Your law firm needs a solid financial plan to succeed and grow like any business. For instance, you must develop a sustainable strategy that helps you manage your firms’ cash flow and organizes all your case information in one place. Creating a sustainable strategy relies on your ability to streamline your case management. And it also requires your team to have real-time access to information.
At backdocket, our practice management software can help. But first, we want to share how your firm will benefit in the long term from developing a sustainable financial strategy now.
A sustainable financial strategy gives your practice the best chance of growing year after year, helping you reap the following benefits:
The critical factors of a successful long-term financial strategy include several daily and monthly tasks. They include actions like defining your key performance indicators (KPIs) to track your firm’s progress against your goals and putting a case management and billing strategy in place so that you stay on top of bookkeeping tasks.
Key factors also include cultivating a continual source of new prospects and managing current client caseloads effectively. By creating a pipeline of potential clients, your firm is assured a constant source of revenue. And with efficient management of existing clients, you will bring on additional cases and grow a positive reputation for your firm.
Here are the three pillars that support a long-term financial strategy:
1. Streamlined case management
An essential aspect of a sustainable financial strategy is efficient case management. Without it, you run the risk of losing potential clients and damaging your law firm’s reputation.
The right practice management software helps you streamline all aspects of case management to develop trusting and beneficial relationships with your clients. This boosts your practice’s reputation and draws in new prospects that help your firm grow.
When choosing a practice management software to support this area of your long-term financial strategy, choose an option that provides a wide range of features. Your software should perform the following functions:
2. Simplified billing
Your firm relies on client billing and claim payments to support its cash flow. Without an efficient billing process, your firm may fall behind on payments, such as rent, utilities, or even payroll. Your sustainable financial strategy should include using practice management software that simplifies your billing cycle through automation and cloud technology syncing.
Ideally, you should look for ways to simplify billing, including automatic approval levels for checks, claim ledger management, and check requests.
3. Cloud-based technology
An essential tool in maintaining your firm’s sustainable financial strategy is accessing real-time data through a cloud-based system. Real-time data provided by cloud technology allows you to operate using the most current information available, rather than waiting for updates on client payments or case details. It’s also necessary to gain insights into your firm’s KPIs and understand where you can improve.
At backdocket, we offer tangible support for your sustainable financial strategy. Our practice management software is designed specifically for small to mid-sized law firms looking to expand their practice.
And we help grow our clients’ practices by offering automated billing and streamlined practice management features rolled into one convenient cloud-based package.
If you’re curious about how backdocket can help you create a lasting financial strategy for your firm, contact us today for a free demonstration.
No tiers, no upcharges - just immediate access to all the features you'll ever need for $39.99/user/month.
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