How small firms use legal practice management software
Thomson Reuters Solo and Small Law Firm group recently release a survey that identified five of the top challenges face by today’s small firms. In this webinar we’ll touch on all five but will take a deep dive into three of the five challenges and demonstrate how a legal practice management system (LPM) like Rocket Matter can help solve them: 1. Spending too much time on administrative tasks and not enough practicing law – We’ll take a look at how LPMs can significantly reduce a firm’s administrative time with bill-as-you-work technology and automated tasks and workflows, and show how tasks such as billing and invoicing, which would normally take hours or days, can be condensed into minutes. 2. Cost control and expense growth – We’ll demonstrate the ability to quickly and easily access powerful in-depth reporting which allows the firm to view key performance indicators, which indicate the financial health of the firm, and identifies problem and growth areas. 3. Increasing complexity of technology – See how LPMs pay attention to the user experience by offering intuitive workflows and design.
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How small firms use legal practice management software
- 1. Top Challenges Faced by Small Firms and how Legal Practice Management Software Can Help
- 2. 1. Acquiring new client business (27%) 2. Clients demanding more for less or rate pressure from clients (21%) 3. Spending too much time on administrative tasks and not enough practicing law (15%) 4. Cost control and expense growth (13%) 5. Increasing complexity of technology (12%) 888-432-1529 | www.rocketmatter.com Top Challenges Faced by Small Firms
- 3. 888-432-1529 | www.rocketmatter.com Acquiring New Client Business Winning a new client costs as much as 10 times more than retaining an existing one
- 4. 888-432-1529 | www.rocketmatter.com Downward Pressure On Rates A median of 21% to 30% of all law firm fees came from discounted rates in 2015
- 7. Solution: Reducing Administrative Tasks 888-432-1529 | www.rocketmatter.com Matter Templates Automate your checklists and workflows Bill As You Work Run Invoice and Collect Payment Add billable time as you attend events, generate documents, etc. Time to bill with LPM is reduced to minutes, collect payment from clients in-app
- 8. Rocket Matter allows you to bill for: • Calendar Events • Tasks • +Expense/Time • In-app Timers • Documents • Notes • Email • Phone Messages • Documents created from Templates 888-432-1529 | www.rocketmatter.com
- 9. Solution: In-Depth Reporting 888-432-1529 | www.rocketmatter.com • Productivity Per User • Billable Activity by User • Expenses Report • Collections Report Regularly tracking KPIs keep you aware of your firm’s financial health and productivity!
- 10. Solution: LPM Software that’s Easy to Use 888-432-1529 | www.rocketmatter.com • User-friendly interface • Intuitive features • Gamification- a unique take on training • Demos to get your feet wet to see if Practice Management Software is right for you!
- 11. Feedback from Rocket Matter Users 888-432-1529 | www.rocketmatter.com • 30% more billable hours captured per month • 40% reduction in administrative staff needs • 23% increase in overall revenue
- 12. Nefra MacDonald nefra@rocketmatter.com 888-432-1529 | www.rocketmatter.com Tim Baran tim@rocketmatter.com Thank you from your presenters!