Law Firm Dynamically Connects to Revenue Gains
Too often, legal firms do not accurately track activities undertaken on behalf of clients, therefore undercharging and depriving the firm of revenue opportunities.
Whether law firms are small, mid-sized or large, keeping account of the flow of documents and scans created, printed copies produced, calls placed, emails sent, and various other sundry items generated on behalf of clients can be painful, time-intensive and, most importantly, costly.
Thankfully technological advancements now ease the pain and ensure that client costs are accurately recovered so that firms are not short-changed, therefore boosting revenue.
Finance personnel and practice managers can now select digital solutions to help capture data and recover client costs. Dynamic Software Solutions’ leading Dynamic Connect platform is an example of the innovation law firms can introduce.
Dynamic Connect is a leading cloud-based platform that provides legal practices with integrated cost-recovery solutions to streamline processes, effectively monitor client activity, and increase revenue. The platform empowers firms to track print, copy, scan, email, phone, time, and sundry items and associated costs. It also provides options for scanning and end-to-end cloud printing management, which reduces IT, paper, and print costs.
Victorian-based law firm, Coote Family Lawyers, started using Dynamic Connect to assist and support a range of cost recovery processes in their practice. For printing, the firm has found the platform’s easy-to-use dashboard helps track and report client cost recovery with great results.
“We found our legacy cost recovery software was unreliable, glitchy and often limited the client costs recovered. Since using Dynamic Connect, we can see at a glance, that we now recover a significantly higher proportion of client costs – up to 50% more.
“Our bottom line has been augmented considerably, and it’s a figure that is constantly improving,” explains Stephanie Svendsen, Practice Support Manager, Coote Family Lawyers.
With Dynamic Connect, tracking client data is automated so that you can bill with certainty and without forgoing revenue. The cutting-edge platform correctly follows and allocates customer disbursement expenses for cost recovery. By automatically recording and linking costs with the relevant client, Dynamic Connect ensures that firms bill customer expenses precisely to maximise their revenue.
Dynamic Connect also helps firms increase the revenue they generate thanks to the platform’s ‘nudge’ feature. This capability gently guides staff in the direction of billing to ensure that all client activities are invoiced and not overlooked. The platform provides staff with pre-determined billing codes for various customer expenses, and staff simply choose the appropriate expense activity code.
“With Dynamic Connect, staff are automatically prompted to invoice client costs and to do so correctly, and this has also helped to improve our financial position.
“As we finetune our recoveries with Dynamic Connect, we expect that 50% figure to continue to climb. The platform is a very efficient cost-recovery tool and one that helps you effectively maximise your revenue,” stated Svendsen.
