Getting paid for your services on time has become more important than ever in this unpredictable climate being governed by a seemingly endless pandemic. Irrespective of size or speciality, the ongoing situation has taken quite a toll on the financial health of law firms across the world. The situation has become quite dire and it is important for law firms to do everything they can to maximize their profits and make sure they are getting paid on time. Here are a few effective ways your law firm can improve its collections today:
Enhance Your Firm’s Timekeeping Skills
This is perhaps the most important thing to do to ensure that your invoices are getting paid in full and on time. It all begins with maintaining proper records of all necessary documentation to support the amount of time taken for each activity. For example, if you are entering time for reviewing a file, make sure you note down how many pages you reviewed and what exactly was the purpose of the review was. If you attend a web conference, ensure that the time you track includes details of who you conferred with, regarding what and what tangible work product was produced as a result of the communication that justifies the time taken.
Timely Bills Compliant with Client Guidelines
Maintaining compliance with client billing guidelines can be quite tricky if you have multiple clients. But this is one of the best ways to make sure that your collections improve and you get your payment without any cuts. There are many small details in billing guidelines that need to be paid attention to. In this climate, you can rest assured that your clients are just as wary about losing money like you are and shall be doing everything they can to reduce costs. So think twice before adding the charges for in house photocopying or other overhead into your invoice and whenever you are expected to seek approval, pick that phone or tab and ask for it! Make sure to note it in your invoice!
Implement Advanced Technology
Using high-tech invoicing and time tracking solutions can prove to be highly effective in helping you raise your billing efficiency and improving your client relationships as well. Using ALB’s AI-based legal billing solutions, your invoices can be much smarter than before. You can track your time easily using the innovative Daily Activity Capture feature and simultaneously ensure that each of these entries is fully compliant with your clients’ billing guidelines!
Using ALB, you shall be able to submit invoices and get paid on time, thus ensuring that your profit margins remain high and you effectively improve your collections. Schedule a demo with us today!