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Multi-currency billing? No problem!

Legal tech is becoming more and more integrated into practice life, changing the way everyday tasks are dealt with. Anna-Marie McBurney, Product Owner at Legal Interact, spoke to Sheena Carnie about the newest features they’ve added to their offerings.

Jun 10, 2022
Sheena Carnie
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Practice Manager Pro is a full customer relationship management (CRM) system including document management and a fully integrated legal accounting system, and integrates perfectly with Microsoft Office products. “It gives the ability to record activities and bill for them as they are done, avoiding fees falling through the cracks,” explained McBurney. “Overall billing is increased with a resulting increase in team performance and profitability for the firm.”

Practice Manager Pro also supports the paperless environment.  “Whilst a somewhat foreign concept in a legal firm, it provides a feature set that enables firms to support their own environmental responsibility initiatives,” McBurney commented.

Completely scalable, Practice Manager Pro can be configured to suit the individual practice, whatever its size. The product is also available in the Cloud, so it allows users to work from anywhere with complete access to file notes and documents based on authority to access. It also facilitates multiple branches and provides for profitability accounting for each branch and individual team member based not only on value, but also on effort.

When it comes to best practices principles, Practice Manager Pro incorporates all the trust accounting rules, to ensure that fiduciary responsibilities relating to the management of trust funds and investments are met without concern. 

“This includes the validation of the availability of trust funds when payments are made, and ensures that funds received into the business are received correctly against amounts owed by clients,” McBurney clarified. “Users are notified when rules are breached, so that corrective action can be taken immediately, avoiding issues arising at the time of audit.”

Firms who are already using Practice Manager Pro are seeing great benefits. “The biggest impact is the increase in their billing values,” McBurney shared. “This has assisted firms in opening new branches and extending their businesses within their current location.”

Users also appreciate the ease of use of Practice Manager Pro and the ability to work in Outlook and still capture fees and link emails to file notes, to ensure easy adoption throughout the firm.

As one of the leading providers of legal tech solutions, Legal Interact is always looking for ways to improve Practice Manager Pro to meet the changing demands placed on the legal fraternity. 

“Our latest feature allows for billing in foreign currencies with the automatic recognition of any foreign currency gains and losses,” shared McBurney. “You can raise fees in your local currency and invoice in any foreign currency or you can choose to raise your fees in the foreign currency for invoicing.

“We are keen to adopt new technologies and are working with various AI tools to make the capturing and recording of information more efficient. Legal Interact aims to inspire the firms we work with and support them in ensuring the longevity and growth plans for their firms,” she concluded.

Legal Interact will be hosting a webinar on “Multi-Currency and the Management of Fee Arrangements” on 14 June. To register for this event click here.

 

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