The legal world is changing – at least that is what the global pandemic and current trends have shown us. More and more top lawyers now champion the notion of legal technologies, encouraging their employees to work online using apps and software designed for the industry. Indeed, these law firms are moving away from the need to spend considerable time in the office altogether. While this might be a measure to promote cohesion, collaboration, and efficiency, the main aim is almost always to cut costs and survive these challenging economic times.
These sentiments reflected in the 2020 Wolters Kluwer Future Ready Lawyer Survey findings: Performance Drivers indicate that legal professionals see technology as the top performance driver and critical to improved relationships, performance, and productivity. The Increasing Importance of Legal Technology is the top trend for 76% of respondents across Europe and the U.S., and across law firms, corporate legal departments, and business services firms.
Yet this shift is often painstakingly slow for most traditional law firms most despite Covid-19’s provocations. The spotlight will be on the best legal professionals moving ahead, with the need to increase productivity while delivering tremendous value and ROI to their customers. And most of these professionals attest that legal technologies are the way to go.
The Legal Billing System Is The Biggest Must-Have
Running a successful law firm requires efficient and accurate handling of financial transactions like managing clients’ payment and dealing with lawyers’ payroll. One of the most tangible evidence that supports legal technologies’ effectiveness is the legal billing system.
The legal billing system, often a sub-feature of legal technologies, is built with time tracking, invoicing, and accounting capabilities specific to the law industry. When the legal billing system is in place, lawyers and law firms see a marked improvement in cash flow relatively quickly.
But Why Don’t Most Law Firms Make the Shift?
Most traditional law firms are still manually running their management and accounting practice; their administrative staff would have to perform tedious calculations, create billings and disbursement activities by hand. This means diving through large unorganized files, documents, and loose receipts. As a result, it is always difficult for lawyers to bill their customers on time.
Besides, manual administrative work sometimes causes repetitions to the creation of Clients and Matters. Sometimes, it does not follow the Anti Money Laundering & Counter Financing of Terrorism (AMLA/CFT) guidelines. Most lawyers understand that adherence to these requirements is paramount to demonstrate legal firms’ compliance with the authorities’ efforts. However, manual administrative work is often fraught with errors, and traditional law firms rely heavily on their team.
The final hurdle to transforming a traditional law firm is a common perception that legal software can be very costly. Besides, most lawyers are not necessarily IT savvy, and legal offices are not always equipped with the hardware and software to enable its transformation. This dual challenge itself is a mental block for most traditional law firms and cash-strapped law startup firms.
What if we told you that Legal Technology does not have to be expensive and is very easy to implement?
No, you do not have to purchase a server. You would not need anti-virus software, nor would you need a huge cash outlay to purchase both software and hardware.
All you need to get started is CoreMatter: our proprietary cloud legal practice management system fully integrated with an Accounting and Billing system. CoreMatter is also a Microsoft World Wide Award Finalist for Cloud Excellence. It occupies an industry-standard, cloud-based solution on a Microsoft Azure platform. With this technology, you can level up your law firm in just a few minutes of registering for our service.
At just USD29.99 per month per user, you can run your law firm virtually anytime, anywhere. You can also save a ton of money and time by automating your billings and improving your accounting and practice management processes, just like the top lawyers of the world.
Upon registration, our experts can assist you with:
- redeployment consultation
- advice on database setup,
- defining roles for your firm’s users,
- activities, disbursement, practice area and system setup,
- customization of your firm’s invoice
- guidance on how you can import existing clients and matters on a best effort basis.
- hands-on user training and advice (6 hours) And that is not all.
If you schedule a demonstration now, you will receive one (1) month of usage free upon the service activation. Just click on https://corematter.biz/signup/ to sign up. For your law firm to thrive, you need to get the right legal billing system and legal technology to help you keep track of finances and save cash before you can start to see your cash flow improve. Take the first step by following the footsteps of top lawyers of today.
