Successful legal billing is essential for the financial success of your law firm. By following these tips, you can improve your billing practices and get paid faster:
- Use a time tracking system. A time tracking system will help you to accurately track your time and ensure that you are charging clients for all of your billable work.
- Bill regularly. It’s important to bill your clients regularly, typically on a monthly basis. This will help you to get paid faster and avoid disputes over fees.
- Be clear and transparent about your billing practices. When you first engage with a client, be clear and transparent about your billing practices. This includes explaining your hourly rate, billing increments, and any other relevant fees.
- Provide detailed invoices. Your invoices should be clear and detailed, outlining the services provided, the time spent on each task, and the associated costs.
- Follow up on unpaid invoices promptly. If a client does not pay their invoice on time, follow up with them promptly. This may involve sending a reminder email or calling them to discuss the invoice.
In addition to the above tips, offering multiple payment methods, alternative fee arrangements and using a legal billing software can help you make your clients experience less stressful while ultimately saving you time and money.
ATB Partner, Lawmatics, has put together a comprehensive checklist to provide you with everything you need to know about legal billing. Click on Exercise Files to read more!