Legal firms provide legal advice and representation and prepare legal documents. Solicitors, Barristers, and legal aid offices typically offer these services. Alternative dispute resolution, conveyancing, and intellectual property services are also included in the industry.
Legal work is to be done to the highest standard and in the fastest possible time. Law firms are meant to maintain a high volume of paperwork. Additionally, attorneys must keep track of their time for billing purposes, which is challenging when they have multiple clients. Trust accounting plays a major role in Legal Firm Accounting and is a compliance requirement.
Legal Firms are using different legal software to maintain matters, documents, conversations, and timesheets. The cross-sectional knowledge of software will assist clients with objective advice on software’s features and what best use looks like. Standard software in the industry is Clio, Smokeball, Leap, Timesolv, Amicus Attorney, and Liv.
Transcription is another major area that requires little technical knowledge and command over the language. We have few softwares that help us in this regard, like BigHand, Winscribe.
As we talk about paperwork, documentation is yet another focus area that has been managed effectively in recent with popular document management systems like iManage and Softdocs.
In addition to the day-to-day accounting, Legal firms lookout for support on the below services with the required knowledge in the process but not the professional expertise of the industry:
- Conveyancing Support
- Trust to Office
- Word Processing, Copy Type & Data Entry Assignments
- Matter Opening & Costs Agreements
- Trust Accounting and Management
- Precedent and Document Automation
- Electronic Archiving, Filing & Related Administration Tasks
- Marketing Support
- Other Support Services as Required
- Paralegals Service
- Payment follow up