There was a time when law firms and attorneys used to manually calculate the total billable hours and other aspects related to client projects. There are several firms that still do it manually but the good news is that now you or your firm can use billing software created specifically to handle billing by law firms. Isn't that great news?
The truth is that a law firm billing software can provide law firms across the world with time as well as billing capabilities. Whether it is for attorneys working in a small law firm or clients in medium to large law firms, a billing software can take care of most of the billing information, details, and update. The modern day software has robust features that help it to perform at high efficiency levels and thus streamline all client billing activities.
The key to a law firm's profitability is tracking as well as managing time and expenses and this is exactly what a law firm billing software has been created to do. This is a software that will provide state-of-the art technology and solution both online and offline. Most of the top companies who are marketing their software also offer customer service or technical help in case you are unable to use the software properly. The different functionalities and benefits of a law firm billing software include:
1. It is a great solution for lawyers as it offers multiple functionalities
2. The law firm billing software offers narrative replacement codes that can help you to quickly enter any frequently used descriptions
3. These software's have multiple timers that have the ability to concurrently manage time
4. It conflicts management in order to search for related parties with ease
5. You can take advantage of the Trust Accounts in case you need to manage any third party account
6. Most of the activities of the law firm billing software are coded with Uniform Task-Based Management System
7. The file format used is Legal Electronic Data Exchange Standard or LEDES 98
8. You will be able to maximize profitability due to high quality time tracking
9. It will initiate the process of quicker bill presentment and thus improve overall cash flow
10. Using the software you will be able to reduce any kind of billing disputes you're your clients or customers and will also be able to get immediate approval for your billable tasks
11. Using the billing system of the tracking software you can create a practice dashboard where you will be able to see the financial pulse of your actual business
12. Using the law firm billing software will enable your clients to make faster payment through credit cards
13. The law firm billing software will help you to keep track of total time as well as expenses offline and for this you will need to install a desktop application. The best thing is that the software is easy to use and you will get technical help from the company marketing the product.