Billing & Collections
Law firms have a strong financial incentive to bill clients promptly. The longer the delay between when a firm performs services and bills clients for them, the greater the chance that it will collect only a portion of the fees due. The most successful, most profitable firms deliver prompt, clear bills that intelligently roll up relevant data and closely conform to negotiated fee parameters. Similarly, firms that are able to provide more descriptive detail about work performed in their bills face fewer client surprises and complaints.
To submit bills in a timely manner, firms must carry out a complex process. It begins with timekeepers and fee earners entering and releasing their time, and includes internal pre-bill review and adjustment. Increasingly, firms also look to e-billing software to ensure that final invoices are provided in the form and format specified by their clients. But challenges often impede the process:
- Lawyers generally view tracking their time as a chore and often wait until deadlines loom before responding. These holdups increase the chances of omission or lack of descriptive detail. They also increase the likelihood that related tasks will not be grouped and presented in a manner that bests highlights the value delivered to clients. These issues in turn increase the likelihood that management will write down billed time in order to avoid client consternation.
- Finance staff must typically consolidate a variety of information to generate client bills, including time records and other cost data. This information is typically entered into an accounting application that usually provides one or more input mechanisms. But the process can be needlessly difficult. Complexities include limited native integration capabilities and varying export processes and data formats provided by source systems. In response, firms often depend on human intervention for seemingly simple tasks like capturing research service expenses in a timely manner in order to incorporate costs into client bills.
The Intapp Solutions – Intapp Time and Intapp Integrate
Intapp enables firms to accelerate the billing process, improve client satisfaction and increase collections:
Intapp Time helps firms increase collections and streamlines the billing process by making it easier for lawyers to track and enter time. It does this by providing them with automated activity capture and diverse time management capabilities. Intapp enables firms to increase billing velocity, improve bill quality and accelerate collections.
Intapp Integrate provides a simple, straightforward way to connect and automatically import cost data from a variety of source systems including time entry, phone and copier cost recovery, shipping and other applications. By automating data communications from source systems, firms can reduce errors, speed up their bill generation and review processes and free staff resources.