The alternative legal practice
Maintaining legal plans is a relatively new business model, especially when compared to the more traditional practice for individual or small law firms. Typically, a successful legal plan service provider or law firm operates on a large scale, handling all types of clients and legal matters on a daily basis. Managing the administrative and legal work for the large number of incoming requests can get overwhelming. However, if you incorporate the right tools and processes into your practice, you can create a lean, mean legal machine.
What Makes a Successful Legal Plan Practice?
Ultimately, there are two questions law firms need to ask themselves in order to measure their success:
- Are our customers satisfied?
As a fundamental business principle, law firms should focus on measuring and improving customer satisfaction. Especially in the world of legal plans, customers expect a quick, hassle-free, and affordable experience. Law firms can ensure they exceed these standards by proactively soliciting and responding to customer feedback. This measure in itself leads to a positive customer impression. Organizations should also try to measure and assess key performance indicators (KPIs), such as: B. Lawyer Responsiveness, Completion Time Creation, Client Response Rate, etc.
- Are the finances making sense?
While we have a moral and ethical responsibility to provide people with access to justice through volunteer work and other public programs, the question of profitability in running a law firm cannot be ignored. With this in mind, your company must have a practice structure and strategy in place that are appropriate to your financial goals. Many legal plan vendors don’t work at the billable hour, often operating on a flat fee, capitalized rate, or lead conversion basis, depending on the details of the plan. Therefore, in order to properly assess the financial sustainability of your business, you need to record how your time is allocated, customer conversion, and the average lifetime value of customers with legal plans. Know your bottom line – the difference between your time and resources versus your earnings.
As mentioned earlier, a successful professional services company must be able to quickly deliver excellent service at a price that makes sense for both the consumer and the provider. The ability to provide such fast, high quality, and economical professional services on a volume basis depends on an operational infrastructure that is designed for scalability.
Today, an emerging legal technology industry has emerged to facilitate the delivery and scalability of legal services. From practice management tools like Clio to technology platforms like Rocket Lawyer, today’s attorney has plenty of tools to help build an effective and profitable practice.
The tools are out there, but they’re useless if they’re just in the toolbox. A 2016 Rocket Lawyer survey found that 42% of lawyers surveyed did not use practice management tools to run their practice. The good news is that by using available technologies such as calendar, billing and communication systems, that 42% have the ability to reduce administrative costs and time while improving customer satisfaction.
Recommendation and resources
As with any other professional service business, legal plan providers must prioritize fixed infrastructure and operations alongside actual legal practice.
Practice management tools such as Clio or My Case offer companies the opportunity to optimize everything from internal and external communication to invoicing and billing. With virtual office and reception solutions such as Davinci Virtual, small businesses can handle large business volumes:
“With 30 to 40 calls coming in to 8 offices across the state every day, having a central dial-in number and center for receiving, logging and monitoring calls is vital, as is the fact that every caller is a living person gets an answering machine during normal business hours, ”says Mario Jaramillo, GLSA member and one of Rocket Lawyer’s attorneys.
Additionally, legal plan administrators often provide their lawyer network with an online portal to process and track service requests.
Good practice management means less administration time / costs and higher customer satisfaction, which ultimately leads to higher customer loyalty, loyalty and recommendation. So embrace your inner entrepreneur, take advantage of the legal technology solutions available, and take your company to the next level!