Legal technology solutions have become synonymous with smart practices today. The technology wave sweeping practices and industries globally has also moved the legal sector towards faster, smarter, and better legal management. Legal technology has enabled legal practitioners and firms to streamline operations, be it tactical, administrative, analytical, or financial. This has also resulted in improved productivity and ROI.
Over the past 10 years, disruptive trends have been influencing the way the legal ecosystem traditionally worked and have been redefining business models in the sector. There has been a constant urge towards delivering more at a lower expense across legal firms and corporate legal systems in order to drive more economic influx. Processes have been restructured and reevaluated to suit the bills. Automation of certain processes has already been a phenomenon across the globe and this trend is expected to grow in the imminent. Technology has a three-pronged approach of how it is redefining operational processes, i.e, using the 3-A’s, namely, Automation, Analytics/Big Data, and Artificial Intelligence (AI), as per a study by Deloitte, the Big4 consultancy.
Today, we will look at how legal technology has been influencing the way finances are managed by legal firms and individuals, in other words, the legal technology trends in financial management software. Let’s get started.
- Holistic Money Module: All money matters including tracking accounts, invoices, expenses, bills, reports, statements, etc. now can be managed and tracked all on a single platform. This makes the entire billing and managing financial matters easier and more systematic.
- Tracking Billable Hours: Time is money and rightly so in case of lawyers. Docketing billable hours is an important part of financial management for legal professionals. With legal technology in place, this has become a lot easier and methodical.
- Manage Invoices: Managing invoices is a crucial part of financial management. An adept financial management software by any legal technology provider should be equipped with an invoice management module.
- Expense Tracking: Tracking expenses is important for every organization and individual. This helps to control financial matters and plan the finances better. With a legal technology software equipped with a financial management solution, lawyers can now keep a tab on all monetary outflows.
- Instant Invoice Generation: Lawyers are now getting more adapted to the concept of working on the go. Instant invoice generation helps in quicker issue resolution.
Realizing the needs of lawyers, corporate legal teams, and legal firms, App4Legal has developed a state-of-the-art Financial Management module that lets you mitigate all financials and accounting management related challenges under the same roof. It enables easier tracking of all financial aspects, docketing expenses, generation invoices on the fly, and make the whole process simpler and faster. It helps save a lot in terms of time, manual labor, and expenses. App4Legal Financial Management module also enables to create customizable invoice templates for faster processing. It is also included in the all-in-one legal technology suite, namely, App4Legal Core and available as a separate module, as per the client requirement.
“With App4Legal software, we can now input expenses and billable hours anytime, anywhere. This gives us the confidence to catch every dollar and minute.” – App4legal user.
“App4Legal is a 360-degree legal technology software with a user-friendly and intuitive interface. The financial management module helps us link all cases and legal matters with time tracking, invoicing, and expense tracking.” – App4Legal user.