No one would debate that a law firm needs to use word processing programs. Consumer bankruptcy law firms would find it extremely difficult, if not impossible, to file petitions without document assembly programs. And, some type of time, billing and accounting software is mandatory for almost all law firms. Yet, legal practice management software (LPMS), which has been one of the most discussed, debated and reviewed legal software genres for the past decade, has just recently reached the threshold of being adopted by half of all firms. This low penetration rate is surprising in that LPMS arguably has more day-to-day impact and, after being used for a time, also provides functionality that no law firm would want to be without. [Read more…]
Legal Practice Management Software (LPMS) Series
OTB has implemented LPMS for the past 2 decades. I’ve used some form or fashion of practice management software for the past 3 decades. This series of posts will draw on our vast experience and expertise in this area to help you determine whether LPMS is something that you need to invest in to drive efficiency and profitability in your law practice or business.
What is Legal Practice Management Software?
Why Does a Firm Need Legal Practice Management Software?
Legal Practice Management Software ROI Analysis
Legal Practice Management Software for Consumer Bankruptcy Attorneys
Legal Practice Management Software ROI
Expense v. Investment – A General ROI Analysis
Having met with hundreds of law firms that were considering the implementation of Legal Practice Management Software (LPMS), we’ve seen our fair share of lawyers and law firms who view the cost of LPMS solely as an expense, failing to understand that it is an investment with a real return that will far exceed its costs. Let’s start with the cost.
When looking at the cost of a LPMS, there are two high level components: licensing and implementation. [Read more…]
Why Does a Firm Need Legal Practice Management Software?
Having defined what comprises good legal practice management software, why does a law firm need it? As with any decision a law firm makes when investing its limited resources, the firm should compare the total cost associated with the system against the economic return that the system brings the firm. If the return is greater than the cost, then it makes sense to invest in the system. With this in mind, what returns can a law firm expect from the use of a LPMS?
With just over half of all law firms in the United States utilizing some type of true practice management system (meaning a system other than Outlook or cobbled together applications acting as a LPMS), there must be a reason why law firms make this type of investment. The common advantages and returns of any type of LPMS are:
What is Legal Practice Management Software?
Legal Practice Management Software (LPMS) accumulates and aggregates all the relevant information about a case or matter – litigation or transaction – so that it can be easily accessed and used by lawyers and their staff. It is, in essence, an electronic case/matter file. While there is no set rule, basic practice management programs have four primary components: calendaring, task management, people management, and case/matter management.
[Read more…]
