The advantages of a unified practice management solution
Legal technology makes running a practice much easier. But operating disparate systems can get unruly. If you manage a law firm’s business functions, you know too well how many moving parts there are to track. Most likely, you use various software packages to help you efficiently handle finances, client matters, and many other duties.
Then one day, you might have realized that you’re having to manage many different tools to handle all those tasks. You’re spending more and more time updating information across multiple platforms, ensuring you have the latest versions of each software, and keeping clients abreast of all the information related to their matters. Weren’t all these tools supposed to save time?
There is a solution to the challenge of managing multiple tools. You’ve probably heard of practice management software. The idea behind it is to put all these functions in one toolbox.
But there are numerous different platforms with different strengths. A new white paper from Thomson Reuters can help you sort through your options so that you’re getting the practice management software that best helps you handle all of these tasks.
Even if your firm doesn’t use many forms of tech, you might find that a good practice management platform can improve the way you operate.
So, what should I look for in a practice management software package?
That depends, of course, on the tasks you need to handle. But many firms are using practice management platforms for the following roles:
Firm financials
A practice management solution should include a robust financial management component. You must be able to streamline accounting, time and billing, invoicing, and related functions.
Client and matter management
From initial client intake to the conclusion of a matter, there are countless steps and logistics to manage. A comprehensive practice management solution helps to streamline these activities and keep matters on track.
Business development
You’ll want a management solution that provides an easy way to track client contacts and their business responsibilities. This can make it possible for you to stay on top of what’s happening across client organizations and even anticipate their future legal needs.
Risk
As a lawyer, you have plenty of risks to handle. You have to screen client contacts to avoid conflicts of interest. You need to protect sensitive client data. The list goes on. Many firms use practice management software to automate essential activities that support risk management.
A well-designed software package also allows all of these functions to interconnect. An example is Thomson Reuters ProLaw, a management platform built specifically for law firms.
So why should I make this big investment of time and money?
The main reason is that the right practice management software can save both for your firm. But there’s another big reason, one that might be especially true if your firm doesn’t have a large tech toolbox.
More and more clients evaluate potential legal representatives based on their use of tech – or lack of it. They realize that tech-savvy lawyers can provide them with accurate answers that they often need right now.
Successful law firms are using technology that minimizes the potential for human error. Bringing those solutions together on a single platform eliminates the need for repetitive input and helps to ensure accuracy across all applications.
But it’s crucial to get practice management software that really does what you need it to do – and can grow and evolve with your practice. You can learn more by downloading the new white paper from Thomson Reuters, How to get what you need (and what you want) out of legal practice management software.
