Our Services
Legal Keep is dedicated to a suite of services designed to elevate your law firm’s financial operations to the pinnacle of efficiency and effectiveness:
1. Revenue Management
What it is & Why it’s Important:
Revenue Management is the strategic analysis and optimisation of a firm’s income streams, ensuring that work in progress (WIP) is efficiently converted into billed revenue and, subsequently, into cash. Effective revenue management is crucial for maintaining a healthy cash flow, essential for any law firm’s operations and growth. It involves understanding and implementing pricing strategies, billing cycles, and client agreements to maximise profitability.
How Legal Keep Can Help:
Legal Keep brings a wealth of experience and a proven track record in transforming the revenue management processes of law firms. By employing advanced analytical tools and bespoke strategies, we identify bottlenecks in your revenue cycle and implement streamlined processes for billing, collections, and work management. Our approach not only enhances your firm’s cash flow but also aligns your billing practices with industry standards, ensuring competitive advantage and client satisfaction.
2. Billing and WIP Management
What it is & Why it’s Important:
Billing and Work in Progress (WIP) Management are critical components of a law firm’s financial health, focusing on the accurate tracking, management, and billing of ongoing client work. Efficient WIP management ensures that services are billed and revenues collected in a timely manner, preventing cash flow issues and enhancing financial stability.
How Legal Keep Can Help:
At Legal Keep, we specialise in refining your WIP and billing processes through cutting-edge technology and innovative management practices. Our bespoke solutions facilitate accurate time recording, efficient billing cycles, and effective management of unbilled work, ensuring that your firm recognises revenue as soon as possible. By streamlining these processes, we help law firms improve their cash position, reduce lock-up days, and foster a culture of financial diligence and accountability.
3. Lock-Up Days Reduction
What it is & Why it’s Important:
Lock-Up Days refer to the amount of time between doing work for a client and receiving payment. High lock-up days indicate slow billing or collection processes, tying up potential cash and impacting a firm’s liquidity. Reducing lock-up days is vital for improving cash flow and operational efficiency.
How Legal Keep Can Help:
Legal Keep excels in strategies designed to minimise lock-up days, thereby enhancing your firm’s liquidity and cash flow. By analysing your current billing and collection processes, we identify inefficiencies and implement best practices for prompt billing and effective collections. Our expertise in negotiation and client communication further aids in faster payment cycles, ensuring your firm’s financial resources are optimised.
4. Financial Hygiene Analysis
What it is & Why it’s Important:
Financial Hygiene Analysis is the comprehensive review of a firm’s financial practices, aiming to identify and rectify any inefficiencies or risks that could impede financial health. Good financial hygiene is crucial for law firms to maintain compliance, optimise profitability, and ensure sustainability.
How Legal Keep Can Help:
Legal Keep conducts in-depth financial hygiene analyses to uncover hidden inefficiencies within your firm’s financial operations. Our expert team provides actionable insights and tailored recommendations to enhance your financial practices, from improving invoice accuracy to ensuring compliance with financial regulations. By fostering robust financial hygiene, we help law firms build a solid foundation for growth and success.
5. Pricing, Rates, Credit Control Management
What it is & Why it’s Important:
Effective Pricing and Rates management ensures that a law firm’s services are competitively priced while maintaining profitability. Credit Control Management involves strategies to ensure timely payment of invoices, critical for maintaining a healthy cash flow.
How Legal Keep Can Help:
Legal Keep leverages deep industry knowledge to optimise your firm’s pricing and rate structures, ensuring they reflect the value of your services and align with market expectations. Our comprehensive approach to credit control management includes setting clear payment terms, conducting credit checks, and implementing efficient follow-up procedures to reduce debtor days. Through strategic pricing, rate adjustments, and stringent credit control practices, we help law firms maximise their revenue potential and maintain financial health.
6. Creating Revenue Management Structures & Processes
What it is & Why it’s Important:
Creating Revenue Management Structures & Processes involves the establishment of internal frameworks and procedures aimed at optimising a law firm’s revenue cycle from end to end. This service is particularly vital for firms that lack a dedicated revenue management function, often leading to inefficiencies, missed revenue opportunities, and poor financial hygiene. Establishing these structures not only ensures the firm’s financial health but also lays the groundwork for sustainable growth and profitability by aligning billing, collections, and financial reporting processes.
How Legal Keep Can Help:
Legal Keep specializes in crafting bespoke revenue management structures and processes tailored to the unique needs of each law firm. Drawing on years of experience and success stories, such as the comprehensive revenue control function implemented at Blake Morgan LLP, we provide a blueprint for financial excellence. Our approach begins with a thorough analysis of your current financial operations, identifying gaps and inefficiencies. We then design and implement a holistic revenue management system that includes efficient billing practices, effective work in progress (WIP) management, streamlined credit control, and sophisticated financial reporting mechanisms.
Our service doesn’t stop at implementation. We ensure that your team is fully equipped with the knowledge and tools necessary for ongoing success. Through training sessions and continuous support, we empower your staff to maintain and improve the new systems, ensuring long-term financial hygiene and resilience. For law firms aiming to establish or overhaul their internal revenue management function, Legal Keep offers the expertise and guidance needed to create a robust foundation for future financial health and operational efficiency.
Request a free discovery meeting
Get in touch today to schedule a free 15-minute call to discuss how we can support your firm with better financial hygiene and reduced lock up days.
- FREE discovery meeting without obligation.
- Learn how we can help you make better financial decisions.