Industry focusedTransforming your Law Accounting Processes
Pre-Bills and Invoices
Individual and bulk pre-bills are essential tools for law firms to review and finalize billing statements before sending them to clients. While they are vital to ensure accuracy and transparency, they come with several challenges that make the traditional process slow and labour intensive.
Reviewing and editing pre-bills to make manual adjustments can be difficult given the complexity and variability between cases. This process can be particularly cumbersome in large firms dealing with similar cases in high volumes. With Lawffice customization, individual and bulk pre-bills can be generated through NetSuite with fields specific to legal billing standards. Additionally, features such as activity code/UTBMS code fields and easy write-off for time entries, invoices, and bills add greater simplicity to pre-bill management.
Time Entry Management
Standard time entry capabilities within NetSuite’s traditional formatting are quite rigid and limited when compared to the requirements of law firm’s financial processes. Inability to perform the necessary write-offs and modifications to time entries adds multiple additional steps to ensure accurate timekeeping and billing.
Within Lawffice, flexibility of time entry management is expanded through the addition of easy write-off functions for time entries, invoices, and bills. It also includes a start/stop timer to more easily switch between ongoing projects prior to submission. Billing and invoicing has also been modified to allow for the formats of LEDES 98B and 98BI, with fields for timekeeper information, task codes, expenses, and invoice summaries.
Generating Financial Reports
Generating accurate reports and managing client contingency involve unique and complex processes, which traditional NetSuite software cannot fully accommodate. Documentation such as trust account reports and attorney credit reports require strict compliance with North American legal standards and specific data entry fields not accessible through NetSuite’s default interface.
Lawffice customizations were constructed to bypass these limitations with the addition of custom fields for timekeeper info, task codes, expenses, and invoice summaries. Reports can be organized by rate and matter role within NetSuite and can be shared between multiple people. These additions mitigate risk of errors in reporting through added organization and efficiency.
Client Contingency
Within Lawffice, client contingency is engineered to remove major roadblocks in the accounting process. Traditional NetSuite requires the manual movement of funding from trust accounts, adding extra steps to the process. The trust accounting formatting is also not specific to the regulatory standards of law firms which poses risk for accounting errors or incompletions.
With accuracy and transparency in mind, Lawffice contains the client contingency interface, which modifies the trust accounting format to cater to Law Industry accounting requirements. The movement of funding across accounts is also redesigned as an automated feature of the accounting process, simplifying the transfer of funds in approved invoices without the risk of disorganization.
NetSuite–LawPay Integration
In addition to the Lawffice customizations, 67 Solutions also offers integration of NetSuite with payment platform Law Pay. Law Pay is the leading Legal Payment Management platform for online payments, providing secure online transactions in accordance with ABA/CBA and IOLTA guidelines.
Merging these processes with NetSuite allows for easy handling of credit/debit payments, invoices, and recurring payments within the NetSuite system. Using Law Pay with NetSuite ensures guaranteed security of financial information coupled with efficiency and convenience for both attorneys and clients. Mobile payments, online payment links, and user-friendly client portals simplify the payment process leading to faster, more reliable transactions.
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NetSuite For Small to Midsize Law Firms
Using a unified cloud ERP customized to their firms’ specific needs, companies can better plan, collaborate and make decisions. NetSuite and 67 Solutions help to improve employee productivity, minimize mistakes and give partners full visibility over their operations.
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