If you happen to be a law firm, then there are two words you resonate with the most. Law and order. The law part you have covered with a roster of some very talented law professionals. But what about the order? Are all your billing records accurate? Or have your associates made minute errors that have made tracking all your finances difficult?
Have they not logged in some crucial billing hours and cost you colossal amounts of money? Most law firms have been in your situation, but they also leveraged a standard solution to get their billing affairs in order.
That’s right! Legal billing software has been driving away billing woes for top-notch law firms for quite some time now. Moreover, a 2019 report by ABA TECHREPORT states that around 74% of law firms have implemented legal billing software somehow. So, why haven’t you?
Furthermore, manual billing will eat up a lot of time and resources you can divert somewhere else to increase your law firm’s overall operational efficiency. Automating your billing lets the software worry about the laborious and mundane process.
If you still aren’t sold on integrating legal billing software for large firms with your current technology stack, read on! Here is why you must implement legal billing software right now.
Why Use Legal Billing Software in the First Place?
Aren’t you tired of suffering because your outstanding bills are causing quite some backlog? Well, all that ends once you let an automated legal billing software take over. Inefficient billing practices have been eating up the resources of law firms for years now. But before you understand the importance of legal billing software for large firms, ask yourself one question.
How much time does your firm waste on billing monthly? This question is rhetorical in no sense, and you do need to calculate the time. Only then will you realize the lack of efficiency in manual legal billing.
Manual billing demands your associates to create word documents and fill them with individual client details. If you automate this process, you save not just a couple of hours but several weeks in terms of time.
On top of all this data entry, these bills need to be vetted and checked to confirm accurate information. All this and manual error will still eat up a couple of numbers here and there, incurring losses for your firm. So if it is the efficiency you seek at your firm, let legal billing software for large firms take the helm.
Moreover, apart from saving time and adding efficiency, legal billing software offers some other advantages. Take a look.
- Offers access to your firm to update records from any device with an internet connection
- Let’s you create comprehensive contact lists
- Legal billing software for large firms is very user-friendly
- You can recover all your client data in an instant
- Keep all your information safe and secure
- Billing multiple clients at the same time is no longer a task
The Top 5 Picks for Legal Billing Software for Your Law Firm
The legal practice software market is now set to reach a projected market value of USD 2,269.92 million in the next 5 years. This means that there are many legal billing software options in the current market. How do you choose the right one? Which legal billing software is best for the specific needs of your law firm?
Well, fret not! Here are the top five legal billing software for large firms in the current market. All these software have their own USPs. So, go through the below list to choose the perfect billing software best suited to your needs.
1. TimeSolv
With over 2 decades of servicing billing software needs for some of the top law firms globally, TimeSolv is one of the best software on this list. TimeSolv is known for its flexibility, as it is perfect for both large-scale law firms and solo law practice.
Taking the first place as the legal billing software offering the most usability, TimeSolv brings a lot of pros to the table. All you need is a device with an internet connection, and you can access and update all your records instantaneously.
With flexibility being at its core, TimeSolv also paves the way for much more efficient automated invoicing with easy-to-use templates. Moreover, the software also emphasizes producing comprehensive and understandable reports. On top of all this, it also offers a plethora of other features, such as automated project planning and budgeting.
Moreover, TimeSolv also offers a multitude of integrations such as:
- QuickBooks
- Credit card processing
- Xero Accounting
- Dropbox
- Net Documents
2. Rocket Matter
Rocket Matter is easily one of the best legal billing software for small to medium-sized law firms. In essence, this software follows the ‘bill as your work’ approach and offers a wide variety of primary features such as calendar, billing and document management, collaboration management modules, etc.
On top of that, Rocket Matter can also help you bring higher efficiency to your workflows by allowing you to set custom parameters to categorize and accept cases. This way, your associates don’t have to waste time sorting cases.
Moreover, here are some of the top integrations that make the software even more user-friendly:
- QuickBooks
- Dropbox
- LexCharge
- SnapSnap Cloud
- Evernote, etc.
Besides, the ambitious company also guarantees that your firm will witness a 20% increase in revenue after integrating Rocket Matter. With that being said, the software also offers a Kanban board that helps you track cases and rule out inefficiencies and errors at bottlenecks.
The software also provides comprehensive reports to help you gauge individual user productivity and performance.
3. Clio
Having made it to the top of the list of best legal billing software for large firms, Clio offers a wide range of functionality. The software allows you to cover the A to Z of law firm functionality, all the way from intake to invoice.
Besides, this is backed by an expansive roster of features such as:
- Case management
- Document management
- Client management
- Calendaring
- Accounting
- Billing
- Online payments
- Client portal
- Time and expense tracking, etc.
On top of that, the software also offers over 200 third-party solution integrations and unlimited data storage. This functionality is spread out across a comprehensive dashboard that displays the firm’s realization, utilization, and collection rates.
Last but not least, Clio offers excellent support and technical training to help you use the software seamlessly.
4. MyCase
Another on-the-go legal billing software for large firms, MyCase offers many client intake, case management, and client billing functions. To start off, MyCase makes client intake easier by automating the client form intake process and offers features such as eSignature, a comprehensive CRM, and law firm website creation.
Moving on to case management, the software leverages calendaring, workflow automation, document management, and case analytics. These features allow you to automate all recurring case management processes and automatically categorize cases. Your associates don’t have to waste time sorting these cases out manually.
You can deploy time and expense tracking on the billing end and automate the entire invoicing process. This way, you save hours on invoicing and batch billing.
Lastly, MyCase also offers a payment portal and QuickBooks integration, adding to its functionality. Since most law firms already use Quickbooks for billing, you can simply import your previous records and feed them instantaneously to the software.
5. AbacusNext 200
AbacusNext, the last legal billing software for large firms on this list, also has a unique set of offerings. Some shared features with the other software in this list include case management, automated billing, time tracking, compatibility, etc.
Although, this technology as a service (TaaS) has a lot more to offer. One of its most popular features is the fact that it comes with pre-configured Practice Area Legal Solutions (PALS). These are presets configured according to various law specialties. (e.g., estate planning, alternative dispute resolution, civil litigation, etc.)
This way, you can simply choose a preset based on the nature of your firm. Moreover, AbacusNext also integrates:
- Microsoft office
- Infusionsoft
- Timeslips
- Nextiva
- Abacus Payment Exchange
- Fonality
In addition, all this stored data is protected by a 256-bit AES data encryption so that you don’t have to worry about data breaches.
Wrapping Up
Legal billing software for large firms is precisely what you need to streamline your workflow and bring accuracy to your billing operations. You can rest easy, let automation take over the entire billing process, and divert your firm’s valuable resources somewhere they can add more value.
Hence, if you haven’t yet, it is time to integrate legal billing software for large firms with your current technology stack to maximize operational efficiency.
You can have the best lawyers globally, but revenue growth is a distant dream if your law firm isn’t a well-oiled machine. Legal billing software is the grease you need to keep your firm running efficiently and switch gears.