As we said in our last post, 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.
- Reduce malpractice claims – Let’s face it, any malpractice claims will raise your liability insurance higher than it already is. This amounts to money coming out of your firm’s pocket, quite unnecessarily. Wouldn’t you rather not have any claims, as well as spend less on insurance? Most malpractice claims stem from missing statutes, so if you eliminate that, you’ll eliminate those claims. How? Purchase LawAlign’s case management software for personal injury attorneys and allow the system to auto-calculate critical dates and automatically enter them into your system. Furthermore, set them to remind you, repeatedly, a long time before they are due. Never miss a critical date or appearance and never have to defend yourself against a malpractice claim.
- Be the epitome of law office organization – It’s a fact that organization is one of the most necessary and useful tools to maximize efficiency and reduce firm errors. It is also a fact that there is a direct correlation between organization and settlements. You seek to get paid by opposition and opposing counsel, along with their adjusters, will analyze what kind of firm you are to decide whether or not you would settle for less, or they will have to pay more. Being organized and showing it, tells the world that you are fearless, not needy, professional, on your game, and will not accept a smaller offer than any other firm. You must show that you won’t be taken advantage of. You can do this through organization and LawAlign can get you there.
- Focus on your big cases – Although every client deserves the best representation, let’s be honest, some cases require much more attention than others. Oftentimes, the more needy and complex the case, the higher the settlement or judgment and profit. Stop trying to remember your important cases! Using our case management system, within seconds, know which your most important cases are. Schedule to-dos and reminders, so you are consistently working on them without a thought, and review them within seconds. Using the case management system will ensure that you are focused on your high profit files, instead of the tiny ones, raising profits and getting paid sooner.
- Evaluate your cases – When was the last time you took a look at where your profits have come from, in detail? Did you forget how important it is to evaluate where your business is going and what you should focus on? I vehemently suggest that our clients review LawAlign’s reports and know exactly which cases have been the most fruitful. The next step would obviously be marketing and advertising with a view towards that target market. Make more money with less cases by specializing.
So much of this seems obvious, from a management standpoint, however, most law office personnel simply don’t have the time to restructure and focus on raising profits and decreasing expenditures. Let LawAlign do all of the work for you. Schedule a free demo today!