Have you ever conversed with other law firms only to discover that they simply cannot relate to your problem of payment delays and declining cash flow? Even during this tough climate that has taken a huge toll on the whole industry, some law firms have managed to avoid unnecessary delays in payments while also ensuring that their profit margins have not suffered at all! So, the big question. What are these firms doing right?
They submit their invoices on time.
That’s right. Sometimes the solutions are indeed that simple. If all law firms were to abide by the billing frequencies agreed upon, the client shall have no excuse but to pay you on time. Yes, it can be difficult to keep a track of all the different billing cycles that you need to keep a track of for different clients. But doing so has obvious advantages, including maintaining good client relationships and getting paid well on time! If your firm is lax about submitting invoices, you can be sure your client will be even lazier to pay them off.
They produce clear and detailed invoices.
An invoice that has all the relevant information required to justify the cost of the activities and expenses incurred by your timekeepers will get paid on time. It will be easy for the bill review vendor to ‘OK’ your invoice and clear it without any cuts or demands for clarifications. Clarity is the key- so it is best advised to do anything you can to achieve it. Whether you are performing a lengthy file review or are attending a meeting online, describing the activity sufficiently can make all the difference.
Their invoices are compliant with billing guidelines.
Compliance with billing guidelines is a factor that cannot be emphasized enough when it comes to avoiding payment delays and ensuring that the invoices are paid in full. Maintaining proper compliance offers many benefits including timely payments, better client relationships, improved cash flow and so many more. Every small detail of the billing guideline must be taken into account if you wish to see an invoice with minimal reductions. Seeking approval when you need to, attaching receipts of expenses whenever necessary- such small steps can make sure that your clients are happy to pay you on time.
They use technology to their benefit.
It’s 2021 and e-billing is here to stay. But most law firms who are getting paid on time are going one step further and adopting smart technology that helps them bill more efficiently. Using a platform like ALB, law firms can track their time easily while simultaneously ensuring that each entry is compliant with their clients’ billing guidelines. ALB offers several innovative features including daily activity capture, invoice generation and conversion, multi-currency and multilingual invoicing among other features. Built using advanced AI-based technology, ALB 1.0 and 2.0 have been created solely to benefit law firms and ensure that all the invoices produced by them are wholly compliant with their clients’ billing guidelines.
With ALB, say goodbye to payment delays and hello to a steadily increasing profit margin. To know more about ALB and schedule a detailed demo with us, click here.