No-Code Entity Management Is Key To Minute Book Efficiency
Law firms everywhere rely on their ability to charge billable hours in order to boost profits for the business. Between certified legal professionals, paralegals, and private investigators; firms have an abundance of human resources to manage and profit from client relationships.
One expectation for a number of firms is the need to increase Legal Recurring Revenue. By measuring Legal Recurring Revenue as a performance benchmark for all associates of the firm, your business can:
- Plan growth forecasts for an entire calendar year
- Ensure the business remains financially stable with no gaps in revenue
- Find the perfect time to raise funds from investors in order to support growth
- Reinvest earnings into professional growth and development, making your firm an attractive business for newer legal professionals
Firms lose Legal Recurring Revenue to recordkeeping
Managing client expectations and ensuring all paperwork is properly documented for an upcoming case is a timely affair. It’s said that firms spend approximately $20k per year per legal professional to manage documentation and minute books for clients. That’s a lot of salary to invest in recordkeeping that, in addition to direct financial costs, also eats up a lot of time that could otherwise be spent growing revenue opportunities for the firm.
It makes sense that minute book recordkeeping cuts into your firm’s bottom line. Everything that’s included in these tasks, such as printing, copying, filing, and searching for lost documents all requires time and resources to complete. While the tasks themselves may appear tedious, they’re all necessary to protect client privacy and increase the chances you’ll win your case.
What if there was a faster way to complete these tasks?
Rather than stick with the old ways of doing things, your firm could modernize how you maintain minute books with modern technology. Using cloud-based entity management solutions, you no longer need to store physical binders and documents at your office. Instead, all minute books and important records can be uploaded into a safe and secure cloud-based environment.
The best part of these solutions is that they allow your firm to store, scan, sort, and share important records within minutes. Rather than physically sort through each individual record, your team of paralegals can transform those physical records into secure digital documents.
All of that time spent on managing records can instead be used to complete tasks that directly contribute to the growth of the firm. With cloud-based entity management technology, your paralegal team looks like a group of rockstars in the legal community!
No coding or development experience required
Not every law firm has an IT department; even in those rare firms that do have in-house technical support, there are still few experienced developers to spare. Relying on coders with limited time to access, upload, manage, or share digital documents costs nearly as many working hours as physical minute book recordkeeping.
That’s why cloud-based entity management solutions are so valuable for growing firms. Enterprise grade scanning services are built directly into the platform’s capabilities, which means you can transition your record book collection to the cloud efficiently, securely, and with the highest commitment to quality standards for your clients.
All scanning can be completed within the four walls of your office to maintain client security. This ensures that all private data is fully protected throughout the transition to digital documentation. Once uploaded to the platform, cloud-based security parameters protect all client records and minute books from public exposure. Access is strictly limited to the very few professionals who have been given permission to view the account.
Earn back more time to grow Legal Recurring Revenue
No code entity management solutions make it faster and easier to complete the tasks that help maintain client relationships. By giving more time back to your paralegal professionals, your firm can dedicate more time and manpower to servicing growth and managing Legal Recurring Revenue that will ultimately improve the firm’s bottom line.
Solutions like these have helped both large and small firms take the next step in their own respective journeys towards growth. We have a great Q&A style story with the founder of the multidisciplinary firm Hub6, who successfully focused on delivering growth thanks to the technological solutions implemented that streamlined the day to day management of the firm.
Is your firm ready to be the next Hub6? Join the MinuteBox revolution so that you can implement no code entity management solutions across your law firm’s operations and earn back more time that you can devote towards boosting revenue for the business.