In every company, business financials can be summed up in a few sentences. Always. The crux is very basic.
The more money comes in, the better. The more that goes out, the worse.
If we take a look at personal injury law offices, we can examine this further and give some ideas as to what will strengthen the simple business model for its finances. Obviously, you want to grow your business and decrease the amount of money that it lost, due to mismanagement.
LawAlign’s case management software system has many ways to help your firm do this.
- Failure to recapture case expenses – Oftentimes, cases are settled or judgments are awarded and once the check is received, disbursements aren’t accurately accounted for and not repaid. A lot of lost reimbursement occurs when tracking payments for expenses isn’t done right within the firm. Our case management system has a built-in function which not only sums up your entered expenses automatically, but also enters that information into your disbursement tab, so you never forget to get repaid the exact amount of money you incurred during the case management process.
- Failure to properly disburse funds – Sometimes, clerical errors cause funds to be paid to clients incorrectly. It’s quite probable that your firm may not be able to get the client to return an overpayment, so you may simply write it off. You may not even know about the overpayment. LawAlign’s disbursement tab will calculate all funds for you, so you won’t have any errors when cutting the client’s check. This will ensure accurate accounting for every penny.
- Failure to track lost wages – If your firm isn’t properly tracking lost wage claims, not only will it fail to obtain the correct amount due to your client from the insurance company, but it will lose the ability to use a higher lost wage figure in negotiating a settlement. Wouldn’t it be better for you to tell opposing counsel or an adjuster that your client lost more time and money, rather than less? Use our employment tab to enter all lost wage data, and allow it to auto-fill the figures into your settlement tab. It’s imperative that you have the highest lost wage figures you could possibly use.
- Failure to track medical records and treatment information – The difficulties for personal injury firms in tracking medical records and treatment information is an age old problem. If your data is incorrect, missing, or not centralized, oftentimes, you will negotiate a lower settlement because you had no idea that your client treated for longer than you thought. Our case management software centralizes and tracks all medical information, clearly and concisely. Always know exactly how long your client treated, with whom and for what injuries. Get bigger settlements!
Now that we’ve covered only four of the many ways our case management software for personal injury attorneys will help grow profits and decrease lost income, continue on to our next post for more examples.
There are endless reasons why you should contact us for a free demo. You won’t regret it!
