The recent release of Amicus Cloudoffers options that enable you to set up single, weekly, biweekly, monthly, semimonthly or quarterly billing schedules. Recurring payment models offer clients the certainty of knowing what their monthly legal fees will be or, for those that may not have immediate access to funds, allow them to budget and plan payments. Depending on the practice and client demands, firms increasingly offer monthly retainer billing or a recurring payment arrangement. The hourly billing model is giving way to alternative fee arrangements. At AbacusNext we integrated APX, the Abacus Payment Exchange, with our practice management systems versus a third-party option to assure a smooth flow of billable activity directly to the billing system.Įasily Track Alternative Fee Arrangements You save time by managing your billing and payments in one place. The information needed to bill clients for your work – dates, hours, activity descriptions and client payment terms – can be most efficiently pulled directly from the firm’s legal practice management system. Use a Billing System That Integrates with Practice Management A great client experience also increases long-term loyalty, which contributes to referrals, revenue stability and future growth. An automated billing and payment process that offers flexibility and is easy for clients to use can engender client trust.Ĭonsider the following elements as you leverage legal technology to improve billing and cash flow. When it comes to invoicing and payments, automating the process is a win-win, offering business benefits to the firm, while delivering a better client experience.Īccording to Bain & Company, firms that create an engaging customer experience will recognize revenue growth 4-8% above their market. Whether your firm has two attorneys or 100, sound financial and accounting practices are critical to your business success. The bottom line is: your firm is a business. Better Practice Management Means a More Profitable Business Most attorneys would rather practice law than shuffle paperwork and take calls from clients with questions about their bill. Poor handling of routine business processes, including setting fees and handling basic accounting processes, are among the top performance issues for law firms. But like most old saws, there is a whisper of truth behind it. There are plenty of worn jokes about lawyers’ dislike of math and lack of business skills.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |