3 Strategies Collection Law Firms Can Use to Combat Staffing Shortages in 2022
Amid a talent shortage, rising compliance overhead, and inconsistent placement volume, it has certainly become harder for collection law firms and mortgage default servicing firms to sustain profitability. With changing seasonality, including a fast-approaching tax season, onboarding qualified employees is a growing priority for organizations large and small. Here are 3 strategies to help scale your operations and maintain profitability with your existing staff.
Do a quick 'process technology' audit
Identify the process(s) that can be automated or further optimized for operational efficiency. This will help you do more with fewer paralegals. Sometimes, you may lack resources to tackle full installation and integration of business process automation systems. In such a case, go for turnkey solutions that can be easily implemented into your current business process without having you spend too much time and resources on manual customization.
Map and categorize all legal tasks
List out all the tasks in your legal process and divide them into transactional vs. strategic. In the majority of tasks, which are transactional, a standard operating procedure can be followed to complete the work, or a decision tree can be defined to determine what needs to happen on the account. Strategic tasks may involve complex litigation, determining how to respond to a client’s question on performance, or how to optimize a workflow. Most firms will find that strategic tasks are what set your firm apart from competition, but that transactional tasks take most of your time. Focusing your most valuable resources on strategic tasks rather than transactional ones maximizes the value your team can deliver.
Seek the help of an expert
Firms that liquidate accounts fast enjoy increased revenue and market share. Hiring an experienced expert litigation support provider such as Provana can help you maintain optimal timelines throughout the litigation process for quicker resolution. Working with a partner to manage timelines can help you:
- Create and sustain multiple shifts for around-the-clock production.
- Gain access to flexible staff that can scale hours up and down, without incurring overtime.
Depending on your case volume, it’s easy to increase or decrease capacity, paying only for the staff that’s needed at pivotal moments, like tax time. This also helps free management to focus on more strategic initiatives like process optimization, rather than spending so much time hiring and training staff at a time when experienced professionals are difficult to find.
Want to get started with fully managed litigation support services? Schedule a consultation with our team today.
Disclaimer: The information mentioned in this blog is for general educational information only and does not constitute legal advice.