Kamron Sanders

We’re fresh into 2022 and it’s time to reflect and evaluate your law firm’s performance. In all likelihood, what you planned for 2021 and what happened turned out a bit different than you expected. And if you needed to hear it — that’s okay! To make the most of 2022, it’s important for law firms to set goals early on and create accountability plans to stay on track. The legal industry is uncertain and rapidly evolving, but lawyers and firms that can adapt can thrive, no matter what the future brings. Use this blog to learn how to set goals for lawyers and embark on a successful year.

Set Goals for Lawyers with SMART Goals

SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) goals is a bit of a buzzword, but that’s because they work! Vague goals, such as increasing revenue or boosting firm awareness, are undefined and difficult to achieve.

The benefit of SMART goals is that they’re defined, clear, and measurable to keep law firms on track.

SMART goals are:

Specific

Broad goals have little to back them up and are even more difficult to achieve. Goals are specific and defined.

The specific goal should include:

• Why it’s a goal
• How it can be accomplished
• Potential challenges or obstacles

A specific goal helps law firms zero in on what they’re trying to achieve and organize the resources and tools necessary to accomplish it.

Measurable

The only way to tell if a goal is on track is by measuring it. Goals should have metrics that track and assess their progress against milestones or benchmarks.

For example, if a goal includes increasing revenue, it should have a percentage like 5 or 10 percent. Then, law firms can verify if they’re on track to meet or exceed this goal or falling behind, so changes can be made to course correct.

Achievable

Lofty goals are great, but they’re difficult to achieve. If unrealistic goals are set and law firms repeatedly fail, it’s easy for them to lose momentum and get discouraged.

For example, trying to set a goal to increase revenue by 1,000 percent is neither realistic nor achievable, and it’s likely to fail. It’s better for firms to have a realistic, conservative goal that can be met, or even exceeded.

Conversely, setting goals that are too achievable isn’t valuable either. For example, increasing clients by two per year isn’t much of a goal, since that’s likely to happen anyway. Law firms should aim for goals that avoid both extremes and fall in the middle.

Relevant

Goals should always be relevant to the firm’s larger business objective and vision. Increasing revenue is a relevant goal for a firm and contributes to long-term success, but setting personal staff goals or goals that don’t serve the film overall is not.

Time-Bound

Every goal should have a time frame that determines whether it’s successful. Like the other elements of a SMART goal, the time frame should be specific and realistic. Trying to accomplish too much in a short period is a setup for failure, but having no specified time frame makes it more difficult to know if the goal is on track to success.

Using the revenue example, law firm goals should be reasonable and relevant to the specific goal. If the goal is to increase revenue by 5 percent, it should be set for a year’s time. Firms can monitor the progress of the goal and determine if they’re underperforming, overperforming, or on track to hit that target by the end of the year.

Some other examples of SMART goals for law firms include:

• Increase the firm’s email click-through rate by 10 percent by the end of the first quarter
• Increase the number of new cases by 5 percent by the end of the year
• Increase billable hours by 10 hours each month

Prioritizing Goals for Lawyers

Setting too many goals can be overwhelming and a hindrance to success. When planning goals, law firms should consider the firm’s biggest pain points and prioritize them to determine the most important goals to focus on.

Law firms should start with a list of pain points ranging from significant challenges to smaller issues that would be helpful to correct, but not vital. The challenges at the top of the list should determine the top goals.

Smaller goals may be able to be addressed in shorter time periods, such as a month or quarter, and could be considered after the firm has developed goals for mission-critical problems.

Some examples of significant challenges or pain points may include:

• High billable hours missing
• Inaccurate time tracking
• Inaccuracies and corrections on documents
• Inefficient client onboarding processes or billing processes
• Poor time management

Evaluating Last Year’s Performance

Law firms struggling to determine goals for 2022 can use the previous year for guidance. Law firms should evaluate 2021 and its goals, considering what goals were met, what was accomplished, and what goals failed.

Identifying failures may be difficult and stressful, but it’s the best way to move forward. Failures provide insights into how to improve processes in the future, and law firms should get a wide range of opinions from everyone in the firm – not just partners or senior attorneys. Different perspectives can provide insights into the full picture and what contributed to the failure in the first place.

Measuring Goals

Measuring goals is vital to their success, and “measurable” is part of developing SMART goals. The specific key performance indicators (KPIs) a firm uses can vary according to goals, but using technology tools can be a big help.

Legal management platforms, like Bill4Time, offer valuable tools for time tracking, reporting, and revenue tracking to ensure firms reach their goals. These tools can be used to track firm performance metrics, such as revenue and billable hours, invoices, number of clients, and more.

Set Goals for Lawyers to Achieve Success in 2022

The legal industry is changing and evolving, so it’s crucial for firms to set goals for 2022 to make the year as successful as it can be. Whether the goals are related to marketing, client acquisition, revenue, or growth, goals should always be SMART and aligned with the larger vision of the firm. We hope you found this information on how to set goals for lawyers useful and provided actionable steps to get started!

The recording for this live stream is available. Register here to access it for free! 

We recently released our built-in payments processor, Bill4Time Payments. Whether you’ve already activated online payments in your Bill4Time account or simply looking for more information on how it can support your business, these best practices will help you get the most out of Bill4Time Payments and reduce your struggles with accounts receivable. 

If you missed the latest virtual event with our Manager, Customer Success, Kris Holz, you can view the recording below to gain more insight on how Bill4Time Payments can simplify your billing. 

Online payments are more than a nice-to-have (3:05) 

In today’s world, it’s almost impossible to run a business without relying on some form of technology or online software. Utilizing technology allows your firm to sync with today’s “on-demand” lifestyle which your customer’s have come to expect when conducting business. This makes having online payments an essential part of your business and customer experience. In fact, many consumers have already agreed that digital payments are their preferred payment option. 

What separates Bill4Time Payments from the rest? (4:03)

Our built-in payments processor cuts out third-parties and gets rid of the middle man. Simply put, we can offer industry-low fees and transparent, flat pricing that other processors can’t. Bill4Time Payments is accessible right within the Bill4Time platform meaning your payments are secure in one place. Did we mention, we’re 100% compliant with ABA, IOLTA, and all 50 state bar associations for accepting online payments?

Customize your client portal (6:44)

Before you get started with online payments, you’ll want to set your clients up for success. This is done by customizing the client portal and activating the appropriate settings. Admin users can easily set up automatic invoice notifications for clients, control the client dashboard to make certain items viewable to the client such as payment history or current balances. Taking just a few moments to customize your client’s experience with the portal will allow for a more secure experience and enable them to pay you faster. 

Sending invoices and your client’s experience (9:00)

Sending an invoice to your clients has never been easier! With Bill4Time Payments, you can easily create customized invoices that will display a “Pay Now” button, giving your client the prompt to securely pay online. If they’ve already set up their client portal, they will receive an email notification to login and pay with a new or previously stored payment method. Clients have the option to pay with credit card, eCheck via bank sign-in or eCheck via account and routing numbers. 

Access a high-level overview of your payments (13:00)

Once approved, you will notice a “Bill4Time Payments” tab within your Bill4Time account. In this tab, you can quickly monitor what payments are coming in and out. You’ll be able to see the status of individual payments, the amounts, and which project they originated from. 

Easily request electronic retainer payments (14:33)

Bill4Time Payments takes it one step further by offering electronic advanced fees or trust payments. Simply send any client in Bill4Time an email containing a link which will direct them to pay their retainer or advanced fee payment to any bank account connected to Bill4Time Payments or operating account. 

Getting started with Bill4Time Payments is simple

In just a few simple steps, your company can be on its way to offering hassle-free online payments. Our 3-step application process is easy to complete and can be found right in your Bill4Time account at no additional cost. 

If you’re not already a Bill4Time user, you can get a free custom demo to learn how our practice management software can help you better manage your business. 

Learn more about how Bill4Time Payments can reduce accounts receivable and exciting upcoming feature releases by watching the recording below.

The recording for this live stream is available. Register here to access it for free! 

Over the last year, we’ve watched the needs of our clients evolve and it prompted us to make some changes. Maintaining revenue is an important aspect of your business and having a high-level view of your company’s cash flow is easier to manage in-house. 

We are thrilled to offer a truly all-in-one software with our new in-house payments processor,  Bill4Time Payments! Now, your company can easily process payments in the office or on the go without the hassle of waiting for paper checks. Your clients can quickly make their payment in just a few clicks and it deposits directly into your operating account. Faster collection times translates to your company increasing revenue by earning more on the dollar.

If you missed our latest live stream with our VP of Customer Success, Krisitn O’Neill, and Manager of Customer Success, Kris Holz, you can view the recording below for an exclusive behind-the-scenes look into the functionality of Bill4Time Payments and how ePayments will get you paid faster.

Why online payments are a must-have (3:05) 

Online payments are more than just an added convenience for your clients. They greatly influence your time to collect on invoices and the amount of revenue you’re bringing in. 78% of consumers ranked digital payments as their desired method of payment, making online payments more than just a nice-to-have. Companies who offer ePayments will notice a decrease in collection times which correlates to increased revenue. 

What makes Bill4Time Payments different? (4:03)

Third-party and integrated payment processors are expensive. There are often many hidden monthly and transaction fees that can quickly add up, especially if your company is processing payments at a high-volume. 

By building payments into the Bill4Time platform, we can offer an all-in-one system that gives you an all encompassing view of your business at a lower cost. Bill4Time Payments offers industry-low transaction fees, flat pricing and is 100% compliant with ABA, IOLTA, and all 50 state bar rules for accepting online payments – operating account payments are available now and trust account payments will be available in June.

Getting started with online payments is simple! (6:30)

In just a few simple steps, your company can be on its way to offering hassle-free online payments. Our 3-step application process is easy to complete and can be found right in your Bill4Time account at no additional cost. 

If you’re not already a Bill4Time user, you can get a free custom demo to learn how our practice management software can help you better manage your business. 

Invoicing & your clients online payment experience (9:05)

The Bill4Time platform already offers customized invoicing, but with the addition of Bill4Time Payments, your invoices will now display a “Pay Now” button. Clients will receive an email notification prompting them to make their payment either through a previously setup client portal or a secure link. In just a few clicks, your clients can quickly pay their invoice and it will be deposited directly into your operating account. 

Live payments overview (14:00)

You can easily view all of your clients payments including if they were successful, declined or refunded in one place. This one-stop shop feature allows you to quickly assess where payments originated from and their status. 

You can learn more about the other amazing benefits Bill4Time Payments has to offer by viewing our behind-the-scenes video below.