5 Undeniable Reasons It’s Really Time to Outsource Your Law Firm Billing Department
Outsourcing is an undeniable way to help your law firm become more efficient. There are several primary drivers for outsourcing: 59% of firms used outsourcing to cut costs; 57% did so for employees to focus on deep work and 31% outsourced to enhance the quality of service.* It’s time that you become more efficient by outsourcing your billing department to a highly experienced U.S.-based firm that can take your firm to the next level.
LEDES COMPLEXITY: Most, if not all of your billing staff, hate LEDES billing and the complexity of the budgeting, uploads, reporting, and follow-up. Unfortunately, when the firm celebrates a new large institutional client, your billing department shudders to think of the laborious process of adding the new client with a LEDES billing platform! Or worse, the new client is not a priority, so it sits on the “back-burner” until pressed, which delays the billing and collection process for your new client.
EXPERTISE: Outsourcing to a third-party such as B2 Management & Consulting provides you with a billing staff that has expertise in law firm billing. In its 12 years of business, B2 has employed team members with experience ranging from 5 to 35 years working with attorneys. Legal Billing expertise is our niche.
IMPROVE COLLECTIONS: Outsourcing can speed up the billing and collection cycle for your law firm since B2 makes your client invoices a priority. Your B2 team will work with your firm to establish a billing workflow. We have established processes and procedures that will improve your efficiencies. As your billing department, we monitor Work-In-Process and assist with collection of aging accounts receivables.
BEST PRACTICES: Outsourcing to a company that specializes in law firm billing will provide your firm with industry best practices. B2 team members stay current on billing trends and other best practices to keep your firm competitive. Your B2 team will provide a billing workflow template and assist you in administering the process.
CASH FLOW: Outsourcing your billing department will improve cash flow because you have a dedicated team that will ensure your billing process is efficient: timekeeper entries are posted to your practice management system, prebills distributed, bills finalized, WIP reviewed, and Aged Accounts Receivables monitored. Increased efficiencies equal improved cash flow!
B2 Management & Consulting handles approximately 2,000 client invoices per month. We have experience in handling LEDES billing on the following platforms: TyMetrix 360, Legal eXchange, CounselLink, Collaborati, LSS, Datalytics, Legal Tracker, CSC and CounselGo. Our practice management software experience include: ActionStep, Centerbase, Clio, Cosmolex, Coyote Analytics, Firm Central, Harvest, MyCase, PC Law, Practice Panther, TABS3, Timeslips, TimeSolv, and Zola Suite. If you are currently using a software not listed, we can master it quickly.
*Deloitte Global Outsourcing Survey 2020
For more information on accounting & bookkeeping services, please contact Brenda Barnes at bbarnes@b2-mgmt.com.