publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
more than half of the revenue stream, it impacted cash flow. B&B knew a process change had to take place. Kim Wasilewski, B&B's CFO, says the team now has established procedures with measurable goals for getting bills out the door. They consistently get e-bills to their clients no later than the second to the last workday of each month, before all other billing and collections duties. In order to identify and make these goals attainable, the team slowly charted their processes, identifying where improvements could be made and clients' needs addressed. The team was able to do that by: • Eliminating manual and paper-intensive processes • Developing extensive staff collaboration • Creating client-driven process engineering to ensure satisfaction • Securing client feedback • Assigning the right resources for the right task and ensuring compliance before a bill leaves the door, so clients are more satisfied • Developing a redundant internal billing review process • Focusing collections processes on getting money in the door faster This approach has allowed the firm to move past the days when a staff member could only manage three e-billing clients at a time and would send Legal Electronic Data Exchange Standard (LEDES) files on floppy disks via snail mail. "Now [e-bills] go out first, with workflows and technology that expedite the process," says Billing Manager, Richard Krumm. The change implemented under Krumm's leadership has required the firm to act more like a business and less like a traditional law firm, according to B&B. The departments have developed robust e-billing data and predictive analytics and integrated that information into the firm's business strategy. The new approach is embedded throughout the firm and in the firm's relationships with clients. B&B's executive team works to ensure a consistent 18- to 36-month forward investment strategy and a consistently evolving organization. "It's important to consistently look forward at possible market evolutions, disruptions, collaboration opportunities and efficiencies," says Director of Knowledge, Innovation & Technology Strategies, Eric Hunter. STEP-BY-STEP GUIDE TO REVIEWING PROCESSES AND PROCEDURES While firms often have little say over the type of e-billing technology clients require them to use, they can control staffing and processes. Determining the optimal process is more critical now than ever. Here are some considerations for law firms conducting reviews of their current processes and procedures: • Change can be difficult for many in the legal industry because they have often spent decades doing tasks the same way. Identifying and understanding the need to review processes is the first challenge to overcome. Recognizing a problem, bottleneck or room for improvement can be difficult and can require a new perspective or fresh set of eyes. • Individuals or a team should research all policies and procedures, both formal and informal, that exist within the firm. It might take several days or even weeks to observe each person's duties and what policies and procedures that person implements each day. Note any procedures and policies that are redundant, slow down productivity or are manual in nature. • A firm should seek input from all team members. This input includes asking staff, managers and even outside partners what they would change about current approaches. Seeking such input can bring many faulty policies to light and result in a procedure that all parties are in favor of implementing. • After seeking input from team members, a firm must determine the strategy that best fits the team and firm culture, ensuring top-level support. Determining that strategy includes evaluating each policy and procedure for cost- ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 35 EFFICIENT BILLING AND FASTER PAYMENTS HELP FIRMS THRIVE