As law firms continuously search for ways to expand and strengthen themselves as profitable businesses, globalization has become a viable option on multiple levels. In most instances, the needs of a client necessitate the expansion of services into international areas of business. For example, a real estate client may decide to purchase property in London for a business expansion. If your practice is unable or unwilling to provide representation in this matter, it may lose a valuable client.
The other road to globalization lies in a firm’s strategy to expand its own services and establish itself in an overseas market. Larger law practices are increasingly choosing to expand overseas, acquiring international firms. TimeSolv’s comprehensive legal billing software makes the expansion process easier to navigate.
When considering globalization, it is important to note that there are pros and cons to this type of expansion.
Some of the pros include:
- The ability to meet the global needs of existing clients. We live in a global society, where businesses are constantly expanding to overseas markets and making international investments. Globalizing your firm places you in a position to provide services for existing clients who are also looking to globalize.
- The ability to attract international clients and clients with a stake in international law. Globalization of your firm provides an edge over firms with no international presence. As such, when new clients begin looking for legal representation, your firm stands out for its ability to offer globalized services.
- Reduces the need to refer international matters to other firms. Retaining client matters is vital to the financial well being of the business. If your practice is forced to refer international cases to other firms, it takes money away from the firm.
The cons of globalization include:
- Currency fluctuations can work to increase the revenues of the firm, but they may also negatively affect the practice’s revenues if they swing in the other direction.
- Extensive investment of management time. Expansion into the global market takes a significant amount of time and effort on the part of firm management. It requires identification of global staff, as well as efforts to mesh national and international offices into one cohesive firm.
Highly accessible time management and billing software is crucial to the successful globalization of a law firm. With TimeSolv legal billing software, law firms can maintain accurate billing practices no matter where firm attorneys and staff members are located around the world. Users can access the program online from anywhere to track of their time. They can even use their cell phones with the TimeSolv billing app. Synched entries are visible to specified firm members for approval and the creation of client bills. TimeSolv provides a law firm billing process that promotes consistency and cohesion, even when some users are half way around the globe.