Clerical errors are unfortunately common, but they can be avoided if you have the information you need to actively prevent their frequency. These mistakes can be costly, either with minimal effect and relatively easy corrective measures, but some are very serious, with considerable impacts which can affect your business for a long time. (more…)
Profit is the most important economic goal for your law firm. It is a challenge to balance an increase in profits while reducing clients’ fees. Sure, you can pile more hours onto your already busy schedule, and you could charge higher rates than you do, but that would mean losing loyal customers and burning yourself out in the process. (more…)
Do you feel overwhelmed by accounting paperwork? Are there things which are more important to your business growth than constantly rewriting invoices and chasing late payments? Are you worried about making a costly mistake when it comes to important information?
By outsourcing all of your accounts receivable needs to an automated tracker, you will free up valuable time for yourself and your employees. You will also see an increase in timely payments and effortlessly maintain the important relationships you share with your customers. If you have been feeling weighed down by invoices and want to free up some time for yourself and your company, read ahead for ten signs you should invest in an invoice tracker. (more…)
Getting paid on time is crucial to the cash flow of your business. Late payments are unfortunately a common issue in businesses of all sizes, and it can be complicated and time consuming to chase unpaid fees. You know that keeping on good terms with your clients is important, but also that unpaid bills need to be paid–after all, the service was provided and you have put a lot of time and effort into the finished result. You have done your part, so it can feel disrespectful when your customers have an account overdue. (more…)
The concept of billable hours is changing with the times we live in. Clients are no longer charged based on estimated time, and employees are increasingly working outside of the traditional model, where wages and hours are static. Increases in both inflation and running costs means that businesses today need to make sure that they are keeping up with the pace of technology to keep their profitability and cash flow high. (more…)
In a legal world that is full of innovation and constant change, you need the skills to ensure that your own firm is successfully progressing. The Annual Law Firm’s Survey from 2017 showed that in the UK, chargeable hours continued to weaken with a further drop in average chargeable hours across all grades and bandings in the Top 50 firms. For the >5 year pqe grade in the Top 10 and Top 11-25 the average chargeable hours was 1,380 (fall of 3%) and 1,195 hours (fall of 4%). This drop was mirrored internationally in Western Europe, USA and Asia and the Far East. How can you stand out from the crowd and drive profits while maintaining client relationships and not losing any time and money in the process? (more…)