Billing management is one of the most important facets of law firm operations. The failure to manage billings the right way can result in delayed payments and poor customer satisfaction, among other things. Read on and we’ll let you know some of the best practices for billing management in law firms.
1. Use a Law Firm Billing Software
By investing in legal billing software, you can be free of billing headaches. It can automate processes, which also means that there is a lesser chance of committing an error. You can also use the right software for creating and customizing invoices. Plus, it can offer clients the option to pay online, which is a great way to make your legal services more accessible and convenient.
Looking for law firm billing software to use? Among others, one option that should be on your list is RocketMatter.
2. Be as Descriptive as Possible
To improve billing management, it is important to be as descriptive as possible. Your timesheets should allow you to clarify to the client every dollar that you are billing. This also calls for the need to avoid block billing. Avoid being too general with the descriptions. This can be a cause of complaints. By being as descriptive as possible, there is a lesser likelihood that there will be a pushback from the client.
3. Track Billables Effectively
Gone are the days when tracking billables is done manually using pen and paper. With the current legal technology transformation, billables are recorded electronically and automatically. With the use of the right tools, billable tracking will be more accurate, which can lead to a higher level of customer satisfaction.
4. Provide Multiple Modes of Payment
Convenience is one of the most important in billing management for law firms. Provide your clients with convenient modes of payment. While cash is king, this isn’t the ideal way to accept payments. In this digital era, you should be accepting online payments. You can also provide a QR code that clients can scan to settle their bills in an instant. This is a great way to take your customer service to the next level.
5. Sign a Contract
Make sure that there is a contract between the client and the law firm that outlines the specifics of billing, such as the due date. By putting everything in writing, you will have a legally binding tool that you can use in case the client fails to meet the payment deadlines.
6. Train Your Employees
Especially in small law firms, someone must be accountable for handling all the billing concerns of the organization. Provide the necessary training, especially when it comes to the use of legal billing software. When you train people handling billing in the firm, they will be more effective and efficient at what they are doing.
Billing management can be a nightmare in many law firms. The latter, however, is only the case when there is a lack of the right approach to billing. From using the right software to training employees, take note of our recommendations above to improve billing practices in the law firm.