The ability to accomplish a task or process without wasting materials, time or energy is a key factor to successfully running a law firm. But it’s easy to lose sight of efficiency when the necessities of practicing law, coupled with compliance requirements, pull your team in different directions throughout the day.
There’s a reason law firms hear the same thing over and over again like, “Eliminate costs, increase efficiencies and focus on revenue-generating tasks.” It’s because there is significant profitability potential in doing them. Unfortunately, most firms haven’t found the processes that work best for them, because it can be difficult to identify disconnects and opportunities to improve.
The housing crisis of the mid 2000’s was a boom period for creditors’ rights law firms. In most states, there was an over-abundance of work and competitor firms were, initially, in short supply.
Since the rebound of the mortgage and housing market, creditors’ rights law firms are dwindling due to demise, acquisition or merger. The current environment is highly regulatory and when firms are under the increased compliance scrutiny in addition to the squeeze on resources, it’s crucial for them to cut costs and work as efficiently as possible to retain a profit margin and grow their business.
In order to meet servicer and industry requirements, law firms are required to provide their staff with a certain level of compliance training, and to track and report that training according to specific parameters.
Between managing new referrals, transfer files, and in some states, electronically filing pleadings, law firms are bombarded with cumbersome yet necessary operations every day. Many firms manage these tasks in-house — leaving them at high risk for error and taking staff away from revenue-generating work.
You’re an attorney running a law firm. Every day your personnel manage case files, documents and emails. Properly handling every file can be laborious, and inefficient processes can cost the firm a lot of money in wasted labor and missing billing opportunities.