What would an additional two percent of profit do for your law firm?
What would two percent more, added to the bottom line, mean for profits per partner, or bonuses to the associates and other law firm staff? What effect would that have on law firm morale, culture, talent acquisition – and even momentum in a highly competitive environment?
There’s a more important question. If you already had the resources to improve margins, what would it take to set that in motion?
This is well within reach for many law firms.
Without raising billing rates, signing new clients, or cross-selling an existing client, all that’s needed is to make the business processes carried out by timekeepers, from the paralegal to the managing partner, more efficient. Bringing the front office in closer collaboration with the back office, and having instant, comprehensible access to billing rules and guidelines to ensure time entry and prebill review is done accurately and early in the process.