WIP your receivables into shape!

WIP your receivables into shape!

What is WIP? How does the management of WIP save your firm time and money? Do you see your employees as a capital asset or expense? Managing WIP, or "work in process", is one of the most important tasks for any law firm. To many, WIP is just another number waiting to be billed.  We, however, see it as the difference between a successful firm and a very successful firm.

Some recommended steps to manage WIP are:

1.       Automate your time entry collection process. Using a system designed to work in the legal industry is a must and will provide instant access to what work you've done for a matter and overall help you track what you have worked in a specific time period to keep you working toward your goal.

2.       Setting milestones and expectations for each matter and communicate them to the working team. If your client has provided you a tight budget, be sure to set their expectations on the level of service given the budget, but also let others know the scope of the matter and budget so billable staff can make decisions on how to handle work for the client.

3.       Schedule on going checkpoint meetings. Don't rely on thinking everyone knows what's going on. Be sure to schedule on-going checkpoints to keep everyone on the same page.

4.       When the matter is complete, take time to debrief, understand things that worked well and those areas that didn't. Review with the staff and make sure the client is satisfied with the outcome.

To read the full article by the Legal Loudspeaker published by Accellis Technology Group, visit http://legalloudspeaker.com/2011/04/22/%E2%80%9Cwip%E2%80%9D-your-receivables-into-shape/

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