Attorneys the world over feel the pressure of boosting their billable hours. Finding that magic bullet to most efficiently manage operations while increasingly taking on more clients continues to elude most law firms.
But it shouldn’t.
Technology makes it possible for law firms of all sizes to level the playing field and grow their revenue and margins without sacrificing precious time.
Increasing Your Profit Margins with Technology
The math on profitability is simple: your firm will be most profitable when you can reduce expenses and boost revenue. And while revenue is important, maintaining – and increasing – your profit margin is necessary for long-term success.
The right technology solution should offer a healthy return on investment and help you automate more processes so you can save time and money. With fewer expenses and more streamlined processes in place, you can grow your bottom line.
Here are a few ways new legal technology should help you reduce costs so you can increase your profit margin.
- Automate as much as you can – There are countless processes you can easily automate in a law firm on Macs. As you decide which to start with, think through your firm’s daily operations and consider which workflow processes are most frequently performed. Start with low-hanging fruit like automating your new client intake process and work through where else you can gain efficiencies by automating repetitive processes. As a bonus, automation also offers peace of mind. Your staff only has so much mental bandwidth. The act of having to remember to do a 5-minute task is probably more costly than the 5 minutes itself.
- Outsource services like IT – You will make the most efficient use of your budget when you’re only paying for the services you really need. Paying full-time staff to do a part-time job is unnecessary overhead. Moreover, you can tap into a full team of experts when you hire out your IT services rather than relying on a leaner in-house staff.
- Track everything – Data is your friend. You should know how every billable hour is being spent. If you don’t like what you see, set new goals to change them. For a list of tools to help you track time efficiently, check out these resources.
As you consider ways to trim expenses and look for opportunities to increase revenue, evaluate your current technology. Our team at Honeycrisp can help. Give us a call anytime at (305) 600-3309 with your questions.