Legal billing software is an extremely important part of any legal practice. Without adequate invoicing tools, your firm can lose out on valuable billable hours, timely client payments, and maximized profitability.
With so many legal billing options on the market, it can be difficult to distinguish the most effective platforms without knowing which features to consider. So here’s some help. This checklist includes several of the most important features offered by legal billing companies, so you can go into the searching process armed with the information you need to make the best decision for your legal practice.
Most legal billing software providers offer subscription payment options that allow firms to pay a monthly or annual subscription fee instead of a one-time, up-front payment to purchase the software outright. This can be the most affordable solution, especially for small and medium-sized firms.
When weighing your options, it’s important to calculate the pros and cons of the pricing plan, including consideration of the overall costs. For example, while one legal billing provider may offer a subscription option that is more expensive over the course of the year, that company may also offer more comprehensive customer service than their less expensive competitors. Also, think about included perks like automatic updates and upgrade options, which can save time and money in the long run.
Do you want a billing software that does double duty as a management tool for your entire law office or an option that solely focuses on invoicing? For a single software program that manages the entire office, a practice management software is a way to go. These systems include tools for the management all of the aspects of your practice, including accounting, sales, and client relationship management.
While some attorneys like this option because it combines a variety of software needs into one platform, others argue that these all-in-one options do not adequately address the invoicing needs of a firm. Instead, they prefer a system like TimeSolv legal billing software that focuses on all things related to streamlining the billing process – from time tracking to the collection of payment.
However, in addition to billing tools, TimeSolv offers various integration options that provide law firms with features like document management and accounting assistant. Consider your firm’s needs in advance so you can identify the best billing software options for your practice.
Learning new legal billing software can be challenging, so you definitely want to think about available training and support. For example, are there online videos or tutorials available for you to access? If those resources are not enough, can your firm schedule one-on-one training sessions?
Even the best software becomes useless without adequate training. Consider the training options, so you don’t wind up with a legal billing software that your firm cannot use.
On-premise or Cloud-based
On-premise legal billing options require law firms to maintain a physical server within the office. Some lawyers choose these platforms because they don’t understand or trust cloud-based storage. But heightened security and advanced accessibility are among the numerous benefits of cloud-based billing software.
With a cloud-based system, the provider maintains the server in a secure location. All of your firm’s data is stored within the cloud so that it can be accessed by credentialed firm members from virtually anywhere in the world. The provider maintains experts to prevent breaches and perform necessary updates, so you don’t have the burden of dealing with IT security.
When choosing legal billing software, it’s a good idea to read testimonials about the company from current and past clients. You need unbiased information about how the provider helped their customers handle administrative tasks, better serve clients, and enhance profits. Read reviews and take them seriously. If a legal billing software company has too many bad reviews, it probably isn’t the best fit for your practice.
After narrowing down your legal billing software options, take advantage of free trials and demos. You can learn a lot of valuable information from the demos. These sneak peeks offer you a look into the technology so you can determine whether it meets your firm’s needs before making a significant substantial investment.
For example, TimeSolv offers a 30-day free trial for its legal time tracking and billing system. During this time, law firms can explore all that the company offers without any costs or obligations to buy.
Most legitimate legal software vendors offer some form of demo or free trial nowadays. If your vendor of choice doesn’t offer anything, you may want to think twice about choosing them as your service provider.
It’s important and extremely useful to have an up-to-date understanding of where your legal practice stands financially. Regular reporting gives you a clear picture of your firm’s financial health while also helping you implement profitable strategies.
TimeSolv provides the capability to run more than 30 detailed reports, which include data about billing practices, individual timekeeper statistics, and weekly and monthly billable tracked time totals. You can also run reports pertaining to accounts receivable and project management. With adequate reporting capabilities, your firm can:
- Identify the billable time that is not being invoiced
- Track overdue invoices
- Stay within matter and project budgets
- Manage trust account balances
- Identify profitable and nonprofitable practice areas
Choose Your Legal Billing Software Carefully
Your law firm’s legal billing software is the lifeline of your firm, so you shouldn’t make this choice lightly. Take some time to do the research so you can identify the best option for your practice. To learn more about TimeSolv’s variety of innovative features, click this website link for a free, no-obligation trial.