Thomson Reuters recently published a case study with the Southern California law firm of Tredway Lumsdaine & Doyle LLP (TLD Law) on the impact that Thomson Reuters eBillingHub has had on several aspects of the firm’s business. This blog — the first of three based on the case study — will look at how firms can improve back-office productivity with a comprehensive e-billing solution like eBillingHub.
Focusing on productivity across the firm
In any business, productivity is a foundational element of success. When most people think about productivity in a law firm setting, increasing billable hours is often the first thing to come to mind. But the truth is that maximizing productivity through all levels of the business is the only way to fully support the firm’s profitability and growth.
This is especially true in times of market uncertainty, budgetary concerns, and a general need to do more with less. From the front office to the back office, maximizing productivity is absolutely essential.
Learn more about the difference eBillingHub can make for your firm. Request a demo today.
How can an e-billing solution contribute to the firm’s overall productivity?
When every department in the firm is operating at maximum efficiency and with complete transparency to all stakeholders, it can only help to make the entire firm more productive. And investing in a law firm billing technology is an excellent first step. In fact, 92% of respondents to the 2020 Thomson Reuters Law Firm Business Leaders Survey said that they either currently use or plan to use or upgrade an e-billing solution in the coming year.
Case in point, as Aryn Caudillo, a Billing & Collections Specialist at TLD Law, explained in the case study, “Implementing eBillingHub has been transformational. With 360-degree visibility, we’re seeing immense productivity gains with less time spent trying to track down payments and lower risk of write-downs, plus client work can be managed more strategically.” In addition, with everyone having access to the most up-to-date information in real time, the potential for errors and miscommunication is reduced dramatically.
E-billing technology helps law firms to streamline a labor-intensive process
Another significant benefit of adopting electronic law firm billing software is the way it cuts out a lot of the manual work typically involved in the billing and collections process. As with many technologies designed to automate manual tasks, some law firm financial professionals worry that eBillingHub could put their jobs at risk. But Caudillo contends that the need for human expertise will always be critical to the firm’s success.
“In my role, what eBillingHub does is make you more efficient and helps you do your job even better. I know that some of my colleagues in other firms have worried that such a sophisticated platform might make their jobs irrelevant, but I’d argue it’s the opposite. You’re indispensable because although the system is incredibly streamlined, it still requires careful oversight and management to get the best out of it,” she says.
By freeing themselves up from the busywork in the legal billing process, financial professionals are able to focus on higher-value tasks that contribute more to the firm’s success. As Caudillo concludes, “You spend less time doing mundane tasks and more time being effective. I think it represents a bright future for professionals in this space.”
How can a comprehensive e-billing solution help your firm? Learn more.
There is no disputing the impact electronic legal billing technology can have on your firm’s productivity. If you would like to learn more about all the ways eBillingHub helped TLD law, we invite you to read the entire case study.
If you are ready for a live look at eBillingHub, request a demo today.