Knowing Your Worth: How to Deal with Billing and Timekeeping
Lawyers need to maintain up-to-date with their practice, understanding specific state considerations and any potential adjustments that will impact how they handle their clients. Although they must stay updated on legal developments, they must also ensure that their client management is up to par with competitive service providers in other industries.
The balance of practicing law and managing a business
A lawyer’s selling point is their effectiveness and experience, which is noticeable through the quality of their output and timeliness of its delivery. This is why accounting firms need to be particular about their timekeeping to match their billing. If a practicing lawyer doesn’t know their worth in terms of payment and service, they will have issues with maintaining their business in the long-term.
In this article, we’ll share three timekeeping practices that let you define your relationship between service provider and employer.
Integrate your billing with all your outputs and processes
A legal professional needs to prioritize their worth in terms of accounting for every task in their workflow process as a billable act. It’s a similar procedure that doctors would price their patients for curing a complex illness or mechanics in identifying the time and expertise needed to perform a certain repair. Your firm must add a time-card that organizes every step in your production process to ensure that you’re providing work of an accurate and realistic standard. This allows your clients to shoulder the right compensation for your services.
Use modern tools to assist in organizing your processes
The only way to have an accurate computation for your quote is by using a billing and timekeeping system to update and improve with ease easily. Unlike traditional client interactions, you can go beyond servicing your clients besides meeting them in person. Most of your work can happen outside your face-to-face interactions. Because of this, you should be able to record your time and track your expenses wherever you are and whatever you’re doing.
There are numerous billing and timekeeping tools in the market that vendors sell to professionals in the industry. Since it’s a necessary component in staying organized in your practice, you must subscribe to a reliable package that will allow you to perform your work as effectively as possible.
Accommodate your clients’ payment plans
Law firms have varying payment methods, from retainer fees to settlement percentages. This is why it’s necessary to establish your billing negotiations with your clients right away. It can be beneficial to allow several payment options to cater to their financial situation. Accepting credit card payments is usually the best way to shoulder large fees and sums from their overall costing. Additionally, integrating credit card payments in your billing system will make it easier for you to track deposits to your trust account to avoid dealing with issues with problematic clients.
Every trade professional must be conscious about how they will gauge their service’s worth as a product worth leveraging to potential clients. This applies to any professional service provider, from mechanics to digital marketing experts. Law firms and legal departments that want to ensure quality output have to utilize modern tools to measure and organize their workflow appropriately. For this reason, many practitioners use bespoke business software that can provide modern solutions for their specific needs.
Having tailor-fit solutions allows any business to run smoother and more effectively, regardless of what industry they’re in. At Legal Technology Finder, we provide the best legal timekeeping management software to allow law firms and legal departments to perform proper document management, eBilling, matter management, and more! Contact us today and find the right subscription plan for you!