LexCharge specializes in processing electronic payments for law firms. With extensive experience in the legal processing and software industries, the team understands the importance of properly managing law firm payments through operating and escrow accounts (IOLTA). Generate collective invoices per billing unit or payer in 1 click and have full control over the entire process. Insurance companies, third-party administrators and self-insured individuals use our legal expense management solutions to better manage legal fees, determine which costs are correct and where there are errors or overheads. Better understand all of your claims legal fees, identify cost savings, and improve processes. You need law firm management software solutions that are as flexible as your firm. Contact Easy Soft to learn more about how our technology gives your business the versatility you need to compete in a fast-paced industry. Do you know your law firm`s current collection rates? Companies that master their collection processes can see numbers in the 90th percentile. At the other end of the spectrum, some law firms struggle with recovery rates in the range of 50 to 60 percentiles. What`s even more troubling is that many law firm executives have no idea what their recovery rates are, choosing instead to treat these financial losses as business expenses. Stay in control of your invoicing process with the most advanced workflow tailored to the legal industry.
If you are an existing customer and need help setting up, maintaining, invoicing, or accessing your online account. A surprising number of small law firms still use the same type of software today. Typically, there is a billing computer. Lawyers, paralegals and other employees turn timesheets into accountants, who enter the information into invoicing software to create invoices that are sent to clients. This system is slow, error-prone and no longer practical. Lawyers can access cloud billing from anywhere with an internet connection and from any device, including a desktop or laptop, iPad or Android tablet. Lawyers have the flexibility to be where they need to be while maintaining access to file information and billing records. Technology has fundamentally changed many aspects of our personal and professional lives, including the management of law firms.
Lawyers need specialized legal invoicing and accounting software to meet the unique needs of legal practice, but they need to know all three types of products. High accounts receivable (AR) can have a huge impact on a law firm`s success and profitability – and the unique challenges of 2020 have made these issues even more pressing for small and medium-sized businesses nationwide. As we prepare for the year ahead, it`s time to take a close look at your law firm`s current collection rates and consider strategies to increase payments and reduce ROs. Do you find the idea of processing electronic payments from your legal clients? If you are a new client and have questions about our special legal response services and offers or our personalized offers. TimeSolv and LexCharge help lawyers make electronic payments seamlessly to increase revenue and reduce augmented reality. While other legal payment platforms may offer storage of payment methods and payment of individual invoices, only TimeSolv leads the way with the innovation of batch payment processing. Our team is comprised of professionals with in-house experience managing hundreds of millions of dollars in annual legal fees, law firm experience overseeing client billing and collection, data analytics specialists, and experienced project managers. Early avocado time and billing packages were much simpler and less equipped than today`s products. The first PCs that found their way into law firms had less computing power and storage, so there wasn`t much room for fancy functions.
One of the biggest problems was that business networks were almost never seen outside of big tech companies, so even large law firms used billing solutions that isolated each lawyer in a separate world. To work towards zero AR in your law firm, click this link to get a free trial of TimeSolv invoicing software for legal services. Start the year off right for a more profitable 2021. Through our subsidiary, Verdant Analytics, we offer a range of services that can help you better understand and control your external legal expenses. Networked software has significantly boosted law firm management, making billing management easier, even for complex cases that can involve dozens of lawyers, assistants, and other support staff. The biggest flaw of the network concept is that lawyers are increasingly expected to be mobile. Lawyers in many areas of expertise must be on site and work with clients, other lawyers, investigators, judges, and countless other professionals. The average recovery rate for a law firm would be 88%. While this may not sound like such a bad percentage, 12% of uncollected revenue can be tens of thousands and even hundreds of thousands of dollars. The legal accounting software TimeSolv collected data on outdated accounts of law firms. They found that the average business held about $500,000 in unpaid invoices older than 120 days from the companies examined. That`s half a million dollars of unpaid earned income.
Just as the affordable office network eliminates the need for standalone solutions, the cloud is a thing of the past, traditional networked billing software for lawyers. Cloud software stores case information in the cloud, which is a clever way to say “on the internet.” Information is stored securely, so it`s just as safe, if not safer, than if it were locked in a filing cabinet in your office. Access is limited to authorized users and is regularly backed up in the event of a disaster. It`s inexpensive and easy to network computers, so unless you`re a lonely lawyer without staff, every computer in your office should be networked. Modern time and billing software uses fast and reliable corporate networks to give every user access to a central database of case information. Users have permission levels so that each person sees only relevant information and makes only approved changes to case accounting. TimeSolv, along with LexCharge, provides law firms with the tools they need to make 2021 the year of zero AR, and here`s how: TimeSolv provides a highly secure environment to store clients` sensitive payment information, so lawyers can rest assured that they are taking sufficient steps to protect client data. Don`t forget to include the payment schedule and terms for using these payment methods in your fee agreement (see step #2).
Competing with QuickBooks may seem like a tall order, but it. While most law firms continue to use traditional billable hours, 84% of law firms do. LEX247 offers integrations with the industry-leading on-premises cloud, as well as custom integrations with legacy accounting solutions. LEX247 offers the ability to customize your own document templates for invoice homepage, invoice specifications, and credit notes. Please visit www.verdantanalytics.com for more information. LEX247 offers unparalleled flexibility when it comes to your preferred currency. Lawyers in your firm can invoice in their preferred currency, while the invoice can be issued in a completely different currency if necessary. With an ongoing commitment to law firms of all sizes, TimeSolv has streamlined the electronic payment process and even offers an innovative batch payment option. Here are some of the highlights: LexCharge has implemented the state`s IOLTA fiduciary accounting rules in its platform to ease this burden from lawyers` shoulders. Your payment solution ensures that no processing fees come from a customer`s escrow account. LEX247 allows you to seamlessly manage fiduciary accounting, making compliance with industry regulations easier and less complicated. Managing trust funds with LEX247 is simple and straightforward.
It`s no wonder the global market for customer relationship management (CRM) software. Bre has over 10 years of experience providing impressive services to law firms. Improve lead response time, automate feedback tracking, eliminate data entry, and streamline your workflow. Our CRM integrations let you do more. Superior technology and unparalleled service that brings you real value. There is no need for calculations, printing or complicated processes. Everything can be done in LEX247 in seconds. As a case manager, you can set different charges based on user, case, client, or time.
When you`re done, you can create and issue an invoice with all your preset preferences. LexCharge has responded to this challenge by developing an easy-to-understand and predictable fixed fee system for month-end expenses. Your users pay 3.00% + 30¢ per transaction for all card types (including Amex) and $2.00 per eCheck transaction. There you go. There are no monthly extras or other unexpected fees, and users only pay when they use the service.