What if there is a way to keep the number of headcount stable or even reduce it while maintaining or even improving your firm’s profitability?
It’s every lawyer’s dream is to maintain a lean yet profitable law firm. There is always the pressure and desire to hire more assistants when you’re law firm is growing.
To improve profitability you’d want to minimize your hires and therefore, keep operating expenses at a minimum.
In fact, for any law firm to be competitive and be able to maintain it’s profitability it is important to outsource at least some of the administrative tasks.
Outsource All Non-Lawyer Work
The typical law office spends 45 to 50 percent of the fee dollar on the expenses of operating the office. These funds go for non-lawyer salaries, rent, telephone, library, equipment, supplies and other facilities. Source – LawCrossing.
As a law firm try concentrating on purely lawyer work. Do note hire assistants and staff that do not have any law expertise.
Find an agency that can provide all the assistance you will need in terms of administration, accounting, billing, word processing, transcription, etc.
Keep your law firm lean. This will greatly reduce your expenses and maximize your profits.
Outsourcing Minimizes Expenses
The bulk of the work being outsourced is “back-office” work such as legal research services, word processing, copying, legal transcription, accounting, and other administrative support. Based on industry data, top 200 U.S. law firms spend nearly $20 billion annually on operating costs, with office operations and documentation management making up 46% of total expenses, the report said.
Mr. Steinberg said Intellevate has doubled in size in the last year and expects to double in size again in another 6 months. Intellevate is majority owned by shareholder attorneys at Schwegman Lundberg Woessner & Kluth, a nearly 60-lawyer patent firm in Minneapolis, a firm that also is a customer of Intellevate’s services, according to Minnesota’s Pioneer Press. Mr. Steinberg cited several advantages to outsourcing legal work to countries like India, the location of Intellevate’s support center. The fact that “India works while we sleep” results in work being done 24 hours a day and yields a faster turn around time, he said. Mr. Steinberg also said the cost savings and the reduction in risk were other advantages. “Because wages are lower, through India more time and care can be taken.” Source – LawCrossing.
Outsourcing, especially to service providers in India, will allow your law firm to minimize your expenses.
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