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The legal industry is utilising more technology than ever before. Law firms understand that in order to be considered as a leader in their respective fields, incorporating both legal IT and the knowledge to power it is now essential.
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When you think about compliance, the word workflow doesn’t immediately spring to mind. Yet it should. Workflows allow a firm to provide a consistent level of service to their customers, ensuring that tasks are undertaken by those with appropriate levels of skill. A top-level fee earner shouldn’t be spending time sending out Ts & Cs and similarly, secretaries shouldn’t be examining title deeds.
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All too often law firms miss opportunities to supply their services to those who need it, simply because they’ve created a website that looks good on the outside, but their online presence is badly managed, under performing and not always readily visible to prospects.
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We all love being paid, but not necessarily the hassle of billing. With a number of moving parts – invoice generation, double entry, compliance requirements, VAT, tax, chasing bill payments – legal accounting is not always fun. Add to that the time pressure that law firms face, and you have a system that’s inefficient.
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Not all decisions to outsource are incentivised by cost savings—law firms are perhaps one of the best examples of this. For decades, corporates have been outsourcing legal work, recognising that this is the best way to get a high-quality service.
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If you’re au fait with the revised SRA Accounts Rules, you’ll know that part 3 includes handling client monies through the use of third-party managed accounts (TPMAs). These are an alternative to holding client money directly and have been permitted by the SRA since 2017. It’s part of the regulator’s ongoing focus on protecting client money by making transactions more efficient, safe and transparent. The SRA has set out guidelines in relation to their use.
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Time’s running out for the revised SRA Accounts Rules which go live on 25th November. Because the rules are a simplified version of what they were before, if you already complied, it’s entirely plausible you don’t need to do anything and may still comply now. However, we advise against this myopic course of action.
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The legal field has traditionally been inaccessible to the layperson. The nuances of the law, legal jargon, and the intricacies of different legal systems often go over an ordinary citizen’s head, and people find themselves overwhelmed when faced with the simplest of legal tasks.
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One of the biggest modern risk areas is data. And preventing it from falling in the wrong hands.
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FlashPad is an eco-friendly and innovative approach to sending all your notes from paper straight into your PMS, chosen folders or client case files.
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You are aware your IT environment is not all it should be, and it’s holding back your business. So you call in the consultants or invite a number of managed IT service providers to pitch solutions that will resolve your problems.
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Cash remains king in professional services firms, with poor cashflow being the largest contributor to the failure of law firms in recent times.
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The vision for the use of more joined-up IT within legal is now a major talking point across a good number of law firms and we’re now starting to see how this can be implemented to best effect on the
ground. Your website has the potential to be an untapped vault of yet-to-be-found wealth.
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In the wake of the General Data Protection Regulation (GDPR) and Making Tax Digital, law firms are now facing yet another wave of regulatory change. The Legal Services Board has approved changes proposed by the Solicitors Regulation Authority (SRA) under its ‘Looking to the Future’ programme. Included within the changes is a new set of accounting rules, which come into effect on 25th November 2019.
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Christine Smith, senior SaaS software consultant at Aderant, explains how the right e-billing
solution can result in efficiency, fewer rejected bills and happier clients
