For every deal or case your firm works on, you need someone to perform a role. Each matter has a core team, like a partner, associates and paralegals, office managers, back-office accounting and billing staff, and other professionals. But some roles are only relevant to certain kinds of matters. For example, you might need a legal nurse consultant for a medical malpractice case, but not for a corporate merger.
Modular financial management software works on the same principle. It comes with core functionality that all law firms need, and you plug in other features to create a perfect fit for your unique firm. You get exactly what you want, and nothing you don’t.
Read on to learn why modular financial management software is your law firm’s MVP.
What’s included in modular financial management software
The core feature set for modular financial management software typically includes general ledger, trust accounting, and accounts payable/receivable tools. The other modules you can choose from may include:
- Advanced financial tools, like electronic payments
- A contact database that integrates with other features
- Case management functions like dashboards and activity journals
- Document management systems that store files and correspondence
- Front office control and overall practice management tools
- Analytics and business intelligence
- Mobile apps and remote access
- Timekeeping and billing support
The best modular solutions feel like a single, harmonious product, even though your firm has a customized mix of modules. Top vendors also build their software with technological advances and potential for firm growth in mind. As the state of the art improves, they release new modules, so your firm never falls behind.
The benefits of the modular approach
Personalized. You do things a certain way at your firm. Modular software fits the way you work now and opens new avenues for growth.
Efficient. You need to reduce costs and protect revenue-generating time. Modular software is seamlessly integrated, eliminating extra manual work and time-consuming workarounds.
Streamlined. You want to avoid supporting unnecessary IT resources. With modular software, there’s no need to implement or maintain systems that don’t serve you.
Flexible. You’re ready to innovate and evolve. You can expand or change your feature mix with modular software as you experiment with new approaches.
Engaged. You’re actively building your firm’s future. Modular software gives you much more agency in your tech stack than out-of-the-box solutions do.
Simplified. You want to automate the complex, time-consuming operations of your firm.
How to decide which modules your firm needs
As you begin assessing software products, it’s helpful to think in terms of:
- Functions you need that your current software has (or is missing)
- Emerging functions that you aren’t aware of yet
Start by cataloging the functions you know you’ll need. Often, it’s easiest to surface the biggest headaches with your current software—either existing features that don’t work well or missing features. Make sure to also list components that are working well for you.
Next, get familiar with emerging technologies. Since it’s common for law firms to go decades between major software procurements, there’s likely a lot to discover.
(Staying abreast of legal technological advancements is also part of the duty of competence for lawyers in many states. See ABA Model Rule 1.1(8).)
Avenues for learning about emerging technologies include your bar association, bar sections, professional associations, CLE, conferences, and industry publications. Colleagues at similar law firms may also have helpful insights to share.
Right features, right time: Modular software is your MVP
Your financial management solution should be a devoted teammate: powerful, flexible, and efficient. If you’re considering a change in your software roster, consider teaming up with Orion. Our modular solution is backed up by white-glove service and consistent innovation, so you’re always at the top of your game.
Want to learn more about Orion’s modular financial management software? Schedule your demo today.