Well! If you operate a big law firm, then probably generating effective invoices is your major priority.
You do not wish to try new options when it comes to delivering invoices to your clients. The fear is common, but missing out on LEDES billing can be a major setback for your law firm.
Many law firms are still practicing old ways to tackle invoicing and are missing out on some of the major advantages that LEDES can offer them.
Majorly small and large law firms are in greater need to incorporate LEDES invoicing at their law practice. As bulk invoices sometimes create errors if done manually. LEDES creates bulk invoices seamlessly without much human effort.
The concept of using LEDES is simple and no more extra efforts are needed while preparing the whole invoicing format, which in itself is a complicated and tough task to be performed errorlessly.
This blog will help you guide through the major benefits associated with using the LEDES billing format at your law practice and will also help you understand why law firms are shifting towards this new formatting style of invoices.
What is the definition of LEDES?
Legal Electronic Data Exchange Standard (LEDES) is a billing format that helps lawyers generate quick invoices in just a few minutes. LEDES is mostly used because it provides a wide range of codes which allows invoices to be carried out hassle-free.
Clients find LEDES satisfactory as they can audit the whole invoicing report and can know about all the details regarding what all a lawyer is charging them. A complete analysis is made possible only when things are presented systematically and clearly without any duplication for the same.
Manual invoicing isn’t satisfactory as it leads to duplication of entries and conflict between client and lawyer. A properly formatted invoice is really important to boost up the payment process in a law firm.
What are the advantages of using LEDES billing?
LEDES billing comes with many benefits that law firms sometimes aren’t even aware of. The fear to adapt a new invoicing system seems the topmost reason why many law firms still rely on manual billing.
Here are some top benefits that a LEDES invoice offers:
1. Accurate Decision Making
Decision-making seems a hectic task if proper reports aren’t served to the law firms. Lots of time gets wasted if invoicing reports face some errors.
LEDES invoicing format helps law firms in quickly creating invoicing and sending it to the clients smoothly. It helps in systematically studying all the expenses painlessly.
With their correct billing report in hand, the decision-making proves out to be very beneficial for law firms and professionals.
2. Professional invoicing
LEDES billing codes assist in streamlining the invoicing procedure by allowing lawyers to separate billable expenses and tasks.
LEDES also provides hassle-free activity codes based on different tasks. With LEDES law firms can effortlessly choose the best activity code for their task.
LEDES billing can easily be used and can be used to create quick and professional invoices with a click.
3. Proper Invoice Tracking
Tracking comprehensive full billing data isn’t hassle-free if done with few common codes.
LEDES billing provides you a law firm to avail the benefit of quickly tracking and collecting the billing data in a single click. The accurate data can turn out to be the reason for your law firm’s growth.
4. Hassle-free process
LEDES delivers an effective coding system that reduces the time of lawyers in preparing invoices and sending them to clients.
LEDES gives a systematic formatted invoice so that you can easily process it further without any further trouble.
5. End to end clarity
LEDES format helps the client to get a clear idea about what all expenses are entered and how many tasks are performed. A proper format helps clients in getting the utmost satisfaction.
LEDES billing fits everything in a single format of invoice and makes it easy to understand and interpret.
6. UTBMS Code
The Uniform Task-Based Management System, or UTBMS, is a group of codes that were created to help lawyers and law firms in the billing and invoicing of their legal work and expenses. CaseFox legal software also provides the feature of adding UTBMS code in legal billing and invoicing.
Whether it be an activation code or a task code, UTBMS manages all under it. Save your time in easily creating different task codes in a single go.
Why LEDES over PDF?
LEDES provides a wide range of costs. It categorizes costs into more specific rather than PDF formats which summarizes costs as general costs. LEDES have the power to interpret how the money is spent and where it got spent in a hassle-free manner.
LEDES provides a full format for generating effective invoices, which saves a lot of time for a lawyer in making and framing invoices. From creating thousands of codes here and there, LEDES billing offers a full-fledged format and wide diversified code range, in order to make your work schedule a bit painless as compared to manual invoicing.
LEDES offers a more standardized and easy way to handle invoices. It helps in making a good impact in front of new as well as existing clients.
Things to remember before using a LEDES invoicing format
LEDES billing is effective if used with greater care and understanding. Just taking a decision and bringing LEDES isn’t enough to earn profit from the same.
There are some major things to be considered before using LEDES invoicing.
1. Synced With Legal Billing Software
As a law firm if you are using the legal billing software at your workspace then linking it with LEDES invoicing is one of the elements to be considered important.
Investing extra money in taking LEDES and billing software separately will not be a feasible and effective option.
CaseFox has its LEDES billing software providing full legal e-billing software to the legal sector. It makes it easy to track data and maintain case records in a single software.
2. Timely Training
Taking out time to train employees regarding the use of LEDES is crucial for perfect workflow. Many features will be left unused if one doesn’t know how to use them in LEDES.
So just bringing LEDES invoicing into practice is not just enough to be done, proper training has to be provided to make the LEDES billing format more effective and productive.
Selecting the best LEDES invoicing will not serve profits until it is used timely and consistently.
Preparation of invoices requires consistency with accuracy. Clients hate late or early invoices. A properly structured and timely invoice is always welcomed by the client.
Proper usage of LEDES can ensure that your law firm gets timely paid without any client conflict happening in between the process of payment.
How CaseFox helps bill in LEDES format?
LEDES is synced with many legal billing software. If you are a law firm looking for billing software then go for the one which provides LEDES feature in it.
CaseFox provides LEDES billing hassle-free with its software. The user avails all the necessary invoicing formats with LEDES invoicing. CaseFox allows users to combine multiple files in a single file, thereby making it easy for you to update just one billing report to your client smoothly.
Bulk invoices can also be generated with CaseFox LEDES billing software. Separate invoices for expenses and fees can be easily generated with CaseFox.
Frequently Asked Questions
Q1. Why are law firms shifting towards the use of LEDES billing?
Legal electronic data exchange standard is a billing format that is being used by many law firms to save a lot of time and generate quick invoices in a click.
Q2. Is the use of LEDES billing safe?
Yes, using LEDES billing is safe and affordable. Much top legal e-billing software also provides LEDES formatting to help you avail a good client experience.
Q3. Is LEDES billing effective?
LEDES billing has been proven to be an easy to go formatting invoicing solution for majorly all its users. By just helping in framing quick invoices it also helps clients in easily making payments smoothly.
Q4. Does LEDES billing involve complexity?
No, LEDES formats are designed most simply so that no one needs to work hard while going through the process of invoicing.
Q5. Is LEDES billing synced with billing software?
Yes, CaseFox provides legal billing software with the inclusion of LEDES billing in it. The user can get everything from managing small tasks to creating professional invoices in a single centralized place.
If your law firm is considering LEDES as a difficulty, then don’t let that happen. Easing the life of lawyers by letting them quickly draft and generate invoices is the most time-saving element in a law firm. If you are looking forward to adopting legal e-billing software, then choosing the one which offers LEDES formatting is the best option to go with. Cut your additional cost in choosing separately a billing software and a LEDES management software. Look for good software that includes LEDES in it and make the most out of it in a single software.