Using Tech to Make Your Firm More Profitable

As a business owner, it’s your job to support your clients as effectively as possible. You spend a lot of time and money maintaining systems and processes that ensure those clients get results. But what if it were possible to maintain the same level of service at a fraction of the time and cost?

While most firms use technology like high-speed internet, cloud storage, and automated payroll systems, not all of them have explored the ways that tech can reduce operating expenses and boost productivity. There really is an app for everything these days, and some of them can make your firm a lot more profitable.

Trim Your Expenses

Firms operating on a traditional model require their associates to bill thousands of hours per year. It’s a significant amount that’s mostly due to the cost of overhead. Here are some ways that certain technologies can trim these costs:

  • Use a practice management platform that allows staff to more easily track case progress and spend less time tracking down paper trails and getting acclimated to each case after switching from a previous assignment. This can exponentially reduce the time it takes to resolve each case, allowing everyone to be more productive and take on more cases, leading to more revenue.
  • Invest in an automated client intake tool that can save several hours each month, allowing everyone to spend more time on billable tasks.

Support a More Productive Working Environment

Research by Oxford University’s Saïd Business School suggests that when employees enjoy their jobs, they are 13% more productive. In other words, sustaining a positive work environment makes good business sense. 

With work-life balance being a priority in offices these days, incorporating cloud-based technologies can boost morale by allowing employees to work from anywhere and according to their own schedules. By supporting flexibility, you’ll attract and retain the best talent, which can give your firm a competitive edge.

Improve Client Acquisition and Retention

Securing new clients is an absolute must, and lawyers spend an average of ⅓ of their non-billable time on business development. In most cases, though, it’s less expensive to retain existing customers than to find new ones, and offering great customer service can help you ‌do‌ ‌just‌ ‌that. For example:

  • When you use technology to reduce operating expenses while increasing efficiency, you can pass those savings on to your clients. When they see that you close their cases faster and at a lower cost, they’ll refer others to your firm, helping it grow.
  • Clients are more likely to stay with law firms that answer their calls and emails promptly, so using a virtual receptionist service can keep communications efficient and clients happy.

Take Your Firm to the Next Level With Technology

With‌ ‌the‌ ‌right‌ ‌technology,‌ ‌your‌ ‌firm‌ ‌can‌ ‌become more profitable than you ever imagined, so spend some time looking for processes and tools that work best for your business. In the legal profession, tech allows you to ‌do‌ ‌things‌ ‌faster‌ ‌and‌ ‌carry out ‌tasks‌ ‌that‌ ‌would‌ ‌otherwise‌ ‌be‌ impractical or impossible. Find the right solution and you won’t regret it.

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