Great software directly impacts and benefits your productivity and efficiency. It affords a strategic optimization of time and results in an increase in profitability.
Efficient software allows firms to:
- Do the same work in less time
- Enhance efficiency and productivity
- Increase your hourly rate significantly
- Make more money by freeing up time to work on new matters and acquire new clients
- Earn the same income, while working less
If law firms utilized innovative technology to accurately time record how long it takes them to complete their matters, they would be able to discover their true earning potential. When firms finally evaluate their processes, they realize they are devaluing their services. Thus, they can charge a higher rate than what they are currently charging. After assessing the time spent on their matters, many firms realize they are taking too long for the fees they are charging. An all-encompassing legal software management system that enhances productivity is largely the solution.
It is imperative to mention at this point that competition, of course, drives down price and caps small law firms’ ability to charge their clients from what they would ideally like to charge. As a direct consequence, this makes productivity and efficiency the most crucial concern. If small law firms are forced to charge a lower price due to competition, then they need to complete their matters faster to remain profitable.
In addition to helping small law firms work out their hourly rate, effective software with time recording allows them to monitor their staff. It gives them the ability to obtain complete transparency of their staff’s productivity. As a result, they will have a better grasp of the status of their practice.