cut Your Expenses
Law firms can also increase revenue by reducing the amount of money going out of the firm. Take this opportunity to review your firm expenses and identify unnecessary costs. If you find that you are paying for things you could do without, cut them out of the budget.
For example, the pandemic has made it clear that working from home can be effectively done. If it showed you that renting a big expensive office space is not really necessary, then why hold on to that expense? Making the permanent switch to a virtual office could bring a huge financial benefit.
You Can Increase Law Firm Revenue During COVID-19
With these strategies, law firms can increase valuable revenue even as the COVID-19 pandemic continues to impact the economy. To learn more about TimeSolv legal time tracking and billing, click this website link for a free 30-day trial.
About Erika Winston:
Erika Winston is a freelance writer with a passion for law. Through her business, Personal Touch Edits, she helps legal professionals deliver effective written messages. Erika is a regular contributor to TimeSolv and a variety of other publications.