Modern Business Intake Technology Accelerates Cash Flow
Simply put, faster workflows lead to faster cash flow. With modern technology, your law firm can accelerate cash flow and increase profitability through the use of automated systems that improve workflows, while creating higher business intelligence. This allows your firm to use attorneys’ and staff’s time better, and it enables an overall quicker delivery of services.
Here are the advantages you can enjoy with a cash flow fast track, enabled by modern business intake technology:
Increase ROI with operational efficiency
Improve your firm’s workflows with codified policies, automated communications, quicker approval processes and automated analysis. Through consistent processes, you will create more clarity, gain more knowledge and reduce the duplication of efforts and shrink gaps in your workflows. The value of the services you deliver will go up, you’ll reduce risk and make better use of your attorneys’ billable time.
Raise your institutional IQ
With technology in place to help, your firm’s intake process becomes systematic and efficient. You’ll now have the ability to increase your firm’s intelligence with more clarity into client data from the start of a client relationship. This speeds up your conflict of interest process on an ongoing basis. You’ll also have at hand institutional knowledge on previous agreements with current clients, which will help you expand your reach from the start of a client relationship and through its long-term tenure.
Gain more visibility into pricing structures
Through modern new business intake technology, you will gain better insight into pricing structures for incoming work. This gives your firm the ability to make timely adjustments, or at least, to educate attorneys on key profitability triggers. By getting this right at the intake phase, your firm will stay in control of ongoing pricing negotiations with your clients, across geographies and practice areas.
Maximize attorneys’ time
Automation will free up your attorneys’ time by eliminating the repetitive, labor-intensive business intake processes from their schedule. This leads to more time to spend on their real, billable work, a direct uplift for your bottom line.
Overall, modern business intake software will help your firm speed up workflows. In addition, it will enhance your institutional knowledge base, which becomes greater when your data is mined and analyzed in a way that allows your firm to assess your clients’ needs in a personalized manner. All of this leads to a quicker delivery of services, accelerates cash flow and brings about higher profitability.