A law firm is a complicated issue for management as there are so many components of what the firm actually does. There is the human side, assisting people in very difficult situations, and there is also the business side that has to handle attorney billing, following up on past due invoices and even ensuring retainers are maintained.
When it comes to the business side, attorney billing can be handled one of two ways. One is to have a secretary, bookkeeper or accounting staff member run monthly bills, ensure retainers are topped up, and follow-up on any clients behind on their payments. The other option is to outsource all this work to a company specializing in attorney billing services.
Comparing the two will help you to determine which is the best option for your practice now and in the future.
Time and Staff Labor Costs
The time your staff member or your accounting group takes each month in processing attorney billing statements may be significant. After all, this is not their area of expertise; it is just one of the many tasks they have to handle.
In addition, don’t forget the time throughout the month spent in checking delinquent accounts, sending follow-up notices and in attempting to resolve outstanding accounts. Each hour spent doing these activities is not only a lost hour of time, but it is also lost productivity in handling other more important jobs.
Cost of Materials
Billing isn’t just the cost of labor and time away from other tasks for your staff. It is also the cost of printers, paper, envelopes, stamps, trips to the Post Office, and, of course, the cost of printer ink. It is also wear and tear on your equipment as well as the cost of software to manage your attorney billing data and generate the monthly bills.
The Outsourcing Option
When you choose to use a third-party attorney billing service these costs are gone. There is no time spent by your accounting or office management team, freeing them up to do their regular work on your behalf.
There is no need to buy all the supplies, run your printer to generate all the bills, or tie up a computer for a day to get the information from the database onto the printed copies.
All of this, including the folding and mailing, as well as the follow-up on accounts, is all done for you. In turn, you simply pay the monthly fee, making your attorney billing as simple and streamlined as possible.
If you compare the pros and cons of doing your own billing with Omneity attorney billing services the right choice is clear. To learn more about our services go to website.