For any entrepreneur, starting a business is a huge decision and has many risks. One among those risks is to ensure cash flow / liquidity for the business. A major expense for many start-ups is the resource pool required and this expense can be minimised with the strategic use of automation and strategic sourcing.
Understanding when to hire in-house and what functions to keep outsourced can help start-ups manage their labour pool and expenses well.
Especially for start-up legal firms, every minute has to be billable. Yet according to Thomson Reuters, 40% of small firms’ potentially billable time is spent on administrative, non-billable tasks. This may be because of the need to keep support staff to a minimum to save on resource costs. But every minute of a lawyer’s time has an opportunity cost: every minute spent on administrative tasks is every minute of a billable hour lost.
Administrative tasks are significant for law firms and in particular require many resources to staff the legal document management function. Several successful law firms are today opting to use a strategic partner who delivers service automation, allowing them to keep their resource pool cost low when it comes to non billable functions. This also helps law firms turn their print costs into a hard disbursement enabling full cost recovery.
Legal document management function can be completely managed by a strategic partner who can deliver quality, meet deadlines and keep costs low and fully disbursable. Even better, these services can be automated to run out of the law firm’s office. This means the entire legal document management function covering all printing, scanning and digitisation tasks can be managed by the strategic partner who becomes an extended team of the law firm, without any capex required.
About Law Image
Law Image is a specialist information management company. We support law firms and government departments across Australia. Founded in 1999 and headquartered in Melbourne, we have offices in Sydney, Brisbane and Perth. We are also looking to expand our footprint in Australia based on our clients’ requirements.
With a completely on shore, in-house processing business model, Law Image helps leading legal firms and government departments comply with their data sovereignty requirements. Law Image has to date processed millions of documents: printing, hard copy and electronic processing for various projects including support for Royal Commission work.