Are we heading into a recession? Nobody seems to know.
But some of your clients are probably making business decisions as if we’re already in one.
So what capabilities should your firm be aware of?
Here, we present “recession-proofing” steps enabled by new technology — courtesy of the tech experts who joined a recent Non-Eventcast.
1) You Can Embed Payment Processing Directly Into Your Platform
The easiest way to thrive is simply to make more money.
And new technology can help you collect more of your accounts receivable — particularly as practice management software increasingly includes native payment processing.
These features include sending an invoice to a client that includes a link to make a payment, including payment links in portals, and texting payment reminders, noted Marie Burgess of Paradigm.
“There are a number of options that make it super-easy, and the easier you make it, the more likely you are to get paid.”
(Are you considering an upgrade to your workflow? Download our brand new Practice Management Buyer’s Guide today to see just how easy and cost effective this can be.)
2) You Can Maximize Billable Time
Before you can collect your accounts receivable, you need to generate the billable work itself.
Law practice management software can help you maximize the time that is billable by taking care of administrative work. This will allow you to make more money in the first place, notes Blake Roberts of Lawmatics.
“With the practice management systems and software solutions out there — the automation, the online payments – making things as flexible and easy as possible, removing every bit of friction for the firm and their client is the best recession-proof tactic I think firms can use.”
3) You Can Move Faster
While an economic downturn could lead to increased legal work in certain areas, it would also make speedy client service a top priority.
The pandemic highlighted the importance of client communication — especially clients’ need for immediate answers, noted Joshua Hostilo of Filevine.
Similarly, during times of uncertainty, clients need increased responsiveness from all aspects of their legal services.
“The clients are still looking to make money, and to get money as quickly as possible, and so with automations and the ability to move the case along at a quicker pace — I believe that is part of moving forward amid inflation and financial uncertainties,” he said.
4) You Can Make It Easier to Onboard New Lawyers
Preparing for economic downturns also means preparing for increased job movement.
In addition to automation and the items mentioned above, firms should use case management software to develop “work plans” or “rules” that can guide new lawyers through your processes, according to Igor Selizhuk of SmartAdvocate.
“So if you do get a new employee they can handle the case without spending years, weeks or months learning how to process a case,” he says.
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