TimeSolv offers numerous features to help solo firms operate in a profitable and efficient manner, even with limited budgets and a small staff. Here’s how…
One of the most costly billing mistakes a solo attorney can make is not invoicing on a regular basis. Many attorneys view the billing process as overly time consuming and stressful, which is especially true for solos who may be handling all of their invoicing needs alone. But regular and timely billing is essential for maintaining a profitable legal practice.
Timely invoices lead to timely payments, less stress, and satisfied clients. When you let extended periods of time pass without invoicing your clients, they start to wonder whether or not you are completing any work on their matters. It also creates a situation where, when an invoice does go out, it may be substantially larger than the client expected due to a build-up of case tasks.
To create an effective invoicing process, solo lawyers should determine how often they will invoice and abide by that schedule. They should also rely on the numerous billing features of TimeSolv to help them track time and create invoices in an efficient manner. With TimeSolv’s mobile application, solos can accurately and quickly track client tasks from virtually anywhere in the world. The software then offers a streamlined billing process that allows solos to easily transform those tracked times into client bills.
When sending law firm invoices, it is important that clients feel confident in the services they have received and fully understand the scope of work completed in their matters. When your bills are properly explained and justified, clients are more willing to pay your fees quickly and completely. Invoices that simply state “meeting” or “telephone call” do little to provide clients with the explanations they want. Instead, these general billing descriptions may lead to questions, suspicion, and billing disputes.
With everything you do in a day as a solo attorney, there’s no need to add client disputes and bar complaints to your plate. Invoices that effectively strike a balance between details and succinctness provide clients with the information they need to feel fully informed about their matters. Invoices with more detailed explanations are much more useful than a single word explanation.
For example, instead of simply listing “meeting” on an invoice, use a description such as “settlement conference with opposing counsel in the judge’s chamber.” This explanation lets the client know exactly what task was completed and why it took the amount of time you’ve billed.
TimeSolv makes it easy for solo attorneys to customize invoices with as much or as little information as possible. You can even add a customized email to your electronic invoices for even more personalization.
When running a solo law office, it is particularly important to have an up-to-date understanding of where your practice stands financially. Regular reporting gives a clear picture of your firm’s financial health while also helping you implement improved billing habits.
With TimeSolv legal billing, solos can 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.
TimeSolv reporting helps solo lawyers:
- Find billable time that is not being invoiced
- Identify overdue invoices, so appropriate collections procedures can be instituted
- Stay within matter and project budgets
- Identify profitable and nonprofitable practice areas
- Manage client trust accounts
Solo lawyers need innovative billing technology to adequately manage their invoicing procedures. An inefficient and confusing billing system leaves solo attorneys frustrated and procrastinating to complete invoices.
Effective legal billing technology makes the billing process more efficient, user-friendly, and far less convoluted. TimeSolv legal billing improves time capturing procedures and helps decrease the non-payment of billed time. It simplifies the entire invoicing process, making your bills easier to generate and quickly disperse to clients. With electronic billing and online payment options, TimeSolv can even provide clients with quick and easy ways to pay their legal fees, expediting your collections process.
The marketplace is bursting with small business technology that assists with all types of tasks, including billing and accounting. But it’s important for solos to implement a system specifically designed to handle the particular needs of a law firm. Otherwise, you may find yourself with an expensive technology that is not designed to handle your legal invoicing needs.
TimeSolv checks all of the boxes. It is cost-effective and designed for a user-friendly experience. It was created with attorneys in mind, so it includes the features you need within your legal practice.
Solo Attorneys can Successfully Leverage TimeSolv
TimeSolv was created with solo and small law firms in mind. Its leading cloud-based legal time tracking and billing software help you expertly handle the specific time tracking and invoicing needs of your legal practice. Solo firms need effective and affordable tools to help them efficiently handle their billing needs to promote payment and profitability. TimeSolv meets this need. To learn more, 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.