Investing in Law Firm Technology to Increase Accuracy and Productivity
In this blog, we discuss the importance of investing in law firm technology to improve your firm’s operations so you can scale law firm growth.
The Importance of Capital and Knowing Where to Invest It
Contingency law firms usually reinvest case fees back into case costs, tying up cash flow. Although this practice may result in steady growth, it typically is slow. Truly scaling a law practice requires exponential growth. One of the limiting factors is access to capital, another is knowing where to invest that capital for growth. Investing in technology to improve the accuracy, efficiency and productivity of your staff can give your firm a competitive edge to achieve that scale.
Investing in Law Firm Technology for Competitive Advantage
Whether it’s email, text, real-time chat, or voice calls, today’s consumers expect these channels of communication to be available to them at any time, from anyplace. Additionally, clients expect all members of your team to be up to date with all aspects of their case whether they speak to someone on the phone or via email. All these typically onerous and tedious tasks can be streamlined and organized with readily available case management and client communication software. These programs keep all your cases digitally available to all staff whether they are on the intake, legal, or support teams. They also allow you to keep a digital record of client communication.
These technologies can create a seamless experience for your clients while improving accuracy, efficiency and productivity of your staff. Additionally, cloud computing and cloud-based phone systems as well as workplace collaboration software such as Slack and Zoom allow staff to service clients from anywhere with an internet connection, enabling your office to be fully remote. This can help you economize on overhead, reducing costs without compromising quality of service.
Finding the Right Financing to Fund Technology
The drawback to integrating these technologies is often the costs – hefty implementation fees and yearly on-going subscription fees for service. Most firms are hard-pressed to write a check for these big purchases when they are stuck in the feast and famine cash flow cycle. This is where it is advantageous to have a knowledgeable financial partner. One way to invest in these technologies is through a Working Capital Line of Credit. With this kind of financing, firms can implement technology which will pay for itself by allowing staff take on more cases and push cases to resolution more quickly.
Another way to find the cash for new technologies is through a Case Cost Line of Credit. By financing case costs, firms free up capital tied up in case costs to reinvest in their own growth. Case Cost Financing is becoming common practice in the contingency fee industry and many industry leaders credit it with the growth they have been able to achieve.
To learn more about how to access the capital necessary for investing in law firm technology and exponential growth, read these additional blog resources:
- Leveraging Debt to Invest in Law Firm Marketing, Technology and Talent
- Embracing Law Firm Technology: Your Greatest Competitive Advantage
- Case Cost Financing: The Key to Scaling Law Firm Growth
Meet with Esquire Bank
Learn how your law firm can leverage case cost financing to free up capital that can be invested in marketing, technology, talent, operations, case acquisition, and scaling law firm growth. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.
Looking to Learn More About Law Firm Growth Strategies?
Download the eBook now, “5 Bold Strategies to Grow Your Contingency Fee Law Firm,” to get your hands on our top strategies for achieving exponential growth.
The information provided in this blog is provided for general informational purposes only. Some of the information may not be applicable or appropriate for all law firms.
- Life Cycle Stage: Educated - Best Practices
- Content Tier: platinum
- Content Type: blog