Tabs3 Practice Management Blog for Law Firms

The end of the year can often be a hectic time for any business. From strategic planning to client appreciation and wrapping up long-term projects, it can be overwhelming to enter this quarter without a structured plan in place.

Instead of diving in headfirst, eliminate unnecessary stress and administrative tasks by sitting down and planning out your priorities for the end of the year. By cutting out the “should do’s” in favor of the “must do’s,” you can establish clarity about shared goals amongst attorneys and legal staff, and give your entire legal practice the gift of an easier end of the year.

Here are the steps you can take in Q4 for a strong wrap-up in 2022, and an even stronger start to 2023.

1.  Check in with your business goals

Ideally, law firms should evaluate business goals every quarter, not just to see if you’re on track, but also to make sure that your current business goals still make sense for your firm. But time is a precious resource, and it’s normal for larger business goals to get lost in the day-to-day of running a profitable operation.

If that happens, then Q4 is the time to check in on the goals you set at the start of the year. Take a look and assess them to decide if they’re still applicable. Then, pick your path:

• If they aren’t, set them aside and craft appropriate new short-term goals for the end of the year
• If your original business goals are still relevant, identify what steps you can take in the next few months to achieve them

This process is a good opportunity to reflect on why achieving certain business goals ended up taking a back seat. What could you do next year to ensure that they remain an ongoing priority?

2.  Review your KPIs

Key Performance Indicators (KPIs) are the metrics we use to evaluate success. Q4 is the perfect time to review how you’ve performed against the KPIs you set for yourself. Where is there room for improvement? Where did you go above and beyond, and what made that possible? What KPIs are unrealistic, or impractical?

Focus on the KPIs that matter, and make sure that you’re reviewing your firm’s performance against only the most relevant metrics, so you can gain a more accurate picture of overall successes or opportunities for improvement.

3.  Identify areas to improve operational and administrative processes

Operational and administrative processes can be some of the most time-consuming (and least billable) tasks in a business. In Q4, take the time to review them and evaluate how you can increase efficiency while eliminating pain points or redundant manual work.

For example, tasks related to billing and calendar tracking are all too often pushed to the last minute, or late in the evening when everyone else has gone home. Consider billing management software that can automate these tedious tasks and sync data to cut down on administrative work.

For example, Tabs3 Financials are specifically designed to increase efficiency and improve accounting processes for law firms. With minimal setup and no workarounds needed to satisfy bar association compliance requirements, you can print financial statements, write checks, reconcile bank statements, and manage client trust accounts in one easy-to-use and fully integrated system.

4.  Analyze growth goals for next year

Review your strategic priorities for 2023 and consider where you can cut down on costs or increase growth. Whether it’s ramping up marketing efforts, improving billing efficiency, or growing your client base, there are always opportunities to enhance existing processes.

For example, perhaps you want to focus on attracting clients that are a better fit for your particular legal practice. Teams can use the billing and collections process to improve your client base. Take a look at your best clients and consider how you can optimize a retainer to incentivize them to continue with your practice.

Alternatively, look at clients that regularly pose slow-payment issues, demand excessive discounting, or are otherwise disproportionately problematic. Are these clients the right fit for your firm? Or would letting them go free up time needed to focus on clients who are a better fit for your team?

5.  Connect with your clients

Many people use the end of the year to review what’s working and what isn’t, and that includes your clients. Build a strong fourth quarter by revisiting your client relationships and seeing how they can improve. Now is a great time to follow up on past clients, check in with your current ones, and listen to their priorities for the coming months.

If you understand your clients’ needs, you’ll be better positioned to advocate for your firm and discuss how you can help with their upcoming issues. This time is also ideal for sharing new services or end-of-year promotions with clients.

Furthermore, connecting with your clients and listening to their feedback with an open mind is an important opportunity to learn what your firm could be doing better. Rather than just shaking hands and thanking them for their business, capitalize on this interaction to ask for their thoughts about your services. When done right, this will make your client feel valued and heard, and provide you with important considerations to take back to your practice’s stakeholders.

6.  Plan for the holidays in advance

Q4 is full of holidays and celebrations, and it can also be the month of endless client gifts: cards, gift baskets, and other tokens of appreciation pile up on countless desks. It can be hard to stand out from every other business.

To ensure your firm isn’t lost in the crowd, don’t treat the holiday season as a rote chore. Start planning early to brainstorm, plan, and execute a holiday marketing plan that fits your goals and priorities. Rather than just mailing out a standard gift, be intentional with your holiday plans. Tailor your gifts and marketing to your clients’ needs and be sure to leave time for connecting with clients and other practices on a social level.

7.  Start your 2023 marketing plan

Marketing is an important part of any business, and that includes legal practices. Use this time to realistically evaluate your existing marketing plan and how you can improve it in 2023.

You can examine your marketing through a number of different lenses:

• Are you exceeding or underutilizing your marketing budget? If so, why?
• Are you intentionally focusing your marketing efforts with a clear plan for strategic growth priorities, or are you just going through the motions?
• Are your marketing efforts focusing on the areas of your practice with the most growth or profit potential?
• How are you evaluating your marketing? What data metrics are you using, and are those the right marketing KPIs?
• Are your marketing efforts reaching your desired audience?
• How can your marketing efforts be more efficient and deliver better results?

These are all important questions to ask when designing an effective 2023 marketing plan and can help build a better strategic agenda in the coming year.

Kick off a successful Q4 with Tabs3

With a robust suite of practice management, time tracking, billing, and accounting tools designed specifically to meet the needs of busy law firms, Tabs3 Software has all the necessities to help you achieve your law office’s goals, both in Q4 and 2023.

Experience the difference that Tabs3 software can make! Schedule your free walkthrough demo today.

Like it or not, the modern legal industry operates at a break-neck pace. To have any hope of keeping up with clients’ increasing expectations, every member of your legal team should have remote access to your firm’s legal practice management software. By embracing cloud hosting, your entire legal staff can provide an outstanding client experience even when traveling or working from home.

Whether your legal staff works from home year-round or simply needs to track time and expenses when out of the office, Tabs3 Connect has the flexibility required to keep your law firm nimble, agile, and secure.

Remote work is here to stay

Let’s embrace it.

Law firms around the world were forced to adopt remote work out of necessity due to the COVID-19 pandemic. And while some firms have chosen to return to strictly in-person operations in the office, many have decided to continue exploring the frontiers of legal technology and allow attorneys to continue working remotely.

Attorneys are generally thrilled to gain back the time and money spent on their former commute. Meanwhile, law firms benefit from a simultaneous decrease in overhead costs and an increase in staff productivity and loyalty.

In light of these conveniences and many others, managing partners now recognize that there’s no real reason to chain attorneys to their desks at the office. Remote access to law firm practice management software, makes it possible to coordinate and supervise legal staff with ease, all while protecting clients’ confidentiality.

Most trials and court hearings are still held in person, of course. However, with secure access to fully integrated law firm practice management software, attorneys can complete their most common tasks from home, including:

• Billing
• Conducting negotiations
• Reviewing legal documents
• Keeping clients up to date on their legal matters
• Planning and setting appointments
• Sending and receiving secure emails
• Time tracking

Aside from a bit of trust in your legal staff, all you need to get started is remote access to a reliable, seamlessly integrated law firm practice management software.

3 pathways for remote access to Tabs3 Software

As a leading provider of law firm practice management software, Tabs3 is trusted by tens of thousands of legal professionals every day. Though Tabs3 Software is an on-premise practice management solution, advancements in cloud technology have enabled them to offer multiple convenient, reliable solutions for remote access.

1.   Tabs3 Platinum + Tabs3 Connect

This winning combination provides remote access to all of your law firm practice management software’s most essential features on a phone, tablet, laptop, or home desktop, including the Tabs3 Matter Manager. Tabs3 Connect allows attorneys to enter fees and costs, check their calendar, view documents, and more with ease.

To protect data security, sensitive client information is stored on the law firm server, rather than on attorneys’ mobile devices.

2.   Remote access software

Remote access software provides secure access to your legal practice management software via an internet connection between your office server and home computer. When configured properly, remote access software offers your legal staff secure access to all Tabs3 Software features from almost anywhere. With this method, only a minimal amount of data travels between attorneys’ home devices and office computers.

For the best results, pair your remote desktop client with a VPN, and consult with your IT team about configuration.

3.   Cloud hosting service provider

Most cloud hosting service providers specialize in supporting law firms with compliance, data security, and performance you can count on. Cloud hosting allows your legal staff to enjoy complete access to the desktop version of Tabs3 while managing partners can breathe easier about IT concerns.

For long-term remote access to Tabs3, cloud hosting can be a good option for a high level of data security and convenience.

More tips for secure remote work

Though the benefits of remote work are easy to see, legal staff must proactively embrace enhanced cybersecurity measures to preserve data security. In recognition of the myriad challenges that accompany remote work in the legal industry, the American Bar Association has directed lawyers to “make reasonable efforts to prevent the inadvertent or unauthorized disclosure of, or unauthorized access to, information relating to the representation of a client.”

Fortunately, law firm practice management software makes remote work practical, secure, and efficient. Still, training all legal staff on the importance of confidentiality, data privacy, and security protocols is a must. Managing partners should also prioritize developing a written work-from-home protocol that dictates the exact steps attorneys and other legal staff should take to safeguard data security when using legal practice management software outside of the office.

Your work-from-home protocol may direct attorneys to:

• Avoid unsecured Wi-Fi connections when accessing law firm practice management software
• Avoid transmitting client information over unsecured Wi-Fi connections
• Utilize virtual private networks (VPNs) when accessing legal practice management software or transmitting client information
• Set up multi-factor authentication for all work-related applications
• Choose strong passwords for all work-related hardware and applications
• Avoid accessing legal documents or video conferencing with clients without a private environment
• Turn off listening-enabled devices (Amazon Alexa, Google Home, etc.) in their workspaces during phone calls and videoconferences, because these devices listen to and record conversations automatically

Your IT support team should also review the terms of service of all law firm software and ensure:

• All computer systems are equipped with up-to-date firewalls and anti-malware software
• All data that’s stored remotely is backed up securely
• Portable devices can be scrubbed of client data remotely

Embrace mobility and data security with Tabs3 Software

There’s a reason that over 98% of our customers are satisfied with their software solutions. (In fact, 9 out of 10 of them recommend Tabs3 Software to other law firms.)

Stop compromising on cybersecurity by using vulnerable, unsecured platforms for remote work. From document and project management to time and expense tracking and more, Tabs3 Software offers the reliability and trusted service you expect from an industry-leading legal practice management software.

Remote access with Tabs3 Software is secure, compliant, convenient, and accessible. With over 40 years of experience providing cutting-edge legal technology to law firms just like yours, we’re committed to upholding even the industry’s strictest compliance and data security regulations.

Check out the Platinum Edition product page to learn more about what Tabs3 Connect has to offer.

Request your free trial or schedule a walkthrough demo to see how Tabs3 Software’s fully integrated suite of software products can revolutionize the way your law firm functions on a day-to-day basis.

Paperless law firms aren’t waiting just ahead on the horizon. They’re here, and thriving, right now. A growing number of service-based businesses, including law firms, are opting to do away with the filing cabinet and manage their legal documents and daily workflows digitally.

One of the many advances that makes a paperless law practice possible is eSignature. Whereas collecting physical signatures from clients used to require in-person meetings, today’s attorneys can save time and increase convenience for clients with secure signature links that can be completed from anywhere.

A brief history of eSignature

Cryptographers Ronald Rivest, Adi Shamir, and Len Adleman first invented the algorithm used to create basic eSignatures in 1977, but it was more than two decades before eSignatures would become a legal alternative to pen and paper. With the enactment of the Electronic Signatures in Global and National Commerce (ESIGN) Act in 2000, digitally signed documents became legally binding. This made requesting eSignatures a viable prospect for law firms.

The move toward the paperless practice

In recent years, consumers have grown more aware of the option to e-sign. As a result, many legal clients now expect to review legal agreements and add secure eSignatures.

Rather than an advanced feature, eSignature and secure file sharing are now an industry norm. If you aren’t making plans to accommodate these new demands, you could fall behind competing firms with your client acquisition and retention.

6 perks of eSignature for law firms

Law firms that offer their clients the option to sign documents digitally enjoy the following benefits.

1.   Fewer signing errors

There’s nothing worse than having to reprint a lengthy legal document because the client signed on the wrong line or realizing at the last minute that deep within a legal agreement, a signature was missed. These types of errors are frustrating on a small scale, but can also seriously disrupt your legal workflow when they occur across several client matters.

When you request client signatures via a secure eSignature platform, signing errors are minimized, if not eliminated altogether.

The right eSignature software for law firms can guide your clients and help them navigate through legal agreements. All of the areas designated for client signatures are clearly marked. Clients won’t be able to sign in the wrong area of the document, and you can even set up custom fields for documents with multiple signers, so that each person can only sign the fields assigned to them.

2.   Greater security

Contrary to popular belief, eSignature technology offers more layers of security than sending legal agreements via email or the postal service. Specialized encryption tools, knowledge-based authentication (KBA), secure file sharing, and secure links protect clients’ data security and uphold the legal industry’s strict ethics and compliance regulations.

eSignatures don’t just protect clients’ data security online. Using digital document management and obtaining client signatures electronically means that legal documents are also protected in the event of a fire, flood, theft, or other physical threat.

3.   Smoother workflows for attorneys

Don’t waste billable hours comparing calendars with your clients via phone tag. Making in-person appointments to obtain pen-and-ink signatures isn’t necessary with the right eSignature software.

With legal technology on your side, your attorneys can send a secure client signature request via email in just a few minutes, then move on to their next billable task.

4.   Client convenience

Simplified legal workflows benefit clients, too. Few clients look forward to sitting in traffic to sign legal agreements. Even if they don’t have to head to your office to sign, pen-and-ink signatures can be a hassle when you consider the time it takes to print, sign, and scan or fax signed documents.

Secure eSignature software reduces the time clients spend reviewing and signing documents by 40%. No wonder 69% of respondents to one study stated that they anticipated continuing to utilize eSignature options over signing in person even after COVID-19 pandemic restrictions ease.

In short: adopting eSignature technology is one way to show your clients how much you value their time, convenience, and security.

5.   Faster turnaround

Implementing secure eSignature tools at your law firm can drastically decrease the wait time for signed documents. Aside from minimizing the hours attorneys spend requesting and collecting client signatures by phone and in person, taking the digital approach diminishes turnaround times by 80%.

6.   Lower costs

A single sheet of paper doesn’t cost much on its own, but office supply costs add up quickly when you consider just how many pages of legal agreements attorneys need to print (and reprint) in a day.

The average office worker in America goes through 10,000 sheets of paper per year. At 5 to 15 cents per page, the potential savings of switching to digital document management and eSignatures are significant. As an added bonus, cutting out all of that paper waste is a great way to contribute to the long-term health of the planet.

The validity of eSignatures

Despite these benefits, some attorneys remain concerned about the validity of eSignatures and whether they hold up as well as paper legal documents in court. Per the ESIGN Act, digital signatures are just as legally binding as pen-and-ink signatures, as long as the signing individual:

• Accepts a clause to conduct business electronically
• Is provided the option to sign with ink and paper instead
• Demonstrates a clear intent to sign
• Receives a copy of the completed document (along with all other signers)

In addition, the attorney must maintain a clear audit trail and/or record documenting how and when the client’s signature was obtained.

Streamline your legal workflows with Tabs3’s secure eSignature tools

As an industry-leading provider of software solutions for law firms, Tabs3 offers quick, convenient, and secure eSignature functionality powered by LexSign. Using Tabs3’s eSignature tools, your attorneys can easily send eSignature links to clients without ever leaving their email. Clients can easily input their signature using several convenient methods, such as drawing their signature with a cursor or typing it out. Thanks to LexSign’s powerful security features, you can rest assured that confidential client documents will remain secure throughout the process.

Tabs3 also gives your firm the tools it needs to cut down on printing and embrace fully paperless document management. With PracticeMaster’s customizable templates, attorneys can easily assemble common legal documents and automatically populate fields using client data that’s already been entered into the software.

PracticeMaster’s document management tools also make it easy to save and organize legal documents from common document software like Word and Excel, and our search feature allows you to reference any document in seconds. Intuitive document history features maintain a clear and readily-accessible record of who signed which document and when, allowing your firm to uphold one of the key validity requirements of the ESIGN act.

If you’re ready to see how Tabs3 can help you run a modern, paperless law firm, request a walkthrough demo with one of our product experts today.

Finding the right tools for running your law firm is hard. You must understand your workflows, consider both current and future needs, and anticipate how new technologies will impact your staff, clients, and potential revenue.

Because it’s not an easy decision, law firms often rely on traditional fallbacks to manage their practice. But if your law firm is still using Outlook or other general-use practice management tools, you might be missing out on key features that can help you:

• Boost your efficiency and productivity
• More effectively manage projects and deadlines
• Streamline time-tracking, billing, and payments
• Increase revenue and improve cash flows
• Make more informed, data-driven decisions

And if you’re using multiple software products without robust integrations in place, you may also be losing additional time as you switch between different software tools and manually transfer data between them.

There is a better solution. Implementing a fully integrated practice management solution can streamline project management, time-tracking, billing, and accounting – especially if your tools are optimized to meet the unique needs of law firms.

Project management

It might go without saying, but whatever practice management software your firm uses should empower your attorneys and staff to manage matters more effectively. That means the right software solution will offer a full suite of project management tools built specifically for lawyers.

Calendars and matter management

Your practice management software should allow you to create customized project timelines for different clients and matter types. This feature facilitates easy access to all activities associated with a matter in one place. A built-in calendar can also help you keep track of appointments, deadlines, and other important events.

Document management

You should also be able to import, name, organize, and file documents within your project management software. Your software should integrate seamlessly with common document tools like Word and Excel, allowing you to save future documents directly to your practice management system.

Feature highlight: Document management software can save attorneys time on document assembly by using the client information already stored in your system to automatically generate and populate common legal documents. 

This not only saves you the time and tedium of manual data entry but also reduces the likelihood of errors from double data entry.

Conflict of interest searches

One of the benefits of using software designed specifically for law firms is that it allows you to more effectively check for conflicts of interest, heading off compliance issues before they even come up.

Legal practice management software can help your attorneys instantly spot potential conflicts of interest by searching through your records for all past and previous clients and contacts.

The resulting reports should also allow you to locate, access, and view the records in question.

Time tracking and billing

Matter management isn’t the only software tool your firm needs. You’ll also want a fully integrated time tracking and billing solution to help your attorneys capture time as they work and bill for it.

Time tracking

Accurate time tracking is key for any law firm, and attorneys that wait until the end of the day to record their billable hours can lose track of 10% of their billable time. Your law firm should look for software that includes easy-to-use timers, so they can track their billable hours as they go.

Invoicing and billing

Tracking hours is important, but so is quickly and easily generating and sending invoices. Manually preparing invoices can be a major administrative hassle and a drain on your attorney’s efficiency, but with the right invoicing and billing software, you can instantly generate invoices for time entries and send them as PDFs directly to your clients’ email.

Paperless pre-bills and batch billing can further streamline your billing workflows and free up more time to spend on client matters.

Payment processing

Accepting credit cards is one of the most surefire ways for law firms to collect payments faster and improve their cash flows.

Many law firms have historically shied away from credit card payments due to trust account compliance concerns and high payment processing fees. Thankfully, there are software tools specifically designed to help law firms compliantly process online payments.

Depending on your locality, the right software may even allow you to pass on processing fees to your clients through surcharging.

Reporting

Time tracking and billing software that includes analytics and robust reporting can also help you assess your invoicing and collections processes and make better decisions for the financial health of your firm.

Reports can help you identify your most valuable clients and practice areas, spot unbilled transactions and hours, and gain a full-picture view of your firm’s accounts receivable.

Accounting

Almost every law firm uses accounting software, but few firms use one designed with lawyers in mind. By choosing accounting software designed specifically for attorneys, you can print financial statements, write checks, and reconcile bank statements while ensuring bar compliance.

Trust accounting

One of the greatest potential pitfalls in legal accounting is the need to remain compliant with the bar rules for managing trust accounts. The right trust accounting software can help your firm maintain trust fund accounting compliance while also making trust accounting easier and more manageable.

Tabs3 Software has the tools your firm needs

With a robust suite of practice management, time tracking, billing, and accounting tools designed specifically to meet the needs of busy law firms, Tabs3 Software can improve the operations at your firm.

To see how Tabs3 can help you run a more efficient and profitable firm, schedule a demo or sign up for a free trial today.

Historically, law firms have been hesitant to accept credit card payments, largely due to security and compliance concerns.

This hesitance may have been justified in the past, but today’s attorneys have every reason to implement online payment processing. Modern legal payment processing solutions allow practices to protect clients’ card information while still allowing them the convenience of quick and simple online payments. In addition, firms are able to safeguard trust accounting practices and ensure adherence to compliance.

Here are seven key benefits of online payments and credit card processing for law firms.

1. Attract more clients

In the past, law firms shied away from accepting payments by card. But today’s clients see paying by card as normal in a professional context, and a growing number of your firm’s prospective clients expect to have the option. In fact, 84% of consumers now consider the option to pay by card as either a “nice to have” or a “must have.”

If you aren’t offering clients convenient ways to pay, they’ll be more likely to move on with another firm.

2. Build a strong client-attorney relationship

The convenience of paying by card can also boost client satisfaction. By accepting online credit card payments, you’re signaling to your clients that you care about them enough to make their experience with your firm as streamlined and effortless as possible.

Allowing your clients to make convenient online credit card payments also improves the chances they’ll pay quickly and reduces the need to follow up about their invoices.

3. Streamline workflows

Online payment processing can also cut down on the administrative hassle associated with collecting, recording, and allocating payments, especially when your payment processor is integrated with your legal billing software.

With the right software tools at your disposal, you can streamline billing and accounting processes by including payment links when you email your invoices, then use your legal billing software to automatically record and allocate payments as they come through.

It’s less work for your team than manually cashing and processing mailed checks, and it frees up more time to spend on service to your clients.

4. Get paid faster

The harder it is to pay your firm’s invoices, the more likely it is that those invoices will end up getting lost, forgotten, or put off until later. Providing clients a convenient and easy way to make payments can reduce the average time it takes them to pay and help your firm eliminate cash flow and collections issues.

In fact, one survey of legal professionals found that firms that accept digitized payments by card get paid 39% faster on average. That’s a significant improvement for legal professionals looking to collect payments.

These quicker payment turnarounds also make it easier for your firm to budget by taking the guesswork out of your forecasted monthly revenue.

5. Receive payments on retainer

Legal retainers are easier to manage if your firm is accepting credit card payments for trust or client funds deposits

That means you won’t need to waste waiting for a check to collect the money you have already earned. A good credit card processing solution for lawyers will also allow your firm to easily request funds when a client’s trust account balance gets too low.

It’s more efficient for the members of your firm and more convenient for the client, who doesn’t need to put in extra work to keep their trust account funded.

6. Compliant credit card payment is possible

Perhaps the most common reason for law firms to avoid credit card payments is the fear of violating the ABA’s ethics rules for trust accounting.

Under Rule 1.15 of the ABA’s Model Rules of Professional Conduct, there are strict rules governing the use of client trust/IOLTA accounts. Specifically, law firms have to take care never to commingle client and operational funds and to withdraw funds from a client trust account only as fees are earned or expenses are incurred.

Violating these regulations can come with significant repercussions, even if funds were commingled or withdrawn from a client trust account by mistake. For this reason, it pays for legal practices to be extra cautious when processing trust account payments.

The problem is that most generic payment processors withdraw their processing fees directly from the same account they deposit payments into. That means your client’s trust account funds are being used to pay processing fees, which is a direct violation of the Bar rules. And routing payments through your firm’s operating account won’t work either, since the ABA prohibits the commingling of funds between separate operating and trust accounts.

A legal software solution like Tabs3Pay can automatically withdraw processing fees from your firm’s operating account while depositing funds into the client’s trust account, so you can enjoy the benefits of trust credit card transactions without risking your practice’s professional standing.

7. Online payment processing is secure

The risk of security breaches is another reason law firms hesitate to invest in credit card processing. These concerns are justified given law firms’ responsibility to protect their clients’ confidentiality and credit card information, but today’s software solutions maintain a high level of security.

A reputable legal payment solution should allow your clients to log in to a secure online portal to make their payments, so your firm can ensure that card data remains encrypted and secure as payments are processed.

Your practice should look for credit card processors that are compliant with the Payment Card Industry Data Security Standard (PCI DSS), which offers an exceptional level of security and safeguards your clients’ credit card information throughout online transactions.

Modernize your law firm’s payment options with Tabs3Pay

Tabs3 Software is an industry-leading provider of practice management, billing, and accounting software for lawyers. With Tabs3Pay, we’ve created a payment processing solution designed to meet the needs of legal practices.

Unlike most generic payment processors, Tabs3Pay includes safeguards to ensure that your firm stays compliant with ABA trust accounting rules while processing credit card payments. Our legal-specific payment processing software also offers:

• Simple and transparent pricing
• Certified PCI-compliant security
• The ability to accept payments either by credit card or by eCheck
• A surcharging feature that allows your firm to pass on credit card processing fees to clients (available in states that allow credit card surcharging)

If you’re ready to get started with convenient, compliant credit card processing for lawyers, get in touch or schedule a demo.

Reflect before you have to collect!

Over the course of the pandemic, clients may have been increasingly unable or unwilling to pay for services they received. Tabs3 Software has worked to streamline the processes of billing and getting paid.

A change in the payment behavior of your clients may have been part of the pandemic’s collateral damage, and may have had an effect on your business’s cash flow. To minimize future risk, a comprehensive review of policy, procedures, reporting, insight, technology, and people is recommended.

Review your policies, procedures, and reporting

Many firms do not have a consistent policy that guides their collections process. It’s important to invest time and resources into establishing a policy that guides email content and communication around payment requests, to avoid damaging client relationships.

Provide clear, accurate, and timely statements

Clients are more likely to pay quickly when the service is recent and fresh in their mind. As time passes, invoices become more difficult to collect.

A key step to optimizing your collections process is to bill via email. Not only can you then invoice customers right after services are rendered, but you won’t have to wait a few days for bills to make their way to customers.

Be certain to provide enough details in the invoice while keeping legal jargon to a minimum. Recording billable hours and fees correctly also makes it easier for your bookkeeper to do their job. Every feature in Tabs3 Billing is designed to facilitate accurate entry of time and money.

Good software helps you accurately track receivables, including the invoices you’ve sent, what’s been paid, and what invoices are outstanding.

In some instances, customers may dispute an invoice and refuse to pay if they’re dissatisfied with the services they received. The ability to Write Down or Write Off all or a portion of a client’s accounts receivable balance is another way Tabs3 can simplify the work administrators do every day.

Make payments as easy as possible

Don’t force your customers to pay in any specific way. The more options you give them, the more likely they will pay you on time.

Tabs3 Billing allows you to enter a payment link when you email statements, so clients can pay securely as soon as the email is in their inbox. Even better, payments are applied directly to client accounts so you don’t have to enter a thing. Tabs3Pay allows you to get paid faster, right from within Tabs3 Software.

Use this as a chance to connect

Every interaction you have with your client leaves an impression. This is especially true when it comes to collections. Whether it’s over the phone or through email, it can be a challenge to address a difficult topic. Put yourself in their shoes and think about how you would want to be addressed in the situation. In addition, use this opportunity to let them know you appreciate their business.

There are many reasons clients may not pay their bills on time. Forgetfulness, negligence, unclear or incorrect bills, and subsequent delays can create unwanted challenges that can put your business at risk.

See how Tabs3 Billing and Tabs3 Pay can make billing and getting paid easier for everyone in your firm. Schedule a Free Walkthrough Demo of Tabs3 Now.

An unwieldy billing process can eat into one of a law firm’s most valuable assets: time. Attorneys know this, but changing office workflows requires planning and is best accomplished through manageable steps.

We’ve put together our top ten tips for better billing. We hope they resonate with your team.

1. Track your time

If you track your time, it’s easier to estimate how long tasks take, determine effective billing rates, and evaluate profitability.

To improve timekeeping habits, start with a month. Commit to thirty days and make it a daily practice. Consistency is your friend.

2. Get tech to work for you

Law firms spend a lot of time on administrative tasks. Track and analyze how you work, then find tech tools to reduce the hours.

For instance, the Tabs3 practice management software, PracticeMaster, has toolbar plug-ins for the programs you use every day, making timekeeping less of a chore.

Those who work on the go can also get mobile access with Tabs3 Connect.

3. Make tasks easier with software

Billing software reduces manual and clerical efforts, helps the whole staff bill on time, and reveals how the firm is performing. Aim for software like Tabs3 Billing that captures expenses and tracks hours worked, hours to bill, and non-billable time.

4. Pre-bill review as if it’s you

When you’re reviewing pre-bills, ask yourself, “Would I pay this bill?”

Bills are important forms of communication because they go straight to the heart of client trust. Use bills as an opportunity to solidify appreciation for your services.

Clients are more likely to pay bills that are concise and clear about what is being charged.

5. Plan billing into your schedule

Establish a policy for timesheet submissions and pre-bill review that fits a regular billing cycle, works for timekeepers, and increases the odds for compliance.

Be prompt in your billing and clients will return the favor. Process invoices monthly and use email statements to expedite.

6. Streamline your cash flow with timely billing

Cash flow isn’t the same as profit and loss. A company can be profitable while experiencing cash flow problems that drive it to bankruptcy. Regular billing helps firms maintain a consistent cash flow.

7. Stay on top of collections

A collections survey showed that at three months delinquent, 27% of accounts receivable won’t be paid. By six months, that number goes up to 43%, and at a year, it’s 75%.

If you don’t currently have one, develop a consistent accounts-receivable program:

• Detail how you want customers to pay
• Include terms of payment in engagement letters
• Run monthly accounts receivable reports
• Act on past-due collections immediately

8. Keep good clients

The most successful law firms keep a list of top clients and check it regularly. Know who brings in the most revenue for your firm and whose business is actually costing you money!

9. Make it easy for clients to pay

Although some firms are still wary of credit cards, the traditional reason not to use them, credit card fees, is worth the expense in collection cases to get paid and be done with it. Additional concerns, such as trust accounting compliance, can now be addressed by using a legal-specific merchant like Tabs3Pay.

10. Automate when possible

Automation streamlines manual processes and improves cash flow by enabling you to accomplish more with fewer resources.

We hope these tips have sparked some good ideas on how to shift old habits, improve daily tasks with technology, and strengthen your firm’s billing processes.

To learn more about how Tabs3 can streamline your billing, contact us.

Time is money, especially in law firms. Automating functions with practice management software can not only save a lot of time, it can increase a firm’s profitability.

What Automation Is, and How It Works

Automations are sets of instructions that perform tasks. They improve productivity and reduce human error by cutting out repetitive manual work. In our practice management software, PracticeMaster, we call these automations WorkFlows. Using WorkFlows, we’ve seen firms realize substantial time savings, such as a reduction of 33% in time spent processing paperwork. They work based on a simple if/then principle: “if” a trigger event takes place, “then” actions can begin. Use automations to streamline time-consuming processes.

One popular automation in legal services is document assembly. Identify frequently used legal documents, such as fee agreements and contracts, and you can set up document templates in the software. Each template has designated fields, such as name and contact information, sometimes called variables or conditional text, which represent case data. Save your templates in the software and select them as needed. With WorkFlows, after you enter a new client into the system, document assembly can begin with client data already filled in. Templates can include additional prompts, like to enter a fee for billing or set a calendar appointment with a client.

Identify What to Automate

The best kind of tasks to automate are ones you do regularly. Think about goals you want to achieve by streamlining your firm’s processes. Meet with your office administrator or billing clerk to learn about their time-consuming or repetitive tasks, and make special note of redundancies like duplicate data entry. Review how you enter time, enter new client information, and communicate with clients. Don’t forget about billing and payment collection. Are there tasks that take a long time, or things that are done the same way every time?

Identify two or three key things to automate, then implement them. As your team becomes more comfortable with setting up and running automations, you’ll find more opportunities to automate. Not sure how your software’s automation tools work? Reach out to a consultant or your software’s support team and ask how they can help.

What Not to Automate

Not everything can or should be automated. Processes need to be predictable for automation to work. Unique documents or anything that requires individual consultation, decision-making, or collaboration are not good candidates for automation. Until we figure out a way for computers to become more human, personal engagement and conversations about your client’s situation are what make your firm different from others. Those are your personal and professional skills that can never be automated.

Take Advantage of Available Resources

Automations may seem overwhelming, but don’t fear the work involved in setting them up. Take advantage of the tools available, and your firm will reap the rewards of the higher level of efficiencies. Saving time does not mean losing billable time. Automation allows you to spend more time with your clients, find additional clients, or plan for your firm’s future.

Invest the time to review all of your processes. Find out what your software’s automation capabilities are. Implement what you can now, and set up a plan for future automations. Although you’ll spend more time early on with automation research and setup, you will never regret the time you will save.

For more information on automations in PracticeMaster, check out our WorkFlows Guide. To learn more about how document assembly works in PracticeMaster, watch this video: Intro to Document Assembly

It turns out that not all trends are cyclical. Cash? Check? Like it or not, these forms of payment are going the way of the abacus and the typewriter.

Although there are good reasons to be cautious about adopting new technology, payment processing is one area where it pays to be ahead of the curve. After all, anything a firm can do to increase billable hours, reduce administrative work, and accelerate accounts receivable is good for the bottom line.

It isn’t only about improving internal workflows, either. Accepting credit cards also improves client satisfaction at the same time that it increases profit margins.

That’s why Tabs3 Software is excited to announce we’re now offering a built-in credit card processing feature, Tabs3Pay.

A valuable tool for law firms

Credit card processing, when implemented correctly, can add enough of a lift to key areas of a law firm’s success to create a competitive advantage.

Cash flow and processing time

Having an online payment option reduces the number of steps needed to make a payment, which increases the likelihood of clients paying quickly. In fact, the legal industry has become increasingly aware that accepting credit cards improves cash flow by 30 to 40%.

A few other benefits: credit card deposits often hit your bank account faster than a check, and you’ll save on the administrative time it takes to process other payment methods.

Client satisfaction and growing expectations

The legal industry is no exception to the growing customer expectation for convenience in making payments, including for business transactions. Providing the ability to make payments by credit card helps meet that demand while also creating a simple payment experience that can be completed from any device.

Overall, accepting credit cards offers greater predictability and stability, opening up opportunities to proactively plan for your firm’s future based on more accurate financial projections.

Getting legal-specific

When selecting a credit card processing service, it’s important to select a software specifically designed for legal clients.

Running your payments through a certain processor puts the pressure on them to make sure the transactions are secure, but you still have an ethical responsibility to verify what that process is. Check if the processor is certified as PCI compliant. Your firm should also vet how information is being stored to ensure privacy compliance.

Don’t forget to ask about how trust accounting is handled. Most credit card processors deposit funds into the same account from which they withdraw the transaction fee, which can land a law firm in serious trouble.

Although this practice isn’t a big deal for non-legal companies, if the account in question is a legal client’s trust account, then the transaction fee has just been paid by the client, not the lawyer. Even if you act quickly to transfer the amount from your operating account, you’ve technically already accessed client funds.

To avoid these issues, legal-specific processors like Tabs3Pay are set up to deposit charge funds into the trust account and withdraw transaction fees from the operating account. We also protect you from similar issues with voids and chargebacks.

Likewise, we can handle your firm having more than one client trust account. After all, we’ve designed our software specifically for lawyers!

Craft your own approach

Tabs3Pay is part of Tabs3 Software, which means that if you want to sidestep double data entry by having your accounting seamlessly update with new payments, you can. With flat rate options and more, you can find an approach that works for your firm.

Visit our site to learn more about the benefits of Tabs3Pay.