Managing Your Practice
Law is not just a profession, it is also a business. It can be a daunting task to balance the management functions of a law firm with client matters, but is one that any successful business must do.
Practice Management can involve (but is not limited to):
- Staff and workload
- Software and technology
- Finance and budgeting
- Client relationships and development
These are all areas in which the Insight Legal Practice Management System can provide invaluable help.
Effective practice management is something recognised by the Law Society with the introduction of their LEXCEL practice management standard. Crucially, practices accredited against the standard have the flexibility to implement procedures that are appropriate to their circumstances. Insight Legal believes that, whether or not you are working towards LEXCEL, being able to implement processes tailored to your individual firm is essential.
Our highly adaptable Practice Management Software will give you the edge when managing your firm.
Firm Performance Vs Budgets
All nominal ledgers in the Insight Legal Practice Management System have the facility for you to set budgets. This means that in each area of income or expense, you can record and monitor how the firm is performing.
Fee Earner Performance vs Budget
As well as setting budgets for your nominal ledgers, you may wish to set either daily or monthly targets for your fee earning staff so that both you and they can see how they are performing
There are two areas of fee earner targets: time recording and billing. For fee earners who time record, you can specify a required number of time recording units that they should record in a month. Fee earners can then use either their daily time sheet or their home screen to see how much they record on a daily basis, or use the fee earner KPI or fee earner performance analysis screens to see whether they have missed, met or exceeded their target.
In terms of costs, targets can also be set for fee earners’ billing, so you both you and they can assess how they are performing in terms of both bills raised and bills paid.
The Insight Legal Practice Management System allows you to stay appraised of your Fee Earners performance with flexible budgeting and reporting.
Cash Flow Forecasting
Effective Cash Management is important to pretty much all Law Firms.
The reporting suite in the Insight Legal Practice Management System features a Cash flow forecast. This report works with the nominal ledger budgets that you set and enables firms to run up to a 12 month forecast of their income and expenditure and see how this affects the firms cash position.
Good cash flow and cash management is essential for any business.
Of course it is important to implement efficient billing processes and ensure that your clients have no reason not to pay your bills, but there may also be the occasion where you need to identify outstanding bills and perhaps chase for payment.
The Insight Legal Practice Management System gives you the tools you need to keep on top of your income.