- March 26, 2013
- Phil Paisley
- 0 comment
The next generation of attorney business software will convert professional legal services into payments with greater effectiveness and speed while replacing many business tasks.
Business software companies have learned that the single purchase software business model is not a business survival model. As a result, business software companies have been moving to new recurring income models through licensing and subscription payment plans.
Recurring income models allow business software developers to innovate with new software ideas, new software executions and new operating methods where software updates will be automatic and companies can afford a renewed focus on software research, software marketing and customer service.
These new business software products are taking software beyond the replacement of duplicative administrative functions and simple computations (the task of business software since the 1970’s) to software actions that will increase user income, reduce user labor costs and make sure tasks are done.
Examples of new attorney business software innovations include: automating the reconciliation of your business checking account with the bank as often as you like; analyzing when to pay bills (initiating payments through your bank); automatically debit client checking and credit accounts to pay for pre-agreed upon incremental retainers; automatically reminder-billing clients; automatically setting-up payment plans your clients can afford to pay; bank account, client, cash flow balances and income projections notifications by email or smart phone / tablet / computer access.
For attorney billing, this new generation of software will be a money maker. It will help to automatically bill overdue statements, create payment plans and make incremental retainer billing a practical reality. Collection problems will be reduced and incremental retainer payments will become the norm.
The next generation of attorney business software will also data-mine and project revenues. It will analyze contingency cases and help attorneys make assessments about likely rewards, costs and time spent and “time to award.” This software will learn from past data how to project law office revenue with increasing accuracy based upon sophisticated data-mining and projection algorithms.
Stay tuned, Interbill releases its first in a series of next generation attorney business software in September 2013.