Monday, April 11, 2005

Improving law firm cash flow

How many times has the head of a firm's billing department heard the comment "I lost your invoice, can you send me another one"?

No doubt, countless times.

Law firm portals help deal with this issue. By posting invoices on a secure internet site, they are always available to clients. This eliminates the "lost invoice" issue which then, if for no other reason other than for a client to avoid embarrassment, triggers a more timely payment on invoices by clients.

Law firm portals also facilitate a client's review of an invoice. One can full-text search an invoice for a quicker review, or download the invoice to their PC if they wish to scan and review it in an electronic manner.

And, although it is a somewhat minor point, it is also true that posting invoices on a law firm portal and then sending an automatic email based on the invoice posting will get the invoice in the hands of a client instantly. No more mailroom delays, interoffice mail confusion, etc... The invoice is just posted, and it is there.

So, for all of the above reasons, if cash flow is a concern of a law firm, consider using law firm portal internet technologies to try and collect monies as quickly as possible. It is sure to be a wise investment.