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Law firm managing partners and top-level executives continue to face a marketplace of increased competition and higher client scrutiny toward fees and expenses. As the competitive landscape in the legal industry evolves, and the financial demands of legal customers strengthen, law firms are being forced to adapt their business practices. Firms are looking for new ways to address the needs of their clients, and are focused on delivering high-quality product and outstanding customer service, while still delivering improvements to their bottom line. Optimizing processes, redefining service portfolios, recruiting top talent, and investing in technology are some of the many ways firms are looking to lower costs and remain competitive.
Opportunities exist in the back office for law firms to reduce administrative expenses, improve cash management, and increase staff performance to optimize and deliver exceptional customer service. Trends suggest that by focusing on the billing and collections function, a firm may find success in achieving these objectives. The complexity and expectations of billing and collections at law firms have increased significantly over the last several years. The evolution is driven by client demands such as:
Of course, it is not all about customer service; there are incentives for law firms to do a back-office overhaul. For example, optimizing the billing and collections function can help improve work-to-bill cycle times and minimize days sales outstanding. To achieve improved results, firms need to focus on developing policies and procedures, and implementing technologies that will produce and deliver straightforward bills to their clients. When striving to meet this goal, billing and collection functions face challenges in their ability to:
While redefining a firm's infrastructure may seem like a daunting task, improving billing and collection capabilities and standardizing procedures will pay significant dividends in both the short and long terms. Key areas of focus for this type of initiative include; policies and procedures, organizational structure, and the role of technology.
Policies and Procedures
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