The advancement of cloud-based technology has proved highly beneficial for law firms by making their work easier and cost-effective while providing a greater level of security. Cloud-based billing software takes these benefits a step further by also helping legal practices increase revenue and profitability. Attributes like greater accessibility, improved usability, and cost-effectiveness make these innovative billing solutions the best option for firms of all sizes. But even with these significant benefits, some attorneys still hesitate to make the switch.
For those hesitant attorneys, here are some ways that the transition from on-premise to cloud-based billing technology can lead to increased firm revenue.
Remote Operation and Accessibility
These days, we are constantly accessing information remotely, and attorneys are no exception as modernized technology allows them to work conveniently from any location. With the consistent use of devices like laptops and smartphones, attorneys need the capabilities and storage capacity of cloud-based technology to maximize revenue potential. Here’s why:
- Time tracking is a must within the law firm environment. When attorneys fail to track their client tasks, they may also fail to capture all billable tasks, leaving money on the table for work completed. Cloud-based billing makes time tracking quicker and more complete. With a time tracking app, like the one included in the TimeSolv legal billing software platform, firm members can immediately track time from virtually anywhere in the world – whether they have an internet connection or not. This access to immediate time tracking promotes the accuracy and alleviates the need for jotted down notes and fallible memories. Better time tracking practices equal more revenue for the firm.
- As a law firm changes and grows, so will the need for data accessibility. Whether new attorneys join the firm, another office location opens, or more members work from home on a regular basis, accessibility can pose significant challenges. On-premise servers can only do so much because they don’t provide access for staff working outside the office. This can pose a serious challenge to productivity and profitability by impeding the flow of information between remote staff members and those working in an office. Collaboration is an important part of profitability within a law firm environment and on-premise billing software can threaten that.
- The COVID-19 shutdowns taught law firms the value of remote access and business continuity regardless of changing circumstances. As thousands of firms moved away from their physical offices in a short period of time, many were left without any method of billing and collecting fees from their clients. This is because, as they worked from remote locations, their billing software was housed within an on-premise server that they had little to no access to, making the vital task of billing virtually impossible. There are no guarantees about when or where an emergency will occur. That’s why law firms need cloud-based billing systems that can be accessed from any location. Cloud-based billing technology presents the best solution for a centralized flow of data across all members of a firm. Everyone can access the data they need to do their jobs and secure compensation for their work.
Security that is Reliable and Trustworthy
Many lawyers choose on-premise software systems because physically seeing the system makes them feel more secure. But nothing about this feeling is based in fact. The truth is that this sense of security is misplaced and doesn’t hold true in today’s economy where the risk of data breach and theft has never been greater. A single event of compromised data can cost a law firm thousands of dollars in liability and lost revenue, so attorneys need technologies that employ the highest level of security features.
Cloud-based technology is not about data just floating around waiting to be accessed by anyone. These systems are operated from physical servers, based in secure data centers that are consistently monitored by IT data security specialists. Moreover, they also maintain backup servers at these centers as a contingency.
Since their introduction in the early 2000s, cloud-based technologies have proved to be no passing fad. And since that time, they have been further developed, updated, and advanced. As stated by the ABA, “a legitimate argument can be made that files stored on the vendor’s servers are more secure than those located on a typical attorney’s PC, as the vendors often employ elaborate security measures and multiple redundant backups in their data centers.”
TimeSolv legal billing takes law firm security seriously. That’s why the platform is hosted by a state-of-the-art data center provided by Amazon Web Services (AWS), TimeSolv’s service uses highly encrypted 256-bit SSL for data transmission between your law firm browser and their data center.
AWS maintains SSAE-16 (formerly SAS 70) compliance with Service Organization Control (SOC) comprising SOC 1, SOC 2, and SOC 3 compliance reports, as well as being ISO 9001 certified. With its PCI DSS compliance, TimeSolv offers a highly secure experience for legal practices.
Minimal Need for Server and IT Maintenance
Simply put, in-house servers are cumbersome and challenging to maintain. First, a law firm may need several different servers to meet the various functions of running the office. For example, a firm may maintain a server for law office management software and another server for its legal billing software. These on-premise servers take up physical space, which can be in short supply within a small firm.
Adding to these costs, server hardware requires necessary maintenance on a frequent basis. Associated expenses include equipment repairs, management hardware, backup hardware, and backup battery power. Handling all of this properly may even require the assistance of an IT professional, which is another significant expense.
In-house server systems also come with the huge risk of malfunctioning. When this happens, firm staff are unable to perform billing tasks, negatively affecting productivity and wasting potential billable time.
These costly issues can be alleviated with the adoption of cloud-based billing technology that works for your firm. The cost savings, greater productivity, and increased security all work together to save law firms money and increase revenue.
Cloud-based Billing Software Helps Law Firms Increase Revenue
There is no need to hesitate about making the move from on-premise to cloud-based billing software because the transition does not have to be filled with stress and service interruptions. The TimeSolv team has created a transition process that is virtually seamless. Learn more and schedule your free consultation here.