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Legal Industry
According to the ABA, there are more than 1.2 million attorneys in the United States and over 47,000 firms. Total revenues were over 200 billion dollars in 2005. Even though the top 100 firms accounted for over $50 billion or 25% of total revenues, the fact remains that the great majority of firms have les than 50 attorneys. So, how do firms not in the AM 100 stay competitive and attract clients? Be responsive, connected and provide value.
Profitable relationships
According the legal consulting authority, Altman Weil, the number one reason clients stop using a law firm is lack of responsiveness. This should be good news to small and mid-sized firms that have a natural advantage in being responsive.
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The advances made in modern PM (practice management) applications provides an additional advantage. Even more importantly, firms that have a genuine relationship with clients will avoid malpractice, get referrals and grow their practice. Properly configured PM software facilitates communication. For example, you can classify clients according to practice area, type of client, various dates etc. so that you can quickly bring up clients based on predetermined criteria to make phone calls, send newsletters, special occasion cards, and other communications that will help you to maintain a quality, professional relationship with your clients. Stay in touch and stand out with you clients.
Based on our experience, professionals procrastinate in returning calls and otherwise being responsive primarily because they do not have the information they anticipate the clients wish to review at their fingertips. PM software eliminates this hesitation as all case related information is as close as your computer. Be responsive and provide value.
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Software for way lawyers work
An important part of practicing law is knowledge management. The ability to locate, apply and share knowledge.
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Due to the nature of law, more experienced attorneys must leverage the value of their experience and knowledge. They must share their knowledge in ways that enable associates to be most productive and effective. Document management, on-line research and tools to organize and catalog research for reuse are all features of modem PM software. Law firms are not unlike other businesses in that they make more profit once they can reuse and bill multiple times for their work product, processes and know how.
Law firms must maximize the billing ratio between partners or shareholders, associates and attorneys to yield the highest effective rate possible. Integral to this equation are billing and accounting. The ability to capture time and bill for it is imperative. There are dedicated time and billing packages as well as billing modules within PM applications.
Powerful billing modules allow for you to bill based on hourly, flat fee, minimum flat fee, progressive and other interim bases. This empowers firms to bill in such a manner as to reflect that actual way attorneys work yet all the while tracking actual hourly costs. The firm is then able to manage their productivity and profitability in a way that offers that highest value to its clients.
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General Resources
Read more about the legal industry on
Wikipeida: Law
LexisNexis launches new site for legal professionals
Only LexisNexis provides you with the innovative tools, resources and solutions you need to achieve excellence in the business and practice of law.
ABA TechShow Article
The Top Ten Causes of Malpractice and How You Can Avoid Them
An Article by Hummingbird
Matter-centric management
Customer Success Stories
We Make Practice Management Profitable