Legal billing consultants have an important job. With the responsibility to help law firms ensure that their accounting systems are sound, legal billing consultants are skilled at analyzing whether or not firms are accurate enough with their billing procedures to meet all of their desired financial goals. Below are three reasons why your law firm should take advantage of the services that a legal billing consultant can offer.
1) Legal billing consulting services are able to work with firms of all sizes.
It doesn't matter if your firm is a small operation or a larger organization. Legal billing consultants can provide value to a firm regardless of its size. Small and medium firms are focused on efficient timekeeping and submitting proper invoices according to strict billing guidelines. Many firms are required to pass their invoices through a bill review vendor to check for billing compliance prior to payment. This can be stressful for small firms that rely on quick payments and cannot wait for a bill review vendor to respond.
A legal billing consultant will help these smaller firms find smart ways to make sure that the billing is compliant before being sent to the bill review vendors, speeding up the payment process significantly. Larger firms have the added challenge of working with bigger companies and corporations. Clients of these firms generally expect a more in-depth billing approach, including itemized budgets and time-consuming reports or datasheets. Legal billing consultants can ease this stress by helping larger firms automate some of their accounting processes and generate detailed reports.
2) Legal billing consultants will help your firm measure its success towards meeting key financial metrics.
One of the best ways that any business can continue improving is to look at its current performance and then make adjustments as necessary to ensure future success. This is especially true within the financial department of the organization, and law firms are no exception to this concept. Since proper client billing is such a crucial aspect of a firm's financial health, it's important for the firm to develop appropriate goals, take the right steps to reach those objectives, and measure milestones along the way.
A legal billing consultant will guide your firm to set realistic goals and understand what needs to be done to achieve financial success. Whether your firm's partners want to decrease overdue accounts receivables or improve the cost of client acquisition, legal billing consultants will help your firm create reasonable financial performance metrics.
3) Legal billing consultants act as an extra set of eyes to audit past and current invoices.
Accurate billing is vital. Even one mistake can end up costing your firm avoidable expenses. Just as you strive to give your clients positive outcomes to their cases, you also need to be certain that you provide them with transparent and error-free bills. Legal billing consultants will check your invoices for duplicate charges, incorrect fees, and any other inconsistencies that may inadvertently appear. Failure to root out billing inaccuracies too often can eventually earn your firm a bad reputation. Legal billing consultants will confirm that your accounting processes are working as they should.
Qualified legal billing consultants will work hard to ensure that your firm is truly staying compliant for every client by following all billing guidelines. For more information about hiring a legal billing consultant, contact a local consulting firm.