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Most Important Features of a Practice Management System for Law Firms

by PracticeLeague

Practice Management Systems have been in use for a while, but with time, they have become more advanced and comprehensive, encompassing the most useful features needed by lawyers right now.

It is important to keep in mind that technology should be adjusted to fit the law firm’s processes and not the other way round. Each firm has specific needs, but largely there are a few important features that are commonly needed by firms.

Here’s a look at the most important features in a Practice Management System.

Matter management

For any type of matter, litigation or corporate, it is important to have all the relevant data pertaining to that matter close at hand. This visibility into the matter is necessary since lawyers need all contacts, documents, contracts, emails, records, etc. and a Matter Management System can provide that in a single view.

Activity Management

Tracking timesheets, court updates, out-of-pocket expenses, etc. is one of the most important requirements of any law firm. Whether billable or non-billable, each activity should be tracked to gauge the efficiency and growth of a law firm. Moreover, these activities are critical for accurate billing too.

Time tracking

Billing practices differ from lawyer to lawyer, but one of the most common form of billing is on an hourly basis. This is why having a feature to track the amount of hours worked on a matter is necessary, as doing it manually is not always possible or accurate.

Billing

Recording the number of hours worked is the first part, but next comes the actual billing of those hours. Creating the invoice manually by consolidating all timesheets of various lawyers and calculating the number of billable hours is time consuming, but with a Practice management System, lawyers can use an easy and automatic way. Automatically billing the number of hours recorded, and generating an invoice at the end of every matter is a boon and allows you to be accurate and on time.

Payments

Just like billing, it is important to accurately track payments, overdue invoices, TDS, pending amounts, etc. Managing receivables becomes very easy with a Practice Management System as you can not only enter payment information against final invoices, but you also receive reminders for all pending invoices on a periodic basis.

Calendaring

Missing deadlines isn’t an option for lawyers and hence they live by their calendars. Having features such as reminders and notifications is a great way to stay on track and not miss deadlines.

Contact management

Having all the important contacts when you need them is imperative. A contact management system works just like an address book, but more advanced. It works as a central repository that holds all relevant details of a contact, along with the details of their groups, industry sector, matters, billing arrangement, standing instructions, etc.

The need for a Practice Management System is evident since it can really help with various functions in a law firm, and helps in the over all management and growth.

PracticeLeague’s Practice Management System encompasses all these features and much more. Contact us now to find out how we can help you.

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