How many times have you had to chase down a client payment in the last few months? Five times? Ten? Those missed or late payments can interrupt your bookkeeping efforts and derail your firm’s budget. But there’s a simple solution that may reduce the stress of getting paid: using legal e-billing tools in your practice.
In the LawPay 2024 Legal Industry Report, we discovered that law firms collected 33% more from their clients by accepting online payments. That’s 33% more money in your firm’s bank account that you can use to invest in your business.
In this article, we’ll go over what legal e-billing is, how you can choose legal e-billing software for your law firm, and how to implement it to set your team up for success.
What Is Legal E-Billing?
Legal e-billing software is a digital tool that allows your team to streamline and automate law firm billing tasks, including:
- Tracking billable hours
- Logging expenses
- Managing standard and alternative fee arrangements
- Making payments
- Processing invoices
- Trust Accounting
How to Choose the Right E-Billing Software
Choosing the best legal billing software can enhance your firm’s efficiency and ability to collect payments from your clients. Here’s how to choose the right tools for your business:
- Consider the platform’s ease of use. Make sure the platform is easy to use and can accommodate staff with different abilities.
- Look at the tool’s available integrations. Integrations let you connect the legal billing software to other tools you frequently use, like time-tracking apps or customer relationship management platforms.
- Explore the tool’s other features. Some tools offer legal e-billing as one feature among many.
- Check out the customer reviews. Read recent customer reviews as well as reviews from tech publications.
- Be mindful of pricing. Simple legal billing software ranges in price, and higher price tags may not always indicate quality.