Good data helps you more efficiently manage financial resources and your legal practice overall, and legal software can be integral in helping your practice both acquire and manage this data.
In this article, we look at three areas of your firm that can be improved with greater data management in the new year: CRM, automation and financial reporting.
Improving Legal Customer Relationship Management (CRM) Efficacy
Law firms small and large generate masses of information. Without an effective way of managing it, hours of productive time will be spent sorting files, managing duplicates and avoiding slippages. This is an especially inconvenient situation if you're managing a complex client.
Customer Relationship Management, or CRM, is best accomplished through software designed expressly for the purpose and adapted to how legal firms operate. This can help you keep current and new clients in order, and also identify revenue opportunities. As an example, certain demographics your firm serves may be more receptive to some legal services over others. If you've got reliable data presented in an easy-to-understand format, you can more effectively determine which customer profiles will be receptive to which legal services, and how to position your firm to most effectively attract new clientele.
Traditional CRM software used for marketing or sales might work, but software designed for legal use is superior. Legally calibrated CRM is engineered with terminology and document management built-in.
Also, there may be situations where it would be worthwhile for your firm to reach out to previous clients. In the event there's a class-action lawsuit, you may be able to enhance the suit by contacting more individuals who have been affected. Especially if you're dealing with a large case that may have national implications, CRM software is integral in managing knowledge overall.
Automation of Tasks Requiring No Direct Involvement
Automation exemplifies a trend of change now defining legal industries. As technology has developed and the needs of society have changed, ways of managing information have also shifted. It becomes necessary to speed up basic operations that don't need conscious attention and empower legal admin staff to become fee-earners.
A lot more can be done a lot more quickly, and that leads to more profit. The time of personnel is used better, and collaterally, so also is the time of clients. That makes clients more satisfied in addition to expediting communication, tasks, and a host of other necessary day-to-day requirements.
For example, centralised document management enables more powerful search capability, and reduces or eliminates the need for hard documents. Software that powers automation in conjunction with document management can initiate updates that circulate throughout your entire system at your discretion.
Take client onboarding for instance. The documents they need to complete at the start of an engagement can be sent, collected, organised, and stored under their profile all through workflow automation. This can save hours of time for you and your client. Tedious and repetitive processes can be eliminated or substantially reduced in terms of overall complication. Things like document filing, communication, tasks and workflows, marketing, intake, and engagement can all be truncated. This leads to increased client satisfaction, productivity, and efficiency.
Optimised Financial Reporting to Facilitate Better Visibility
A more integrated legal accounting system will power more efficient financial management overall. Think of it as simplifying your processes to improve the buying power of your financial resources. There are a lot of fees to consider.
For example, the courts will have a variety of expenses your firm may well have to handle, the same is true as regards varying contractors that could be necessary for a given trial, such as a private investigator.
Also, client costs will be variable and can get complicated over time. Financial reporting visibility shows costs and profits more clearly and conveniently, allowing for better optimisation based on the most relevant data.
Taking the New Year by the Horns With the Right Practice Management Software
Regardless of the size of your legal practice, it stands to improve through the application of software designed for better legal data management. You can automate tasks, improve financial reporting, and achieve more effective client visibility through CRM. Additionally, insights in such operational areas will be fundamental in helping you determine where your practice must improve, and where operations are proceeding more smoothly than you might have thought.
LawMaster is a software option designed specifically for legal businesses, helping firms improve operations through data consolidation and the streamlining of their processes overall. Whether you're a medium, large or corporate firm, LawMaster can save time and money by helping manage data in a way that drives positive growth. Contact us to learn more.