Although it can be gratifying, running a law firm for many can result in a lot of stress, which can ultimately trickle down to the rest of the legal staff and attorneys, impacting their ability to do their job. Fortunately, firms do not have to deal with these issues alone or ride out these problems without any help. In fact, one of the main differences between a stressed law firm and a smart one is that smart law firms know when to outsource their work and what exactly they should outsource.
To help your firm get on this smart path, we have prepared the following post. In it, we will explore not only why law firms should outsource their back office but the four things they should start outsourcing today.
Yet, even with all these benefits, many firms are still hesitant about taking this step to outsource their work because they are not sure what services these outsourcing companies offer and how they can help them in the long run. That is why in this blog post, we will go over some of these concerns and help clarify everything you need to know about what the top legal outsourcing companies can offer you.
One of the first things you should consider outsourcing as a law firm is your administrative tasks. This is because tasks involving reception, intake, and scheduling can not only take up your whole day if you let them but hiring separate individuals to take on all these duties can end up costing your firm a significant amount of money.
Fortunately, when you outsource these critical jobs, you not only free yourself up and your team to focus on what matters most for your firm – practicing law and growing. But you leave these tasks to experts who can help your firm handle them while simultaneously increasing client satisfaction and streamlining your processes.
Handling financial matters for a law firm can be a complex matter that is best left up to the professionals. Unfortunately, hiring these professionals can mean hefty expenses, especially since you would want to find individuals who have experience with bookkeeping and can also remain compliant with the regulations.
However, there is another alternative to this problem. By outsourcing your billing and collections department to a team that has years of experience handling these accounts, you will not only receive the support you need, but you will also no longer need to hire costly full-time bookkeepers and accountants to add to your staff. Best of all, when you outsource these tasks to the right team, you can expect great results, such as collecting 90% of your revenue before your clients’ terms are even due.
Law firms know that accuracy and Trust Accounting go hand in hand, especially since this task involves dealing with client funds and keeping them separate from the law firm’s operating funds. If owners do not handle this job properly, they can be facing sanctions, significant consequences, and a slew of other issues that can forever impact their ability to practice law.
That is why finding a team that can handle Trust Accounting is often critical to a firm’s success. Luckily, when you have experts managing these records and ensuring everything is done accurately and efficiently, you can have the peace of mind knowing that your accounts are in the right hands, your processes meet statutory requirements, and you have a clear picture of how much money is coming in and leaving your firm.
Knowing how to practice law does not mean you know how to run a business. In truth, even the best lawyers may not know the most efficient ways to manage their teams, ensure they achieve positive revenue streams, and maintain solid client relationships. Thankfully, by outsourcing these business development tasks, they will not have to worry about these issues on their own.
When you hire experts to provide you with coaching help, you will be able to work with professionals with years of experience teaching you not only how to optimize your firm’s operations but walking you through all of your processes and helping you improve them.
That is why if your firm is considering back office outsourcing, but you want further information about how this can benefit your team, contact Back Office Legal today and let us show you how we can help.
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