Investing in any kind of technology is a big decision for a law firm. Usually, law firms struggle to find the right kind of software, if you haven’t considered using any software.
It’s time to re-think about your decision. Why?
Because legal software such as time tracking and billing can automate various legal processes such as time tracking, billing, invoicing, and payments.
Today’s topic revolves around legal billing software, why your firm needs it and top features to look for while choosing a time legal billing software.
What does Legal Billing Software do?
At its core, legal billing software is designed to manage the billing process and complete the finances of your legal practice. But it also has other features that can make practicing easy. Some of these features include case management, document management, accounting, client communication, and more. Legal invoicing software not only speeds up the process of billing but also reduces human errors.
Law firms can free up time that they invest in manual billing and save themselves from time-tracking errors. So, in a nutshell, legal billing software can do everything that a law firm needs to manage its practice.
Why Does Your Law Firm Need Legal Billing Software?
There are various reasons why law firms need legal billing software and we are mentioning some of them below:
Increase Billable Hours
With the help of time and billing, software lawyers and firms can easily track billable hours. As the billing software automates the process of billing, you will be able to save more time as a result your billable hours will increase.
Reduce Manual Errors
By using legal billing software, lawyers and firms can reduce manual errors. As with the help of software, you don’t have to manually track time, you will be more accurate with the process of time tracking and billing.
Reduce Payment Turnaround Time
Time tracking and billing software can also increase the cash flow of your firm. The software can help you accept online payments and get you paid faster by automating the process of payments. You will be saved from late payments with the help of legal software.
Improve Client Communication
Lawyers have to stay connected with their clients and communication is the core part of a lawyer-client relationship. The invoicing software helps in better communication with clients. The software has a client portal feature that helps in communicating with clients, sharing case updates, information, files, and more.
Compliance Management
Legal billing software can help law firms in staying in compliance with necessary rules and regulations in the legal profession. The software helps in ensuring that you are tracking time accurately and billing your clients fairly.
7 Features To Look for in A Legal Billing Software
Here are a few legal billing features that are crucial for your law firms and help you grow. The top 7 features that a legal billing software must have are:
1. Automated Timer
An automated timer is a must-have feature for any legal billing software. The timer will help in recording accurate time and keep track of billable hours. You can run a timer in the background while working on a particular case and record time entry for the same.
2. Recurring Billing
A billing software should be able to make the process as easy as possible. It should automate your monthly billing cycle and save you from hassle. For instance, CaseFox provides recurring billing options. Lawyers can set up recurring billing for their clients on a weekly, monthly, or yearly basis and set up an automated billing cycle.
3. Seamless Integration with Other Platforms
Having software that integrates with different platforms is essential. This reduces the hassle of juggling between different platforms. For instance, if a legal billing software is integrated with online payment platforms and accounting platforms, it will become easier to manage the complete process of billing. Some platforms will be offering integration such as QuickBooks, PayPal, LawPay, Microsoft Office 365, Google Suite, and more.
4. Detailed Invoicing & Reporting
Any billing software that you are choosing should be able to provide you with detailed reporting options. Your firm should be able to generate customized reports on a daily, weekly, or monthly basis. Not just that invoicing is a major part of the billing process. So the software should be able to generate detailed invoices.
5. Online Payment & Accounting
For legal billing software, online payments and accounting is another must-have feature. With the help of online payment options, lawyers can easily accept payments from clients anytime, anywhere. They don’t have to go and pick a check. It reduces the turnaround time. Besides that, the accounting feature of the billing software helps with both trust and operating accounts. Lawyers can easily keep track of their trust funds, income, and expenses.
6. Client Communication
Effective client communication ensures you and the client stay on the same page with the case updates and billing process. Usually, the billing software offers a client portal feature that allows lawyers to communicate with their clients and keep them updated. Not just that, software like CaseFox also allows lawyers to accept payments online through a secure client portal.
Bonus Point:
Responsive Support
Customer support is a bridge between you and the software. You might have some issues with the software or if you cannot use any feature, you will be needing support from the software. And a responsive 24*7 available customer support will help with the issue quickly. An active customer support is necessary and can help in tackling your issues instantly.
The Bottom Line
In a nutshell, if you are not using legal billing software yet, it’s time to invest in a billing solution. Software like CaseFox can be a good option as it not only automates billing for your firm but also helps with case management, legal accounting, expense management, documents, invoicing, and more. We have mentioned some reasons why you should be investing in a billing software. While choosing a legal billing software, make sure to look for the features that we have mentioned above in the blog.