Efficient Billing and Increased Payment Velocity Help Firms Thriveaderantuser
Over the last decade, law firms have felt pressure from a faltering economy and client mandates to reduce costs and utilize e-billing. Even as the economy improves, law firms find themselves grappling with the need to be responsive to their clients’ billing demands, while juggling multiple technologies and often outdated business processes. In order to thrive in the new business reality, firms must find ways to streamline billing to collect revenue faster, take advantage of data to allow for more visibility into financial relationships and make smarter business decisions.
While the challenges are considerable, law firms can respond by taking advantage of innovative technology and business processes. By understanding recent history, current issues and others’ successful billing improvements, law firms can structure their own new business processes and select tools to give them competitive advantages.