When you hear the term Revenue Cycle Management (RCM), your mind might first associate it with the healthcare world. However, in a law office, managing your revenue cycle is just as crucial. From client intake and billing to payments and collections, every step of your firm's financial workflow needs to be streamlined and error-free. That’s where regular RCM audits come in, … [Read more...] about Revenue Cycle Management Audits: A Law Office Manager’s Guide
Time tracking
How to Give Your Collections Engine a Tuneup
When your collections process is humming along, cash flow stays steady, and everyone from partners to vendors feels confident. But over time, even the most efficient collections system can start to sputter. Let’s talk about how to give your collections machine a tuneup so you can keep your financial engine running strong. 1. Revisit Your Billing and Invoicing Processes Start … [Read more...] about How to Give Your Collections Engine a Tuneup
Navigating challenges in billing, collections, and financial management, with the shift towards alternative fee arrangements
Navigating the complexities of billing and financial management in a law office can be challenging, particularly with the shift towards alternative fee arrangements. As a law office manager, you're at the helm of ensuring that the financial aspects of the practice run smoothly, from billing and collections to overall financial planning. First, let's talk about … [Read more...] about Navigating challenges in billing, collections, and financial management, with the shift towards alternative fee arrangements
5 law firm billing practices for better cash flow
By Brenda Barnes It’s probably not a big surprise that if your firm does not have sound billing and collection practices, your cash flow will suffer. It also probably goes without saying that when cash flow suffers so does partner compensation. How can you tighten this up? First and foremost, you need to have solid billing policies that are agreed upon and followed! … [Read more...] about 5 law firm billing practices for better cash flow
6 tips for choosing legal practice management software
By Diane Camacho There continues to be a tremendous push in the legal community from practice management software companies. This has evolved from the use of cloud-based software. What should practice management software do for you? Keep all your client information in one place. Keep all your information available to you on the go. Allow you to enter your … [Read more...] about 6 tips for choosing legal practice management software
Should a lawyer do administrative tasks to save money?
By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?
Take advantage of case management software benefits
By Elizabeth Miller bio Case management software is now so popular in law firms that it is rare to hear of a firm that does not have it. The problem is that even though firms have the software, they don’t take advantage of all the benefits. Managing incoming leads and cases Give your law firm an advantage over other firms by providing potential clients with an exceptional … [Read more...] about Take advantage of case management software benefits
5 ways to keep profit on your radar
By Brenda Barnes bio Practicing law is a tough gig. There is always so much to do to ensure your practice is successful. Focusing on your clients is your first priority, but are you also keeping an eye on your firm’s financial health? After all, staying profitable is not only crucial to your success, but is also important to your clients’ success. To help you keep profit on … [Read more...] about 5 ways to keep profit on your radar
Some not-so-difficult ways to increase revenue
Need a better bottom line? Don't go the way of most firms and start "stripping the heck out of the operating costs." The real dollars come from increasing revenue. And doing that is often more common sense than magic, says financial consultant Michael R. Marget, managing director of 4L Law Firm Services in Tampa. Get under the payment wire The first and easiest way to … [Read more...] about Some not-so-difficult ways to increase revenue
Use weekly financial reporting to keep partners aware of cash flow
A Vermont manager has found that running the financial reports weekly instead of monthly is an easy way for the partners to stay always aware and in control of what's going on. They see every penny that has come in and gone out. They know how each attorney and each practice area is faring. And they know when to expect extra expenses and what the taxes are likely to be. The … [Read more...] about Use weekly financial reporting to keep partners aware of cash flow