The Internet is truly a game changer in the practice of law. Now an attorney can provide certain legal services without even meeting his/her client in person. While a bankruptcy practice cannot be operated completely online. There is a great deal of the process that can be handled online. Technology allows you to get more done with less time, people and money.
I want to discuss a virtual tool that can dramatically increase the efficiently of a bankruptcy practice . The use of Virtual Bankruptcy Assistants or VBAs.
With a good VBA and an internet connection you can considerably improve your bankruptcy practice. This combination can reduce the time needed to spend on task that don"t make you money, and take time from your personal life. VBAs are highly trained self employed professionals that utilize the most current technology.
Because VBAs typically are home based professionals they are focused exclusively on petition preparation and operate at a higher level of efficiency than someone who is interrupted by the typical office environment.
VBAs as business owners understand the importance of having accurate petitions. They know that accurate petitions allow you have short productive 341 meetings. They also understand that mistakes cost you money. They understand this well because it cost them money to correct their work, and they do not receive any additional fees for the time spent to make corrections. They also understand if your case is delayed because you have to draft motions to amend your petition you cannot charge for the additional time you spend.
VBAs can do everything online that they can do in person. The difference is they use their own resources.
Additional benefits of hiring a VBA are;
"VBAs can be available 24 hours a day 7 days a week.
"VBAs don"t require desk space.
"You only need to pay them if you have a paying client.
"VBAs charge a flat fee so your cost per petition is predictable. You don"t pay for mistakes.
"You don"t have training or continuing education cost. VBAs pay their own.
"No paid vacation cost, no taxes, no worker"s compensation, and no medical benefits.
"VBAs allows the attorney more time for marketing and practicing law.
"VBAs can perform client intake interviews on nights or weekends.
"VBAs can contact the debtor to obtain missing documents.
"VBAs can file your cases in ECF
"VBAs can follow your cases on pacer
"VBAs all you can ramp up for a surge in business..
Here is a dollar and cents example of how a VBA can increase the profits in your law firm
Using a fee of $2,000 to include the filing fee.
If your firm typically spends a total of seven and a half hours on a case your hourly rate is $ 187.50 minus overhead.
Not take the same case subtract an additional say $350 for a VBA. However you and your staff spend a total of 2 hours on the client. Your hourly rate jumps to $675 per hour. As you can see your gross hourly rates more than triples but your work load decreases by 75%.
This is just one example of how operating your firm using virtual tools can greatly reduce your overhead and increase your earning.
In future articles I will give more information and point to resources that will allow you to make your Bankruptcy practice mostly virtual.
I want to discuss a virtual tool that can dramatically increase the efficiently of a bankruptcy practice . The use of Virtual Bankruptcy Assistants or VBAs.
With a good VBA and an internet connection you can considerably improve your bankruptcy practice. This combination can reduce the time needed to spend on task that don"t make you money, and take time from your personal life. VBAs are highly trained self employed professionals that utilize the most current technology.
Because VBAs typically are home based professionals they are focused exclusively on petition preparation and operate at a higher level of efficiency than someone who is interrupted by the typical office environment.
VBAs as business owners understand the importance of having accurate petitions. They know that accurate petitions allow you have short productive 341 meetings. They also understand that mistakes cost you money. They understand this well because it cost them money to correct their work, and they do not receive any additional fees for the time spent to make corrections. They also understand if your case is delayed because you have to draft motions to amend your petition you cannot charge for the additional time you spend.
VBAs can do everything online that they can do in person. The difference is they use their own resources.
Additional benefits of hiring a VBA are;
"VBAs can be available 24 hours a day 7 days a week.
"VBAs don"t require desk space.
"You only need to pay them if you have a paying client.
"VBAs charge a flat fee so your cost per petition is predictable. You don"t pay for mistakes.
"You don"t have training or continuing education cost. VBAs pay their own.
"No paid vacation cost, no taxes, no worker"s compensation, and no medical benefits.
"VBAs allows the attorney more time for marketing and practicing law.
"VBAs can perform client intake interviews on nights or weekends.
"VBAs can contact the debtor to obtain missing documents.
"VBAs can file your cases in ECF
"VBAs can follow your cases on pacer
"VBAs all you can ramp up for a surge in business..
Here is a dollar and cents example of how a VBA can increase the profits in your law firm
Using a fee of $2,000 to include the filing fee.
If your firm typically spends a total of seven and a half hours on a case your hourly rate is $ 187.50 minus overhead.
Not take the same case subtract an additional say $350 for a VBA. However you and your staff spend a total of 2 hours on the client. Your hourly rate jumps to $675 per hour. As you can see your gross hourly rates more than triples but your work load decreases by 75%.
This is just one example of how operating your firm using virtual tools can greatly reduce your overhead and increase your earning.
In future articles I will give more information and point to resources that will allow you to make your Bankruptcy practice mostly virtual.
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