law practice management case study
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Law Practice Management Case Study. Adam Maingot Emily Pabalan Mason Pokorny Amy Recla. Areas of Focus. Document management Time / Billing / Accounting Managing the Legal Calendar Website recommendations. Document Management. Document Management: Worldox ®. What it is: - PowerPoint PPT PresentationTRANSCRIPT
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LAW PRACTICE MANAGEMENT CASE STUDY
Adam MaingotEmily PabalanMason PokornyAmy Recla
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Areas of Focus Document management Time / Billing / Accounting Managing the Legal Calendar Website recommendations
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Document Management
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DOCUMENT MANAGEMENT:WORLDOX®
• What it is: A document management
system that organizes documents and puts them in their correct file (client, case)
Combines all docs into main office computer in a manageable, accessible format after scanning
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Worldox® Benefits Organizes: All docs (incoming and outgoing) are
entered into computer via scanning and linked to client’s case (links to Amicus Attorney®, etc)
Cleans up office space: allows scanned docs to be stored elsewhere, out of view
Saves time: access any file regarding any client or issue by simply clicking through files—no more sifting through piles of paper
Affordable: less than $400 per user for the license and $84/month for maintenance
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Worldox® Versions Mobile access is available for higher fee,
allowing users to access docs from any mobile device
For less fee, can consider the CompleteCloud version: no software to install, no upgrades to worry about, and at lower cost (about $150 per user per month)
All versions save attorney time and improve efficiency
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Tracking Time and Billing Clients
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Billing/Accounting – 3 dimensions of lost revenue
Inefficiency = lost hours , lost $$$
Inaccurate recognition of time = lost hours , lost $$$
Lack of business intelligence= inappropriate resource allocation, lost $$$
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Billing/Accounting - Current State
Tort Cases are billed on a contingency fee basis
Non-Tort Cases are billed on a per hour basis
Time is recorded on paper time sheets
Time sheets are routed to paralegals
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Billing/Accounting: (D1) Inefficiency
Attorneys must take time out to:- Note Time- Reconcile / tabulate
daily/weekly totals
Billable time is lost on accounting functionParalegals must take
time out to:- Reconcile / tabulate
daily/weekly totals- Entering the time
into the paycheck system.
This function could be eliminated entirely
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Billing/Accounting: (D2) Inaccuracy
Hours are lost when they are not recorded in real time.
You forget
You under-represent your time because “it took longer than expected”
You went to school for law… not calculus = “I don’t count so good” – aka careless math errors
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Billing/Accounting: (D3) Tracking
Time wasted on unprofitable ventures is revenue lost
Without an accounting/billing system, it is hard to track the profitability on the “contingency fee” stuff
What are your days in AR? Which clients pay? Which clients pay A LOT?
Your billing and Accounting System should tell you where your future efforts should be directed.
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Billing/Accounting Future State
Purchase law specific Billing and Accounting software
PC Law - 5 User Firm – 2,879.00Tabs3 – 5 User Firm – 660.00 (time)
This cost is returned after properly accounting for just 20 hours (hourly rate 150.00 * 20 hrs = 3,000)
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Billing/Accounting Future State
Immediate Benefits (from Start Up, Reboot, Reload)
Better Time Management
Efficient Hourly Billing
Discovering your true costs
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Billing/Accounting – How to: Provide training on how to use the
software Create Software Specific Policy /
Procedures to ensure everyone understands best practices
Open up PC Law Matter window and track time as it happens
Review / Reconciled total hours at the end of the billing cycle
Record ALL hours
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Billing/Accounting – How to: Schedule client bills to drop at specified
due dates. Set the weekly drop date to a finite day
of the week Tie compensation to billing metrics Pay bonuses on billing accuracy
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Billing/Accounting Future State
And most importantly:
Sit back and enjoy increased Bottom Line Profitability
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Managing the Legal Calendar
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Managing Your Calendar Case Management Software Manage your calendar as it relates
to others in your firm Variations of people and resources Day, week, month, etc. Easily changeable, easy to read and
easy to find times of availability (yourself and others)
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Recommendation Amicus Attorney
Small Firm Edition 5 users: $2,095 for
licenses + $1000 for maintenance = $3,095
Multiple Functions Works w/ WorldDox Customized to your
needs
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Considerations Questions to answer beforehand Information you will need to gather Installation Training Maintenance
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Maximizing your Website
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Website Recommendations
Include photos and bios of all attorneys Make the site interactive List all areas of law practiced Be a source of the latest information in
the field Bright colors User friendly
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Marketing Ideas Designate a “face of the firm”
Join Chamber of Commerce Join Rotary, etc. Attend charity events• Try Pay-per Click Ads• Keep in contact with prior clients and
potential clients
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Thank you!