Law Firms Are Implementing Law Practice Management to Build a Better Practice
AbacusNext recently commissioned a survey of law firms’ activity and decisions about software. The results revealed that 65% of all firms selected the need to increase efficiency and build a better practice as their motivation for adopting their practice management technology.
Growing focus on efficiency
Legal practice management software providers tout the productivity and efficiency benefits that result from organizing information on clients, cases, scheduling, time tracking and other practice tasks in one accessible work environment. Over 800 respondents to the survey confirmed that concept – efficiency is a key driver in the adoption of these tools.
Of those firms that had adopted legal practice management software, 65% said their motivation was a need to increase efficiency and build a better practice
The problem most are aiming to solve when adopting their technology? Many firms struggle to establish KPIs to measure efficiency, or they spend hours using manual methods to benchmark performance. Let’s look at three problems firms are aiming to solve in adopting legal tech.
Problem #1: Need to improve document organization and management
The most often mentioned challenge – named by 43% of firms – is the need to improve document organization and management. This is hardly a surprise, as the business of law revolves around creating, sharing and managing forms, files and documents. Searching for documents in a file cabinet or even a shared network drive is a time-waster.
Document management features in AbacusNext practice management platforms encourage and enable consistency in the naming, filing and organization of documents in the system. A new document can be saved in relation to the client’s name and matter and tagged by document type, author or other elements. Access can be limited to authorized firm users via role definition. The consistent organization and detailed metadata enable fast and powerful searches. Find the document you need quickly and know that you have the current version.
Problem #2: Need to improve business development and CRM
To be truly effective, a business development and client relationship management process must also be organized. If your firm is using Excel spreadsheets to track contact information for prospects and clients, you are missing out on an opportunity for business growth. You are not alone, though – over 35% of firms surveyed report that business development and CRM need improvement.
With the right CRM in place, you’ll be able to streamline workflow and ensure every detail from the business development process is preserved. Attorneys will be able to track client activity from the initial proposal through case contacts and time and billing. Any attorney or staff member can view the history of activity for a prospect or client, and this information allows them to understand and respond to client inquiries – earning client trust and building better relationships.
Problem #3: Need to improve collaboration within the firm
Effective collaboration happens when attorneys and administrative staff integrate their individual expertise to handle complex issues. When collaborating effectively, a law firm team can deliver higher-quality results to clients than a single attorney could do on his or her own.
It’s a well-documented fact that a collaborative culture contributes to bottom-line revenue, but unfortunately, 33.6% of survey respondents recognize that they have shortcomings in operations or service delivery due to insufficient collaboration.
Legal technology provides excellent options for law firms to improve their communication and collaboration both easily and effectively. Legal practice management (LPM) tools offer law firms the means to meet client demands and improve efficiency. When legal practice management software is leveraged, law firms can address the important logistical challenges we now face with a hybrid workforce:
- Video and audio conferencing
- Real-time document editing
- Case and client organization
- Real-time workflow management
- Accurate time tracking and billing
AbacusNext collaborative legal practice management tools are purpose-built for today’s remote, modern law firm. They allow for collaboration across practices, jurisdictions and time zones, giving your firm the ability to be more client focused. And the more client focused your firm is, the more profitable it will become.
To improve efficiency, choose a legal practice management system that offers document management features across the entire life cycle, from business development and client intake through final billing. When everyone in the firm can easily create, share and store information in an organized system, collaboration improves and contributes to a better bottom line.
Is it time to get legal practice management for your firm?
If the efficiency conundrum rings true for your firm, you are not alone. In a 2020 Thomson Reuters report on the state of small firms, 57% of firms with fewer than 30 attorneys acknowledged that a lack of internal efficiency is a moderate to significant challenge. And 74% of small firms reported challenges with spending too much time on administrative tasks rather than billable work. Indeed, attorneys in these firms spend almost 40% of their time on administrative tasks.
But there is a better way. Integrated practice management tools and systems can streamline your practice and focus your team, leading to higher firm efficiency, a better overall client experience and timelier fee collections. All of these in turn lead to the one thing your firm consistently tries to achieve: higher profitability.
Contact us today to learn how the right practice management system can put your firm on the path to high efficiency.
AbacusNext Is Focused on the Needs Most Important to Firms
- 70% – Cutting-edge features
- 68% – Tech support
- 68% – Work from anywhere (73% for small and solo)
- 66% – Mobile phone use (69% for small and solo)