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In the world of business, time means money. Nowhere is this truer than in the legal field, where there never seems to be enough time in the day to get everything done.
The good news is, technology can help you. The right software can save you hours of menial work, boost revenue and drastically improve a firm’s productivity. Time saved means time better spent, which means happier clients and more money.
Here are some examples of how technology can help you achieve that equation.
This is probably one of the most frustrating tasks as a lawyer and yet one of the most crucial. If time isn’t adequately tracked, it isn’t possible to bill the client for it, which means revenue is lost. Old-school methods of time tracking involve scribbling down time on notepads or sticky notes, but the margin for human error is high – notes get lost or people forget to record the time spent, especially when communicating back and forth with a client or when they’re on-the-go.
This creates a loss of revenue that can add up substantially over time. The average hourly rate for a solicitor with more than four years’ experience in the UK is £180. If a lawyer fails to record only 15 minutes of client time per day, that can add up to five hours across a month – that’s £900 of lost revenue a month! The losses go up even further if a solicitor is based in London, where the average hourly rate is £235, and if the solicitor has more experience.
Software spares you hassle and ultimately boosts revenue. Time tracking through technology is in real-time, which means you have a precise picture of how many hours you should bill, with no minutes lost. Moreover, there is a clear trail that the client can cross-reference if they want to know where the time was spent – plus, you can track time from any of your devices, wherever you are. It’s accurate, transparent and money-saving – what’s not to love?
How many times have you lost a file or not known where to locate a specific case reference? Or faced a stack of badly organised documents? Manual organisation can be tricky, even in the most streamlined law firm, because it allows space for human error. And where there is human error, there is usually a lot of time spent trying to fix it – and time is money.
Technology can solve this. Case management software can let you easily organise your documents and search through them. With the DPS matter management solution, you don’t even have to remember the name of the file – simply type in a word or phrase to locate your document. It’s that easy. And that’s only the tip of the iceberg, with functions such as email integration and electronic form completion also available via the software platform.
Court bundling is a pain – bundles can run into hundreds of pages and putting one together eats into your company’s time. DPS’s court bundling solution creates bundles in a matter of seconds. These are fully indexed and hyperlinked, so that you can quickly access any page you need, and there are various pagination formats to suit different courts. You can always make changes later, should you need it. The time you can save in this area is staggering, and ultimately streamlines your firm’s processes and boosts the bottom line.
Embracing the future
Remember, finishing these menial tasks faster doesn’t mean you’re diminishing your value as a law firm. Some lawyers believe that the more time spent, the more value they’re providing to a client. That isn’t true. The time you save with technology can be spent in more productive ways – for example, you could learn skills that could take your practice to the next level, or you could invest in research. Software can help you become a faster and better law firm, allowing you to boost profits and provide great service to your clients.
To learn more about what legal software may be right for you, get in touch with our friendly team today.