One of our recent blog posts – 4 Ways Default Law Firms Can Cut Costs – covered how law firms can become more efficient by eliminating things that don’t improve profit margin or grow the business.
As a follow-up, this post focuses on how creditors’ rights law firms can accomplish more with less by leveraging technology and maximizing how it’s used.
1. Find technology that can automate your business processes
Using technology to automate business processes wherever possible can help reduce redundancies, mitigate compliance risk and allow your in-house staff to focus on revenue-generating tasks. Automation not only helps your firm accomplish more with less, but it also keeps your firm running smoothly and efficiently.
There are multiple options for introducing technology into your firm, but the key to success is ensuring there is a solid return on investment (ROI) for the automation. Automating for the sake of automation is not a good idea. A few examples that generally make sense are introduction of NetDirector automation for high-volume tasks, utilization of services such as our proprietary software Portfolio Guardian that provides automated docket checking, or CourtXpress, which provides automated e-filing in certain states.
2. Develop processes to use your technology efficiently
In order to guarantee your technology is being used correctly and efficiently, well-defined business processes need to be in place. Without the right processes in place, even the best technology can’t work to its full advantage. Your technology and business processes should work together, and all staff members should be trained to follow these processes. Over the past several years, your client requirements and staffing levels have changed. It is important for you or an outside consultant to take a fresh look at your processes. There could be significant gains in simply re-engineering outdated processes.
3. Outsource technology management when possible
Many technological resources don’t require a full-time position to manage them. If this is the case at your law firm, consider utilizing the assistance of a third-party vendor. The right partner can become a valuable asset for your firm, particularly if the vendor is an expert in not just technology solutions, but also in integrating business processes and user training to fully leverage the technology.
We at Firm Solutions strive to help default law firms save money, increase efficiencies, and focus on revenue-generating tasks. Contact us today for a complimentary initial assessment.