Innovative applied sciences that can enhance your regulation agency’s profitability
Technology has power to all types of businesses. Law firms in particular are areas where technology has great potential to revolutionize everything. From administrative tasks to remote working, the technology helps employees streamline their responsibilities and increase the company’s profitability.
Too often, law firms lose money in subtle ways. For example, if attorneys and consultants fail to keep track of time with clients, they may lose billable time and the firm’s profitability deteriorates.
Instead, employing technology for every need in and out of the workplace will make the business more efficient and ensure it is generating precisely more revenue than before.
From 2017 to 2018, 68% of tech-driven law firms increased their profitability. Without technology, this feat would not have been possible. It’s time for all law firms to adjust to this level.
Of the technology that is out there in the world, a lot helps businesses in general, such as time tracking software. However, law firms will also find that certain systems and software make a huge contribution to their specific needs. Both overlap in this list of technologies:
- Time tracking software
- Automation of payroll accounting
- Home work
- Feedback tracker
- Internet security
These sections can sometimes be broad, but when broken down into specific devices and systems, law firms can understand their specific needs and increase profitability.
1. Time tracking software
Time tracking is important when company representatives work with customers. Talking to a customer without a timekeeper often misses billable hours, resulting in a loss of profits for the company. Instead, employees can use a system such as eBillity’s TimeTracker to precisely meet the specific needs of lawyers and billing customers.
2. Workflow automation
When it comes to administrative work, employees have a lot on their plate. From payroll to filing to proper billing of customers, these tasks provide automated solutions. DocuWare and DropBox are two common examples of resources that can be used to automatically organize e-mails, invoices, documents and contracts into the correct folders.
Something as simple as PulseHRM does payroll and billing automatically. Administrators can then focus on tasks that are not covered by automation, such as: B. Checking phone calls and making connections to get more sales.
3. Remote work
The COVID-19 pandemic has shown that employees can work from home and the company can still work efficiently. A study from Harvard suggests that at least 16% of employees will continue to work from home after the pandemic ends.
To do this effectively, employees need resources like Zoom, Slack, and Google Drive. These online resources help optimize video conferencing, communication, and cloud-based file storage and sharing. Everything happens in the blink of an eye and you can get back to work faster than ever before.
4. Management software
Business management software is one of the best ways to increase law firm profitability. Sources like Clio and MyCase offer planning, customer tracking, bookkeeping and bookkeeping, invoices, timekeeping, and case management. With Clio, Beacon Law in Houston, Texas is helping shelter people affected by homelessness.
Having a system that can organize everything in one place makes it easier for the business to understand its spending and customer debt. Employees can then compare the overall profitability for each year.
One of the most critical aspects of any form of customer-based work is communication. Feedback from customers is a necessary way to improve. For example, if a customer needs a service that a company does not provide, it can mean a loss of profit. Feedback could stimulate expansion and thus attract more customers.
This step can be as simple as setting up an exit survey that customers can fill out online from anywhere once they are done with their work at the company. Additionally, law firms can use positive feedback as testimonials on their website to influence potential clients.
Cyber security has become a major concern for businesses everywhere. Law firms need great IT teams to monitor traffic and maintain various levels of encryption. Protecting customer information is a priority for compliance and good business practice.
2020 also brought unique challenges. With cybersecurity crimes soaring by 800% during the pandemic, law firms are looking to expand legal representation to cover them and increase profits even further.
Put everything together
These technologies fall under the categories of automation, artificial intelligence (AI) and big data. They have the potential to revolutionize a law firm of any size. For example, using the metrics and data generated by these systems, companies can view trends and predict what will come next, and prepare to get to where the profits are.
With each of these steps, law firms cover all of their basics. The combination of technical tools and resources will ultimately result in a dramatic increase in law firm profitability.