In the demanding world of legal practice, tasks such as financial reporting can sometimes fall to the wayside. However, as highlighted by Joyce Brafford, director of partner relations at ProfitSolv during a recent episode of the Non-Eventcast podcast, law firms must remember they are businesses that need to make a profit. While mundane, financial management should be a integral aspect of operations.
Before diving into techniques, Joyce emphasized the need to identify what you really need in terms of technology. Tools should align with your firm’s needs, potentially unique billing methods, and provide easy to understand financial reporting. Jared Correia, host of the Non-Eventcast, added that adaptable software allowing the generation of custom reports is particularly beneficial.
Once you have the tools, ensure they are used consistently. Programs such as CosmoLex make it simple to access and implement detailed financial reports, even for those not as familiar with new technology. These reports provide insights beyond the basic profit and loss statements, simplifying burdensome tasks like three-way reconciliation.
Moreover, consider the benefits of unified systems, enabling centralization of tasks like intake, scheduling, billing, and more into one platform. This unification can save considerable time spent reconciling various standalone tools. An example raised was about the firm’s web presence, the core of which is the website. Brafford warned against high-cost, low-output marketing organizations, and suggested leveraging built-in features in some practice management solutions.
Generative AI is another advancement to leverage, particularly for SEO optimization. It’s ideal for generating blog post ideas and even helping with first drafts. Tools like Clearview Social have also been recommended for organized distribution of these blog posts.
Lastly, have a marketing budget. Even small investments can provide a competitive edge through Google search and social media advertising. Brafford believes local targeting on Instagram and YouTube is an inexpensive way to attract potential clients. The aim is to get a good return on investment, according to Correia.
For more insights from the podcast, click here.