Wednesday, November 27, 2013

Legal Management Systems: Remember to Refresh Old Rates

Old rates are the worst.  Do you know why?


Simply put, they are causing your Firm to lose revenue.


With Alternative Fee Arrangements (AFAs) becoming the norm in the Legal industry, it is imperative to track – and refresh – rates diligently.

If an expired rate is being utilized, the only one benefiting is your Client – certainly not the Firm.

Our experience has shown that Firms struggle with monitoring rate end dates, which equates to lost revenue.  Unfortunately, it is not uncommon to find rate arrangements that are three to five years old – or older.

From our analysis of Client rate overrides, we have found situations where lost revenue opportunities have exceeded $500,000 per year simply due to expired rates.

This translates directly to lost billing revenue, and correspondingly, lost Partner profits.

So, what can you do to fix the epidemic of old rates?
 
Mark you calendars!  To help maximize your Firm’s billing revenue, we recommend doing a routine Rate Audit (Rippe & Kingston has the tools to help: LMS+ Practice Management Rate Audit Watchlist and Rate Audit reports).  

We strongly suggest that you make this a priority and remember to refresh old rates it will increase profitability!




Wednesday, November 20, 2013

Legal Management Systems: The Risks of Check Fraud

Rippe & Kingston recently received an interesting article from Safeguard Business Systems, Inc., and wanted to share it with you.

Please take a moment to read the piece below, and consider the importance of preventing check fraud for your Firm.



The Real Cost of Check Fraud

And How You Can Avoid It

It’s a fact of life in today’s high-tech society: The very technology that makes our lives simpler also puts us at risk for unauthorized access, duplication, hacking and fraud. And if you are a business owner, it’s becoming increasingly clear that you’re even more at risk than the average individual. Because small businesses have more wealth, on average, than most consumers, they are a ripe target for fraudsters looking for the highest possible payoff for their efforts.

A recent report from respected analysis firm Javelin Strategy & Research shows that the average cost of fraud to small businesses is more than double the amount of that suffered by individual consumers. In fact, U.S. businesses lost a staggering $1.56 billion more to fraud than consumers did in 2011.

Backing up these statistics is the 2012 AFP (Association for Finance Professionals) Payments Fraud and Control Survey, which revealed these startling statistics:
       66 percent of businesses completing the survey experienced attempted or actual payments fraud in 2011.
       For those who did suffer this type of financial loss, the average loss was $19,200!
       Checks were, by far, the primary form of payment targeted by criminals. According to the survey, 85 percent of affected organizations reported their checks had been targeted.

J.J. Sorrenti, president of Dallas-based Safeguard Business Systems, Inc., believes that as long as the economy remains unstable, check fraud will continue to be a major concern, particularly in the business-to-business marketplace.

“Crime, in general, tends to run counter to the economy, so a weak economy contributes to an increase in theft — and checks are a common target,” said Sorrenti. “Safeguard is seeing more customer interest in protection and prevention, and has taken steps over the years to incorporate added layers of security in our paper, inks, packaging, ordering and shipping processes. We strive to be a leader and will continue to update and evolve our check offering with the most up-to-date features available.” In fact, we’re so confident that our state-of-the-art security features such as thermochromic ink and security foil hologram will help protect customers from fraud, that we’re now also including EZShield® fraud recovery services with every high-security check.”
Safeguard’s included EZShield Premium Check Fraud Protection® extends protection beyond the check to provide services in the event of check fraud. It provides advancement of funds for a qualified check fraud event and gives access to a dedicated resolution specialist, saving you time and money. You can focus on your business while we provide peace-of-mind that you’re protected if fraud should occur.

In addition to state-of-the art features and check fraud protection services, Safeguard’s security measures also protect the order and delivery process. For example, the company utilizes proprietary order-screening software that looks for known fraud indicators such as names, addresses, phone numbers (caller ID) and account numbers.
Adds Sorrenti, “Safeguard also offers order confirmation and shipping notification via e-mail to ensure customers are aware of check orders placed on their account. We can even accommodate the requirement of a password so only authorized persons can place a check order.”
The Cost of Preventing Fraud
So, we’ve covered what check fraud costs businesses in the United States each year. We’ve also discussed what’s being done to prevent it. Now the question is, “Are high-security checks really worth the investment?”
Here’s something to consider: Each time a business cuts a check, the cost of the actual check itself is only a tiny portion of the overall costs of the check dis­bursement process. This overall process includes labor costs to create the check, print it, and reconcile the bank account, the cost of the envelope and postage, the amount the bank charges to pay the check from the account, etc.
In all, this total process can cost the business anywhere from $1.20 to $1.80 per check. So, the difference in price between a plain check and a high-security check is, quite literally, pennies. In other words, you might spend $1.50 to use a run-of-the-mill check, or perhaps $1.54 to use a much more secure check. What’s more, those few additional pennies might help you protect a check worth hundreds of dollars or protect your business from being disrupted by a fraud event. To many business owners, the additional protection is well worth it for the peace of mind alone.
In the end, the decision is yours. Armed with the knowledge of today’s fraud risks and the tools at your disposal for overcoming that risk, only you can decide what is best for your business. But remember, the criminal is considering what moves will pay off best for his business as well. Don’t give him the opportunity to profit from your hard work.

To learn more about preventing fraud go to:

http://gosafeguard.com/checks-forms/safeguardsecure/restoration/index.asp

Wednesday, November 13, 2013

Legal Management Systems: Raising Revenue with LMS+ Opened/Closed Files Watchlist

Many of us understand the importance of monitoring the growth (or lack of) the Clients/Matters over the months and/or years.  Of course, it's often a task that is easier said than done.

You're in luck!  Rippe & Kingston's LMS+ Opened/Closed Files Practice Management Watchlist helps you take the pressure off attempting a manual tally.

The Opened/Closed Files Watchlist, also available at the Firm level, prompts you to not only ask the important questions, but it also gives you the answers.

How many new Clients/Matters have been opened?  Are my Clients continuing to send new files?

 
Once you have the answers, you can take the necessary steps to improve the Firm's revenue.

Have you considered utilizing LMS+ Practice Management Watchlists? Learn more here.


Wednesday, November 6, 2013

Rippe & Kingston Holds Pink Apparel Day

Over the past several years, going green was all the buzz. Today, in
support of breast cancer awareness, many offices are turning PINK – and that includes Rippe & Kingston! 

On Friday, October 25th Rippe & Kingston held Pink Apparel Day to celebrate survivors, as well as to support finding the cure.


Rippe employees were invited to wear pink at the office and make a donation to Susan G. Komen Passionately Pink®, an organization that strives to end breast cancer forever through ground-breaking research and community health outreach programs.


The Rippe & Kingston staff enjoyed Pink Apparel Day, as it was a rewarding experience to come together as a collective effort to honor survivors and contribute to finding the cure.