Does Lawyer Productivity Increase Revenue?
We hear about “productivity” all the time: being “productive” is a good thing, whether it’s attributed to an idea, a statement, an employee, or an experience. And being “not productive” is generally a bad thing: something is either a waste of time or simply not as helpful as it could be.
For lawyers, productivity can mean a lot of things, but we usually think of it as how efficiently they can get their work done in a way that translates to positive results and happy clients. But does lawyer productivity actually increase revenue? Your first response might be “of course,” or it might be just the opposite. But no matter where you come out, lawyer productivity should be your goal.
Why Lawyer Productivity Can Increase Revenue
Traditionally, lawyers have charged their clients by the hour for the work they do. In a way, this could be said to disincentivize productivity: the lawyer who charges $300 an hour will make $900 if it takes him three hours to draft legal documents but only $450 if it takes him the half the time. Obviously, the client is worse off if takes the lawyer twice as long but the lawyer makes twice the money. Thus, the productivity of getting the work done in half the time would actually decrease revenue.
But that model of there being a lack of transparency between lawyer and client is increasingly a thing of the past as clients are rightfully becoming more savvy about the cost and quality of legal services via information and lawyer feedback ratings available on the Internet and elsewhere. Clients want to find the lawyers who are more productive and a better bang for their money and now they have increased power to be able to do so. Furthermore, flat-fee models for various types of legal work, including real estate and family law, are becoming more and more popular, causing further erosion to the billable hour model.
As a result, lawyers who can be more productive in their work and consistently deliver great results at a reasonable price will make their clients happy and in turn create more clients, increasing their total revenue.
Why Lawyer Productivity Doesn’t Have to Increase Revenue
But maybe you are one of the many lawyers who already has plenty of clients and enough revenue to keep your practice running at a comfortable level. What you want is not necessarily more revenue, but more time to enjoy your personal life, family, hobbies, and other pursuits. With increased productivity, you can still provide the same level of professional service and results to your clients while getting the work done at a quicker pace. By increasing your productivity, you can increase something even more valuable than revenue: your time.
Either Way, Rocket Docket Legal Software Can Help Your Practice
Whether you want to increase your revenue or reduce your number of hours in the office (or both!), Rocket Docket Legal Automation software can help boost your productivity. Rocket Docket’s automated New York legal document templates let you fill in basic client information to fill out multiple forms in a matter of seconds, saving you time and preventing mistakes that cost both you and your client. Our business form libraries include everything from the Retainer Agreement and Notice of Appearance through the Notice of Appeal needed to open, draft, litigate and complete each case, making you more productive and your clients happier.
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