Accurate Legal Billing
ALB is a leading and innovative cloud and web-based platform built by industry experts and lawyers for assisting law firms across the world.
Legal Technology and Law Firm Profits. We promise that every invoice prepared and submitted by your firm is 100% compliant with your clients’ billing guidelines. There shall be no room for bill review vendors to make reductions on any of your invoices anymore. Know how your law firm’s profit margin can increase in the shortest possible time, click here to schedule a demo with us.
ALB's Powerful AI-Enabled Platform is dedicated to ensuring that for every invoice prepared by law firms across the world, 100% compliance is maintained with every single client's billing guidelines. Convert and submit your invoices to any standardised formats using ALB. To know more and schedule a demo, Click here to schedule a demo with us.
No compliance issues, no worries! To know more, Click here to schedule a demo with us. Track your budget vs spend easily and always be on top of your finances with ALB! Banes of Billing Bonuses. A severely outdated and rudimentary practice still big in many law firms across the United States is the inclusion of monthly billing bonuses in the package of their senior associates and partners.
However, these law firms do not realize that all this does is lead to worsening cash flow, given how the entire legal billing system is being revolutionized and e-billing is taking over the entire industry. While these bonuses incentivize billing for increased billable hours, what the firms need to realize is that this leads to attorneys billing for activities and expenses with virtually no regard to their clients’ billing guidelines. The necessity for advanced e-billing practices has become paramount since more and more insurance companies, Third Party Administrators and self-insured are availing the services of expert bill review vendors. Equipped with state-of-the-art technology, bill review vendors find it very easy to detect the slightest non-compliances and make suitable reductions. Watch your firms grow. Billing errors worries of the past.
Each line entry is verified for compliance. Fret no more with ALB's time tracking features. Our services don't end with just a product. Too many reduction on your invoices. We are up in the clouds. Time Tracking and Billing Software. Billable Vs Non-billable Hours: Here Is Everything You Need To Know. Unfortunately for law firms around the world, law schools do not spend as many hours as they should teaching attorneys about which activities or expenses are actually billable for, and which are not.
More often than not, lawyers don’t even realise the importance of efficient timekeeping unless they are being chased down by their firm’s billing departments for clarifications on almost every single entry created by them. Timekeeping; to be more precise, effective timekeeping is something dreaded by even the most efficient of lawyers, especially given how inevitable it is should they wish to pave a successful legal career and bring their firms good revenue. Although advancing technology has severely reduced the manual effort that goes into timekeeping, the invoices prepared accumulating these entries are filled with numerous errors resulting in extremely delayed payments, poor cash flow, having to write-off too many hours, etc.
Congratulations! Daily Activity Capture. THE COMPREHENSIVE SOLUTION TO ALL YOUR LEGAL INVOICING ISSUES. Resolving Billing Errors With The Help Of Technology. Technology has opened up possibilities that the world could not imagine existed just decades ago and every industry has reaped the bountiful benefits of technology to update its business modules and bring in plenty more revenue.
In the legal industry, the inability to maintain steady cash flow is one of the biggest financial concerns no matter whether you run a solo practice or work with hundreds of lawyers. Cash flow slumps are alarmingly common and result from various factors, among which poor billing efficiency tops the list. For all your legal invoicing purposes. Integrating with Your System with ALB and Migrating Data is Super Easy.
Comparing ALB with Other Legal Billing Software. ALB’s FOUR STEP SOLUTION TO REDUCE WRITE OFFS. Analyzing Legal Technology. A recent study of existing technology in the legal industry revealed that irrespective of size, firms relied on certain core technologies that had similar applications and functions.
Topping the list was the document management system, followed by timing and billing, case or matter management tools, financial management tools, and eDiscovery software. There is a drop-off after the top five to other law-related technologies. Anyone who works in the legal sector will not be surprised by these findings. E-BILLING AND ITS IMPACT ON LAW FIRM PROFIT MARGIN. Over the course of the past decade, Insurance Carriers, TPAs and large corporations in the US have invested over a billion dollars on bill review vendors and better bill review platforms in order to ensure that each of the panel invoice submitted to them is entirely compliant with their individual billing guidelines.
On the other hand, law firms have not competently risen to the occasion and have retained their use of outdated practice management and billing software that were developed around the late 90’s or early 00’s. None of these tools are capable of matching the optimal standards set by the tools that the bill review vendors are equipped with today. Much of my conversation with Billing Directors and Managing Partners revolves around the increasingly aggressive nature of bill review vendors across the US.
To gain further insight into why they might be becoming aggressive, we need to consider two things: The competition is rather strong. Expectations are high, as are the stakes. Technology Enhancing Financial Health of Law Firms. Law firm performance has been strong in recent years, riding a wave of demand for legal services across most practice areas.
Even with expanded demand, busy lawyers will not be reflected on the bottom line for firms without clients paying bills on time and with minimal disputes. Doing high-quality work for clients is all well and good, but if a firm cannot collect fees, the practice will not be sustainable. Utilizing software, like Accurate Legal Billing, can help law firms issue bills that are quickly approved and paid by clients, maintaining regular cashflow while protecting valuable client relationships. Accurate Bills. Keep track of your firm’s finances on the go!
Legal Billing Solutions for Law Firms Across the World. This is why your firm should now switch to ALB platform. Cloud based legal billing platform guaranteeing 100% compliance with clients’ billing guidelines. HOW TO SUCCESSFULLY IMPLEMENT TECHNOLOGY IN LAW FIRMS. The implementation of anything new: be it new software or a different process to enhance existing software is bound to be pretty challenging (heck, have you ever tried installing a new printer?).
They always say, “Change is the only constant,” but this does not overrule the fact that changes are rather difficult to deal with, no matter how big or small. The law firm setting, rooted in tradition and an apprentice system that tends to pass work methods through generations can be a particularly difficult environment to change. Irrespective of whether you run a solo practice or have hundreds of lawyers working with you, the implementation of something new should ideally be a carefully planned and executed procedure.
Visualizing Data for Law Firms. Data visualization sounds a lot like jargon, something best left to the mathematically inclined.
However, in practice, data visualization is an essential part of managing your firm and with the right tools available, is rather easy to implement. Data visualization can help firms leverage the mountains of data law firms capture during the timekeeping process in myriad ways. As humans, we tend to be rather visual.
Distinguishing between different sized objects placed on a table seems to be a much simpler task than interpreting raw data. Using data visualization graphics help in communicating the underlying meaning of the data and in making sense of what the data means. Infographics: Features of ALB. Many Sized Firms, One Billing Software. Financial Metrics You Must Know About. A crucial part of a law firm’s financial management is the regular analysis of various financial reports and metrics and making well-informed decisions based on these.
In this article, we list out the less common financial reports that your law firm necessarily needs to analyze, and the subsequent advantages for your firm. A recently published article in the ABA journal observed how clients these days do pay focus on the processes that are in place at the firm working for them. This has significantly raised the quality standards for firms who are now expected to deliver services fulfilling the metrics and pricing ranges set by each of their clients.
Certain reports are often overlooked, which when scrutinized provide a comprehensive and detailed outlook into the performance of the firms and the staff, the information gained from which play a pivotal role in the firms’ decision-making process. Accurate legal Billing (2) Accurate Legal Billing. ALB new pic. HOW TO PROTECT YOUR FIRM FROM POOR CASH FLOW IS... - Accurate Legal Billing - Quora.
Several studies, including our own extensive research, has explored various reasons why legal establishments of various sizes suffer from decline in maintenance of a good cash flow.
Through our research we deduced that there are a few issues common to most law firms and these are: loss of billable hours and invoice reductions. For detailed analysis of each of these issues and more, check out our whitepaper on the link above. Let us explore these major issues in detail. Infographic On Features of ALB. Using Technology to Forge Better Relations With Your Clients. Successful law firms are becoming more integral partners with their clients. Through the use of technology, law firms are providing services beyond legal advice, including assisting clients with better understanding their business, streamlining access to legal services, improving communication, and helping clients better control their legal spending. For law firms, connecting with clients can lead to better relationships, a more fulsome understanding of the client’s business, improved communication, and higher overall client satisfaction with the firm.
Five actions that if your law firm takes today, will improve your firm finances. Do you know that delayed or extremely delayed payments from clients will certainly hurt your firm’s cash flow? However, there are a few steps that your firm can take to maintain a good and timely collection, hence maintaining excellent cash flow. 1. Prepare Your Law Firm for the Upcoming Recession. Of global expansions, history has taught us that we are heading towards our next recession. In fact, we are currently in the second largest expansion the modern world has experienced, lasting for nearly a decade now.
On average, economy booms last no longer than 4.9 years. Following the end of the recession in 2009, America and other parts of the world have been experiencing steady economic growth. Last year, two global economy experts predicted that the upcoming recession will hit us no later than 2020 and to complicate things further, it will be definitely worse than what went down in 2008. If they are right, then the upcoming recession can be compared with the 1929-1939 economic crisis, and we all know how severe the Great Depression was. So, what does this mean for the legal providers you may ask?
How Increasing Employee Efficiency Can Reduce Write Offs. Software and professionals can be hamstrung by a lack of willingness to address lawyers’ long-established work patterns. Instead of institutionalizing efficiencies and systems, law firms have consistently turned to bill discounts and time write-offs to help address pressures from clients while maintaining long-established ways of completing client work. Write-offs may appear to be a like a retail discount, but are in fact much more damaging to a law firm’s bottom line profits. After accounting for fixed costs that are built into a billable rate (salaries, office space, etc.), discounts on an attorney’s billable time can be much steeper than they appear.
If a firm’s overhead costs account for 50% of an attorney’s billable hour and then the fee is discounted 20%, only 30% of the fee goes to the bottom line. ALB PDF.