Invoice automation with Agilico: Using technology to tackle late payment challenges

Late payments pose a significant challenge for UK businesses. Recent research1 reveals that over a quarter (27%) of SMEs are owed between £5,000 and £20,000 in unpaid invoices, while 55% of SMEs have seen an increase in late payments over the past year.

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.

Webinar: The future of time recording for law firms will be looked at by Advanced Legal – 21 June 2pm

With law firms looking towards alternative fee arrangements, and invoice write-offs increasing with those billing hourly, this talk looks at the importance of time recording for invoicing both by billable hours and alternative fee arrangements, as well as looks at what the future may hold for time recording practices to best satisfy their clients, achieve maximum efficiency, and achieve better business growth.

Peters and Peters benefit from Xperate’s integration expertise

Imagine your firm’s desire to acquire a state-of-the-art, best-of-breed expense reporting and invoice processing system is frustrated by the fact it won’t integrate with your long-established practice and case management system?

Intapp: Automated prebilling just got easier

For law firms without automated prebilling, proforma invoice creation entails a series of laborious manual tasks that create many opportunities for human error.

Aderant: Friday Feature – Expert Invoice OCR

This Friday, Aderant Senior Product Manager Meg Anker discusses the Expert Invoice OCR feature.

Aderant: Friday Feature – Expert Invoice OCR

Welcome to our “Friday Feature” series: a space to highlight exceptional features unique to Aderant products. Check back every Friday as we introduce new ways to improve your firm’s efficiency and ease of operations.

How Wilson Allen streamlined billing processes and increased invoice accuracy for Bevan Brittan

Bevan Brittan is a UK Top 100 national law firm providing a comprehensive range of legal and advisory services to over 800 businesses as well as being a market-leading firm within health and social care, housing, and local and central government. Its award-winning teams provide commercial, corporate, property, regulatory, employment, and litigation (commercial and clinical […]

Bevan Brittan launches Wilson Proforma Tracker to streamline billing processes and increase invoice accuracy

Wilson Allen, provider of consulting services and software that enable professional services firms to enhance business performance, today announced that Bevan Brittan LLP has gone live with Wilson Proforma Tracker software, enabling the firm to streamline its billing processes and increase invoice accuracy. Bevan Brittan produces a large number of invoices each month. Wilson Allen […]

Bevan Brittan selects Wilson Proforma Tracker to streamline billing processes and increase invoice accuracy

Third UK-Top 100 national law firm and tenth worldwide chooses Wilson Proforma Tracker to automate the work-to-bill life cycle. Wilson Allen, a leading software and services provider for professional services firms formed by the completed merger of Wilson Legal Solutions and Stanton Allen, today announced that Bevan Brittan LLP has selected Wilson Proforma Tracker software […]