The benefits of project management are well known to professionals in a variety of industries. Engineers create detailed plans before assembling structures. Architectural project plans guide the building process of a home. IT technicians use project management tools when addressing complex computer issues. While all of these professions recognize the value of project management, most law firms have been slow to implement this useful tool into their practices. However, administrators at the most progressive legal practices are discovering how Legal Project Management (LPM) can increase efficiency for complex legal matters requiring multiple tasks.
With LPM, you can offer your clients the convenience of fixed fee services while also promoting the matter’s profitability. This is accomplished in several ways.
Administrators are able to take a real-time look at work on the project, while it is still underway, instead of waiting until the matter’s completion. This allows you to promptly:
- Calculate the profitability of a matter proactively
- Determine what aspects of the project are negatively affecting the profit margin
- Manage matter profitability
- Make proactive changes before the work exceeds the allotted budget.
LPM also gives you the right tools for planning future projects. By reviewing completed projects, administrators can:
- Gain insight into the best methods of increasing profitability for similar matters in the future
- Leverage the knowledge and experience gained during the initial project by repeating the same plan with greater efficiency
LPM also promotes healthy, ongoing attorney-client relationships. Billing disputes between law firms and their clients occur too often. No one wants to be hit with an unexpected bill at the end of a service. By planning a matter with LPM, your firm can complete delivery on time and within the established budget. Through this effective management of the client’s expectations, the firm gains a happy client, favorable referrals, and repeat business.
When used correctly, the features of LPM can lead to increased revenues for the firm. To truly gain the most value from a LPM system, you must choose technology that will meet your project management and billing goals. TimeSolv legal billing software provides the features you need at a reasonable cost.
With TimeSolv, you can:
- Breakdown each matter into specific tasks
- Assign timekeepers to each task
- Define budgets for each timekeeper to complete the task
- Seamlessly use legal time billing features
Your firm needs a legal billing software that keeps each timekeeper on track with time management and provides the information that management needs for proper oversight. With features, such as the ability to warn or limit timekeepers, TimeSolv can assist your firm with better management of each individual project and increase the revenues of your firm.
To demonstrate how we can help your firm implement your project management process, we offer a free 30-day trial offer. It requires no credit card and includes one on one training as well as free data conversion from your current system.
Visit timesolv.com to start on the road to successful project management and increased revenues.
To learn more, you can download this free whitepaper from TimeSolv: The Profitable Benefits of Legal Project Management. This guide on how you can increase your law practice revenues includes 5 Tips of Successful Implementation.