MADDI: A revolutionary AI-powered virtual assistant by Aderant

Aderant has fully embraced artificial intelligence (AI) and will continue to make important integrations every quarter to drive innovation across the industry.

How adopting the right technology can reduce stress for lawyers according to Virtual Signature

According to Lawcare, the mental wellbeing charity for the legal community, there has been a recent increase of 24% in people contacting them for support.

Integrity matters: exploring transparency in modern legal practice with Advanced

Integrity is important to law firms, and clients are often sceptical to trust firms as well. As such, the importance of transparency in legal proceedings and client relationships is vital with financial dealings of law firms the most critical area for scrutiny. In this article, we delve into the significance of transparency in finances within law firms, and explore methods for enhancing transparency, and weigh the benefits against the potential drawbacks of not adhering to these principles.

Transparency serves as a cornerstone of trust in any professional relationship, and this holds particularly true in the legal industry. As clients place their legal matters and financial resources in the hands of law firms, they expect a high level of clarity and openness in all financial transactions. However, the legal industry has historically been criticised for its opacity in billing practices, making it difficult for clients to understand the value they receive for the fees they pay.

This is despite steps firms take to outline their position. Engagement letters will outline costs to clients, but potentially only hourly rates and projections, with a guide estimate potentially the only thing that clients can go to set their expectations. Something that can come crashing down if the matter is complex.

Law firms can take proactive steps to enhance transparency in their financial dealings and client interactions, ultimately bolstering trust and integrity. Regular updates on fees and expenses should be communicated to clients as well. By providing itemised invoices that clearly outline the services rendered, time spent, and expenses incurred, you are empowering your clients to understand the value of the legal services they receive and minimises the chances of surprises.

Embracing technology can streamline communication and transparency. Client portals can offer real-time access to case updates, billable hours, and expenses. Regular communication through emails, phone calls, or virtual meetings keeps clients informed about the progress of their cases.

While hourly billing remains common, law firms can explore alternative fee arrangements such as flat fees, contingent fees, or hybrid models. These arrangements can increase transparency by aligning the firm’s interests with the client’s goals.

The importance of transparency

Transparent billing practices foster trust and client satisfaction. When clients understand what they’re paying for, they are more likely to appreciate the value of the services rendered. Detailed invoices and open communication minimise the potential for billing disputes, leading to a smoother attorney-client relationship and improved overall experience.

Law firms that prioritise transparency can distinguish themselves in the market. Clients are more likely to choose firms that offer clear, transparent billing practices over those that don’t.

Conversely, a lack of transparency in billing processes can have several negative repercussions. Clients who feel deceived or surprised by unexpected charges are likely to lose trust in the law firm, leading to dissatisfaction and potentially creating brand detractors. In today’s digital age, a single dissatisfied client can share their negative experience online that is seen by anyone searching for more information on your firm, tarnishing the law firm’s reputation and potentially affecting future client acquisition.

Operating with non-transparent billing practices may also raise ethical concerns, damaging the law firm’s professional credibility. The loss of client trust can lead to delays with payments, disputes raised, and invoice actualisation reduced. Ultimately, a lack of transparency could lead to less customers and less revenue.

Transparency in financial matters is a vital component of modern legal practice that underscores integrity, trust, and ethical conduct. Law firms that embrace transparent billing practices and open communication stand to gain not only in terms of client relationships but also in terms of their reputation and competitiveness.

Virtual Signature ID Validate Ltd secures EIS funding round from Endeavour Ventures Limited July 2023

Virtual Signature ID Validate Limited (VirtualSignature-ID) is pleased to announce that it has received a substantial investment from Endeavour Ventures Limited.

Intapp workspaces: Improving document management, security, compliance, and user adoption in Microsoft Teams with firm collaboration software integration

As law firms have become increasingly reliant on virtual communications, many have adopted Microsoft Teams to fill this growing need.

iManage’s biggest networking event, ConnectLive Virtual 2023 – 6-8 June 2023

ConnectLive Virtual 2023 is the biggest networking and information update event for iManage customers, partners, product experts, and users.

Improving my law firm’s client experience – top tips from Access Legal

The following extract was taken from a Access All Areas Virtual Conference session delivered by Mike Connelly, Legal Bricks Founder and Commercial Director at Access Legal.

Access Legal’s guide to modernising the conveyancing process

The following extract was taken from a Access All Areas Virtual Conference session delivered by Mike Connelly, Legal Bricks Founder and Commercial Director at Access Legal.

Access All Areas is back and bigger than ever!

Access Legal’s industry-leading virtual event, Access All Areas, is back and bigger than ever. The event brings together the best of Access with thought-provoking speakers and discussion, insightful product sessions and illuminating customer stories.

Actionstep: LPM 2022 Recap – Top Takeaways

Did you catch LPM Conference 2022 in July? Celebrating its 10th anniversary this year, LPM 2022 is presented by Legal Practice Management (LPM) and brought together more than 60 leaders from top SME law firms in the UK.