Summary
Expect to learn how to increase revenue even when working the same amount of time by implementing better systems through AltFee.
3 Key Takeaways from this Video
- Efficient systems and resource allocation: Moving away from hourly billing towards better systems and resource allocation allows for more paralegal involvement, freeing up lawyers' time for higher-value work and enhancing project management.
- Increased profitability: Implementing improved systems and resource allocation strategies leads to more profitable files, as transactions can be completed faster and with greater efficiency, maximizing revenue generation.
- Revenue growth with same workload: By working the same amount of time but achieving higher profitability per file, overall revenues have the potential to significantly increase, driving financial growth for the firm.
Transcript
0:09 So fundamental to increasing your revenues if you move away from hourly billing is the generation of better systems. So better systems, better resource allocation, which probably means more paralegal time utilizing great systems, less lawyer time, lawyers doing lawyering and good project management,
0:35 making sure the velocity of transactions is maintained the start to finish is compressed as much as possible, all leads to more profitable files.
0:48 And so if you work the same amount of time and each file is more profitable, then the overall amount of revenue is going to go up.
0:58 So if you work the same amount of time as you've always worked, then naturally your revenues are going to go up and probably go through the sky.