…There is a huge and very specific pocket of inefficiency that currently exists in the market for legal services.
While lawyers (particularly business lawyers) are trying harder than ever to generate and keep clients, there exists a ton of aggressive, smart entrepreneurs who need good legal services – and are willing to pay for them – but don’t seek them out for fear of irregular and/or unbounded bills.
Bad billing habits are ultimately one of the key causes of lawyer job dissatisfaction, and simple legal billing software can fix these habits. Failing to send out timely bills (often
Part 2 of 2 in our leaked** letter detailing the worst billing practices in law firm history, from attorney Major Bill Fail. Installment 1 is found here… (**And entirely fake)
Premised on the bedrock principle that the less revenue we bring in the less tax we pay, we surface the corollary: The more time we write off, the more bills we write down, the more tax we avoid. It’s that simple.
From the client’s perspective, getting a big legal bill long after the service was performed has the effect of feeling like a big nasty surprise. That can lead to uncomfortable discussions and, worse yet, often results in haircuts on your bill. The bigger and “lumpier” the bill (that is, the more things thrown in together), the further it is away from the time you provided the service, the more likely a discount negotiation is forthcoming.
Failing to send out bills on time can be one of the most costly aspects of a law practice. It can contribute to all kinds of practical problems, from firm-related operational issues to client communication troubles.
The uncertainty about when cash is coming in can lead to a lot of unwelcome additional pressure. However, it’s all probably a lot more manageable and predictable than you might otherwise think.