Beyond Billable Hoursaderantuser
How Law Firms Can Optimize the WIP-to-Cash Cycle
The financial performance of your law firm is more than simple accounting. It wasn’t too long ago when it was merely a matter of making rate increases, and then searching spreadsheets for opportunities to reduce costs. However, with the proliferation of client billing guidelines, alternative fee arrangements, and new processes such as eBilling, it becomes more difficult to realize revenue, and more importantly, improve margins.
Optimizing the revenue cycle goes beyond billable hours, accounts receivable and on-time payments. However, improving margins is well within reach for many law firms. Without raising billing rates, signing new clients or cross-selling an existing client, all that’s needed is to make the business processes carried out by timekeepers more efficient.
This step-by-step guide will examine core areas law firms can identify and implement in order to operate as a more modern and efficient organization, and in the process improve their WIP-to-Cash cycle.