The cost of legal practice management software depends on its functions, features, and the number of users you plan to have. But as software has become more powerful and affordable to produce, it has also become more accessible to law firms of all sizes — even solo practitioners. Pricing will vary depending on the vendor, of course, but so does the structure of said pricing. Some providers, for example, offer perpetual licensing, whereas others may offer subscription-based models with multiple pricing tiers.
Overall, practice management software helps firms become more efficient, secure, and better connected with their clients. And while this rings true for all law firms, the ones that benefit the most are small to midsize firms: those with less staff, resources, and budget. The best legal software programs can help smaller firms compete on equal footing with larger firms, providing more security, organization, and ways to improve client relationships.
Unsurprisingly, though, not all software is worth its price tag. At PracticePanther, we know the best law practice management software for solo or small firms is not just affordable but effective. A low price tag doesn’t have to mean sacrificing the functions that make practice management software useful in the first place. Keep reading to learn more about this software, what features to look for, and how to know if you’re getting your money’s worth.
What Is Legal Software and How Is It Priced?
Legal practice management software helps firms maintain their day-to-day operations and client relationships. This is accomplished through a variety of features, such as time tracking, secure document management, client communications, and sometimes even payment processing capabilities.
Pricing for legal software depends on the provider, but in general, there are three variations:
1. Subscription-Based
The most common model, this lets a firm pay monthly or annual payments for software. Oftentimes, the price scales with the access level to the software’s complete offerings. A subscription-based model lets providers offer scaled-down versions of their full software at lower price points, so firms with less technology budget can still access the software’s most essential features.
2. Perpetual Licensing
A one-time purchase that gives firms indefinite access to the software in its current iteration. Many firms may find this option appealing because it doesn’t require future payments, but this comes with a different cost — in the form of maintenance and updates. This model often leaves the firm responsible for maintaining the software and can cut them out of future improvements to the software. These reasons, among others, are why most providers have switched to a subscription-based model.
3. The “Freemium” Model
Occasionally, providers will offer a free-to-access version of the software, which is designed to encourage firms to opt for the paid version. While this may seem like a great way to save money, it almost always means the free version will lack the most critical features, likely being just useful enough to spark interest but frustrating enough to promote a purchase. Free legal software programs sound nice in theory, but when it comes to software, you usually get what you pay for. And obviously, you won’t be getting the best law practice management software for free.
In most cases, subscription-based pricing is what you should expect for legal software. But how much should you expect to pay for your subscription? Let’s take a look and find out.
How Much Does Practice Management Software Cost per Month?
Usually, you can pay an annual fee instead of monthly to get a lower cost for practice management software. Some examples of pricing are below, featuring a handful of legal software providers:
- PracticePanther: PracticePanther’s three tiers of pricing offer varying levels of access — but not varying levels of quality. Even the Solo plan, priced at $49/user/month (billed annually), has the most essential features of PracticePanther, including native payment processing within the platform. Each subsequent tier adds customization options and advanced reporting capabilities to better inform your firm’s practice as it grows.
- Smokeball: With four pricing tiers, Smokeball offers its lowest tier at $49/month/user (based on a 36-month contract), with the two highest tiers being custom pricing that varies with your needs. What you end up actually paying may be much higher depending on what features you add, and many key features are extra.
- Filevine: This provider offers three different subscription models, but they are not transparent about pricing and do not publicly advertise their price points. Additionally, Filevine requires multiple third-party integrations to work properly. For example, you have to have a separate subscription to their e-signature platform to send documents for e-signature, making the costs quickly add up.
- MyCase: MyCase also has three subscription pricing tiers, with the lowest starting at $49/user/month. They also offer a monthly payment option that is slightly more expensive than their annual pricing. It’s also worth noting that MyCase has increased its price twice over the past two years.
In short, more affordable software can still provide utility — especially when you work with us at PracticePanther. If you sign up for the Solo tier, you’re getting everything a law firm needs for smooth functionality, plus helpful features like document templates and workflows. And by subscribing to PracticePanther’s higher tiers, you’re getting more business-focused features such as advanced revenue reports.
What Is the Cheapest Practice Management Software?
Rather than looking for “cheap” software, it’s best to look for the software that provides you with the best value. There are free legal software options out there, but none of them will provide the functions and features required to make legal software useful. And why bother using software if it’s not going to make your practice run more smoothly?
Software like PracticePanther gives you an option that is both budget-conscious and high-quality. It’s easy to use, has a comprehensive set of features, and works to make your practice more streamlined and secure. All of this, in turn, will save you time and money, ultimately paying for itself (and then some).
Think less about what you are paying for software and more about what you stand to gain from using it. For example, if you’re paying $49/month/user for PracticePanther’s Solo subscription but are saving time tracking your hours, collecting payments more efficiently, and protecting your firm from data breaches, purchasing software can make money for your firm.
PracticePanther: Exceptional Value for Your Legal Practice
You don’t have to spend an arm and a leg to get practice management software that works. At PracticePanther, we pride ourselves on making software that makes your job easier: whether it’s practicing law, office management, operations, or client communications, we support the complete picture of law firms. Many firms have already seen excellent results with PracticePanther — and you can, too!
We’d love to show you how our software can help your firm succeed. Sign up for a free demo today by clicking the button below, or check everything out on your own with a free trial. We offer monthly subscriptions, or you can save $120/user/year by signing up for annual payment.
The post How Much Does Law Practice Management Software Cost? appeared first on PracticePanther.