Katchr partners with Elite

Katchr has announced a new partnership with Elite, a leading provider of financial management and business operations solutions to the world’s most successful law firms, which will provide 3E and ProLaw clients with access to Katchr’s industry-leading law firm BI portfolio.

How to write an effective cyber incident response plan with Databarracks

In a data breach, whether or not you still have access to your data is irrelevant. If the attackers have it, it’s gone.

Your partners will never use a traditional CRM, says Intapp

Access to data — and the insights it provides — is fundamental to client success, but getting partners and professionals on board with a traditional CRM remains a challenge.

Advantages of business intelligence for retail business according to Catalyst

Business intelligence is extremely popular across a hugely vast number of different industries. In fact, over 67% of the global workforce across all industries has access to business intelligence tools. This is because it can offer an organisation so many invaluable insights that can help them to scale their business even further.

Client collaboration in the cloud with Advanced Legal

Clients are demanding better communication, quicker response times, and access to their matter status anytime, anywhere. Law firms in general are not strangers to challenges when trying to collaborate with clients, such as communication bottlenecks, inefficient data access, and slow response times.

Enhanced CQS training courses with digital conveyancing insight to be available for Access Legal customers

To help firms and legal professionals maintain their Conveyancing Quality Scheme (CQS) accreditations, Legal technology provider, Access Legal, one of the only approved providers of CQS training alongside The Law Society, launches new Update courses in line with the new 2023 – 2024 syllabus.

InfoTrack and Advanced ALB – greater functionality, less admin – 23 January 2pm

Practice and case management system Advanced ALB, now fully integrates with InfoTrack with an enhanced two-way integration, leading to easier access to data, saving time and ensuring compliance.

Cyber threats for law firms in 2024 – find out more with Access Legal

Cyber risk will continue to be a major risk for all law firms in 2020 due to the sensitive nature of the information they hold, and the substantial amounts of client money held by over 7,000 of them.

The Conveyancing Landscape Insight Report 2023 by Access Legal

The Conveyancing Landscape Insight Report 2023 by Access Legal.

Integrity matters: exploring transparency in modern legal practice with Advanced

Integrity is important to law firms, and clients are often sceptical to trust firms as well. As such, the importance of transparency in legal proceedings and client relationships is vital with financial dealings of law firms the most critical area for scrutiny. In this article, we delve into the significance of transparency in finances within law firms, and explore methods for enhancing transparency, and weigh the benefits against the potential drawbacks of not adhering to these principles.

Transparency serves as a cornerstone of trust in any professional relationship, and this holds particularly true in the legal industry. As clients place their legal matters and financial resources in the hands of law firms, they expect a high level of clarity and openness in all financial transactions. However, the legal industry has historically been criticised for its opacity in billing practices, making it difficult for clients to understand the value they receive for the fees they pay.

This is despite steps firms take to outline their position. Engagement letters will outline costs to clients, but potentially only hourly rates and projections, with a guide estimate potentially the only thing that clients can go to set their expectations. Something that can come crashing down if the matter is complex.

Law firms can take proactive steps to enhance transparency in their financial dealings and client interactions, ultimately bolstering trust and integrity. Regular updates on fees and expenses should be communicated to clients as well. By providing itemised invoices that clearly outline the services rendered, time spent, and expenses incurred, you are empowering your clients to understand the value of the legal services they receive and minimises the chances of surprises.

Embracing technology can streamline communication and transparency. Client portals can offer real-time access to case updates, billable hours, and expenses. Regular communication through emails, phone calls, or virtual meetings keeps clients informed about the progress of their cases.

While hourly billing remains common, law firms can explore alternative fee arrangements such as flat fees, contingent fees, or hybrid models. These arrangements can increase transparency by aligning the firm’s interests with the client’s goals.

The importance of transparency

Transparent billing practices foster trust and client satisfaction. When clients understand what they’re paying for, they are more likely to appreciate the value of the services rendered. Detailed invoices and open communication minimise the potential for billing disputes, leading to a smoother attorney-client relationship and improved overall experience.

Law firms that prioritise transparency can distinguish themselves in the market. Clients are more likely to choose firms that offer clear, transparent billing practices over those that don’t.

Conversely, a lack of transparency in billing processes can have several negative repercussions. Clients who feel deceived or surprised by unexpected charges are likely to lose trust in the law firm, leading to dissatisfaction and potentially creating brand detractors. In today’s digital age, a single dissatisfied client can share their negative experience online that is seen by anyone searching for more information on your firm, tarnishing the law firm’s reputation and potentially affecting future client acquisition.

Operating with non-transparent billing practices may also raise ethical concerns, damaging the law firm’s professional credibility. The loss of client trust can lead to delays with payments, disputes raised, and invoice actualisation reduced. Ultimately, a lack of transparency could lead to less customers and less revenue.

Transparency in financial matters is a vital component of modern legal practice that underscores integrity, trust, and ethical conduct. Law firms that embrace transparent billing practices and open communication stand to gain not only in terms of client relationships but also in terms of their reputation and competitiveness.