How to choose the

right

legal accounting

software

for your firm

So you never lose touch with your money

In today’s competitive environment

profitability is paramount

‘’The ‘Golden Age’ of easily achievable double

digit organic growth is over’’...

’’Pressure on profitability has become not just a

temporary area of concern for law firm

management, but is now one of the top priorities.’’

Tony Williams and

Richard Tromans

of Jomati

Consultants LLP

But do you monitor it accurately?

Delayed (or incorrect)

bill production and credit control

could compromise the health of

your cash flow …

and consequently the profitability of your

practice.

For profitability to be managed efficiently the right

systems must be put in place

Legal accounting software is one of these

systems

and arguably, one of the most important ones that a

law firm should use.

It’s the ‘’window’’ towards your firm’s financial health.

The implications of this choice will last

for a number of years, so make sure

that you select the legal

accounting software that

corresponds to your firm’s needs.

But how do you select the right

product?

Here are a few guidelines

Can the software be integrated into a case management

system?

The answer to this question should be ‘’Yes’’

All the financial information recorded in your accounts software will be

automatically matched against the right cases and matters in your case

management software.

This integration will result in:

- less admin work

- less errors

- a faster billing process

Can you get all the information you need?

Your accounting system should provide you with all the reports you

require in order to be able to:

- track the performance of fee earners and

- the profitability of the practice

in real-time.

The financial reports should be easy to extract and

share with other interested parties.

Is the legal accounts software compliant with current

legislation?

The product should comply with:

- The SRA accounts rules and code of

Conduct

- The Legal Services Commission (LSC)

requirements

- LEXCEL

Can it join up your Fee Earning and Accounts

departments?

It should.

The integration between your legal accounts and case

management software should give way to a tighter collaboration

between the two functions of your firm.

The systems should enable you to

establish a transparent way of

working and encourage

staff to collaborate.

Involve the fee earners in the financial

side of the legal work they are carrying

out day to day.

Heard on the street

Managing Partner

‘’Optimising

processes- from silo

to end-to-end

integration’’

‘’The transformation from a separatist, silo-

like approach to business processes

that are well integrated and

aligned across functions requires

deep changes in both human behaviour

and, frequently, in the firm’s IT

platforms.’’

The money equation

Increased collaboration

between accountants

and fee earners

A quicker billing process Healthier cash flow and

profits

Looking for a product that ticks all the boxes?

Learn more about Financial Director- our legal accounting

software

• Full integration with market-leading case management software from

DPS

Allows fee earners to send payment requests, cheques, e-chits and invoices

electronically.

• Granular security model

• Ad Hoc Reporting of all the management information you need

• Lightning fast and user-friendly

Don’t let technology hold

you back

Use it to fulfill your

firm’s potential

Let us help….

www.dpssoftware.co.uk

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