Legal Billing Systems: Towards a Simpler, More Efficient Legal Billing

Legal billing is essential to legal entities of all sizes. It involves, without a doubt, some of the most monotonous and time-consuming tasks in the legal profession including but not limited to billing clients and collecting payments for law firms.

Most law firms follow a similar billing procedure: they take on a new client, they construct a portfolio of their legal problems and keep track of the billing time, charges, and expenses throughout the case. The finance team totals all expenses and bills at the conclusion of the case and prepares a bill for the client to pay. Throughout the case, attorneys add notes, modify expenses as necessary, and approve the bill. The last version of these invoices is submitted to the client for payment, at which point the client chooses the appropriate payment method, such as cash or bank transfer. When it comes to charging clients for their services, attorneys and law firms have historically had a lot of leeway. We’ve all heard alarming tales about outrageous billing methods. But as stated already, that is history.

Evolution of Legal Billing Systems 

Recently, better transparency in legal bills has become the mandate of the day thanks to the Internet, a fair dose of disruption, and developments in legal and justice technology. Task-based billing codes for litigation were developed by the American Bar Association more than 20 years ago – as if to foretell the future and protect the profession from itself. Together with the Legal Electronic Data Exchange Standard (LEDES), an international, voluntary, not-for-profit organisation tasked with developing and maintaining open standard formats for the electronic exchange of billing and other information between corporations and law firms, organisations around the world have been countering some of the serious issues surrounding legal billing. But those were just baby steps.

Legal Billing Solutions in Law Firms 

Nowadays, thanks to more developed technology and standardised operating procedures, tech-enabled billing solutions, i.e., legal billing softwares, have almost become the standard. Because the current legal industry is centred around the concept of billable hours, it has become imperative that law firms use a comprehensive and user-friendly legal billing software to manage and control working hours. Advanced legal billing softwares keep track of billable hours and come with sophisticated communication and invoicing capabilities that promote collaboration between parties, assess the efforts of attorneys, and guarantee higher productivity.

How BIGFORMULA is Helping 

At BIGFORMULA Solutions, we understand that a modern, efficient legal billing software will be expected to do more than the regular task of time-tracking. The billing solutions we device go beyond what is called for and boost productivity in many ways. They offer secure and hassle-free billing, the ability to process payments anytime, from anywhere, advanced invoicing and reporting features, and varying layers of confidentiality and accessibility – and when integrated with the firms accounting and case management programmes, they have proved to be indispensable.

At BIGFORMULA, we understand that legal billing solutions have efficiently enhanced the very nature of law and the way it is practiced; and that it is one of the crucial means through which we can ensure that law remains free and transparent as it was meant to be,

Eager to see how you can incorporate billing systems in your practice? Discuss your needs and goals with BIGFORMULA.

Reach out to us and schedule a Free Legal Tech Consultation.