The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/271291
PEER TO PEER: THE QUARTERLY MAGA ZINE OF ILTA BEST PRACTICES 14 that involve a degree of automation and standardization, firms will minimize the chance of human error and the risk of delayed delivery and cash receipts. Quality e-billing data can also provide firms with a wealth of business intelligence that can be used to develop client- and lawyer-centric metrics. Firms should also look for proactive approaches to avoid violating client guidelines before bills are generated. By thoughtfully selecting and implementing mechanisms, processes and procedures that enable billing operators to identify guideline violations before they submit e-bills, firms can compress the cycle time for revenue collection. PROVIDE THE RIGHT TRAINING Identifying the right e-billing technology is just one aspect of a successful program. A great deal of satisfactory client service also relates to education and training. Law firms should look for applications that can centralize and manage training points to better leverage e-billing best practices. Firms also need to find ways to break down the barriers between financial managers and those submitting the bills, so no one is working in a vacuum. Firms must tailor training and workflows to different groups: staff handling e-billing, timekeepers who record time entries and managing partners and executive committee members. • Staff: Billing operators who submit the bills need to be trained fully on technology solutions, so they can leverage all the features the firm has paid for. They also must be trained to increase their effectiveness, such as improving the cycle time from when the bill is submitted to when it is paid. Law firms should also establish benchmarks in order to measure the workloads and performance of their billing staff. • Timekeepers: For timekeepers, training should educate every employee on delivering the most efficient and effective service to clients. This often can be boiled down to asking two simple questions: Does the time entry provide adequate detail related to the services delivered; and does it require specific legal training to provide the service? If the answer to both questions is affirmative, lawyers and paralegals have already done a great deal to ensure that the e-bill will comply with client guidelines. • Managing Partners and Executive Committee Members: Those who lead law firms should be attuned to e-billing needs and challenges. They should know where the problems with e-billing lie and which clients reject the most bills. They should also know how much of their total revenue is collected through e-billing and how e-billing processes can impact revenue collections. Consider a typical law firm. If 70 percent of the firm's revenues are subject to client e-billing guidelines, it is possible that clients are rejecting or reducing payment immediately on up to 40 or 50 percent of those bills. Those numbers can add up quickly and have a significant negative impact. With the right e-billing programs, optimized configuration and smart use of metrics, a firm easily can access critical information that will allow it to improve billing rate realization and see an increase in revenue. A CLEAN BILL OF HEALTH As new technologies are created and client expectations rise, law firms need to keep pace if they want to have a satisfied client base. For many firms, overhauling their technology platforms is a daunting prospect. Yet when firms fail to do so, client relationships can be compromised, and they often turn to lawyers who are more tech savvy. Education is the critical area of effective timekeeping practices. Proactive sharing of related performance metrics will enable firms to set themselves apart from their competition. view the categories and submit your nominations online at awards.iltanet.org