Optimizing Law Firm Operations with Technology
EVP & Head of Corporate Development at Esquire Bank
Founder and CEO of TorkLaw
In this blog, we discuss how savvy contingency fee law firms are optimizing law firm operations with technology to meet the increased client expectations for digital access and communication, featuring insights from bestselling author, Reza Torkzadeh, founder and CEO of TorkLaw.
The Migration of Clients to Digital Channels and Technology
In today’s high-touch, highly communicative world, clients expect lawyers to meet them where they are whether it be text, real-time chat, or voice calls. Whether it’s email, text, real-time chat, or voice calls, consumers expect that these channels of communication are open to them at any time, from anyplace. Additionally, clients expect for all members of your team to be up to date with all aspects of their case whether they speak to someone on the phone one day or email someone else the next. All these typically onerous and tedious tasks can be streamlined and organized with case management and client communication software that are readily available. Additionally, the adaption of workplace communications technologies such as slack and zoom have skyrocketed since the pandemic.
To create a seamless encounter for your clients and efficient experience for your staff, you should invest in integrating technologies which will help your staff be more productive while improving client experience. Additionally, cloud computing and cloud-based phone systems allow staff to service clients from anywhere with an internet connection, enabling your office to be fully remote should you want it to be. This can help you economize on overhead such as rent and utilities for office spaces.
The Challenge of Funding Technology
The drawback to integrating these technologies is often the costs. They often have hefty implementation fees and then yearly on-going subscription fees. Most young firms are hard-pressed to write a check for these big purchases when they’re stuck in the feast and famine cash flow cycle that’s typical of contingency fee firms. A simple way to afford these technologies is a Working Capital Line of Credit. With this kind of financing, firms can pay for tech which will pay for themselves in efficiency and productivity, allowing staff take on more cases and push cases to resolution more quickly.
Another way to find the cash for new technologies is to take on a Case Cost Line of Credit. By financing case disbursements, firms free up the cash 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 helping them grow to the successes they are today.
Watch the video above, featuring Reza Torkzadeh, founder and CEO of TorkLaw, as he describes how his timely integration of technology propelled his firm ahead of competitors during the pandemic.
Meet with Esquire Bank
Optimizing law firm operations with technology can be cost prohibitive for small to medium law firms.
Learn how your law firm can finance its case costs and free up capital to invest in marketing, technology, talent, operations, case acquisition, and growth.
Speak with an Esquire Bank Business Development Officer today. Book a consultation at a time convenient to your schedule.
And, as a Thank You, we’ll provide you with a complimentary copy of Reza Torkzadeh’s bestselling book ‘The Lawyer as CEO’. Reza Torkzadeh is the founder and CEO of TorkLaw, an Irvine, California-based, personal injury law firm.
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* The information provided on (or accessed through) this blog is provided for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.
- Life Cycle Stage: Educated - Best Practices
- Content Tier: platinum
- Content Type: video