Wednesday, February 22, 2017

Legal Management Systems: Are you Refreshing Old Rates?

We like to bring this up every couple of years, especially since expired rates might be that old (or older!).  

We really can't say it enough - remember to refresh old rates! 

Why is it worth repeating? 

Expired rates mean lost revenue...gone forever.

As we've mentioned in the past, our experience has shown that Firms often struggle with monitoring rate end dates.  Unfortunately, it is not uncommon to find rate arrangements that are at least three to five years old, and we have seen lost revenue opportunities that exceeded $500,000 per year simply due to expired rates. 

It is imperative to reviewand refresh – rates diligently.

What small step can you take today to start solving the problem of expired rates?  You know the drill...use your calendar to set up recurring reminders and stay on top of it.

For long term goals, we recommend doing a routine Rate Audit utilizing Rippe & Kingston's LMS+ Practice Management Rate Audit Watchlist and Rate Audit reports. 

If you refresh rates regularly, pat yourself on the back.  You're automatically increasing the Firm's revenue. 

If not, start today with the simple routine of refreshing old rates.

Wednesday, February 15, 2017

Legal Management Systems: Are You Using ACH Yet?

It has been a few years since we discussed the benefit of utilizing of ACH (Automated Clearing House) and thought it would be a good time to revisit the topic in case you missed it!

Similar to direct deposit for payroll, ACH allows for electronic payments of funds to vendors.  Rippe & Kingston also recommends considering the use of ACH to reimburse Firm employees.

Rather than distributing or mailing paper checks, you can easily set up your employees as vendors within R&K's LMS in order for expense reimbursement to go through ACH processing.

With ACH, you can automatically transfer a payment directly to the vendor or employee bank account. This process eliminates the need for printing and distributing checks, and it offers convenience to the employees, eliminating extra time and travel to the bank.

Functionality & Features of ACH include: 

  • A/P banks can be utilized for disbursements via ACH processing as a Payment Type (ACH, Check, or Wire) and vendors can be assigned a default Payment Type
  • Check Selections will request the Payment Type
  • An ACH selection will create a file for uploading to your bank
  • Bank designees can receive check registers via email
  • Vendors (i.e., employees) can receive payment processing notifications via email
 Could your Firm benefit from ACH?

Wednesday, February 8, 2017

Legal Management Systems: Were you at LegalTech (East)?

The LegalTech expo in NYC earlier this month was a success!
Rippe & Kingston had great time and wanted to thank everyone who stopped by the booth.  Primarily geared towards eDiscovery, R&K experienced a significant number of visitors, both current and prospective Clients.

With all that is taking place in the arena of time & billing within the Legal Industry, prospective Clients are showing a high level of interest in R&K's Financial Management System, LMS, as a replacement to their currently used products.

R&K also wants to thank LegalTech for providing a forum for learning about the latest technology available to help Firms succeed in a competitive Legal Marketplace.

The R&K team hopes to see you at future conferences.


Wednesday, February 1, 2017

Legal Management Systems: January Donations go to SAAP (Stray Animal Adoption Program)

Rippe & Kingston staff collected over $300, as well as several bags of pet food, to donate to SAAP (Stray Animal Adoption Program) for the month of January. 

'Jeans for a Cause' Initiative: The Rippe & Kingston staff enjoy coming together to give back to the community.  Each month, donations are collected for a chosen foundation or cause suggested by the employees.  Those who participate can opt to wear jeans on Fridays.