Billing & Time Recording for UK Law Firms
Make your Time matter with easy to use innovative software, enabling an accurate recording of time spent on any client matter, whether it is in the form of a client meeting, telephone call, perusal of documentation, statement collation, precognition, document production, email production or any other charge categories
Memory of details become less clear the longer it takes to enter them, and time entry becomes less precise. As reported, legal professionals who record time monthly can lose as much as 60% of their time! Even letting just, a week pass without entering time lowers profits. Lawyers who reconstruct their time weekly tend to lose 25 to 30% of their time.
Reconstructing time often underestimates the hours used to complete the task.
Efficiently make your time matter
This failure to accurately track billable hours also affects a firm’s overall profitability. As reports prove, firms that keep time as they go tend to generate 25 to 40% higher revenues than firms that do not. Without exact records to review, a firm cannot assess if it nets a suitable margin for retainer and fixed-fee clients, or if the client is high demand and low return. This information helps the firm understand if their resources are being accurately utilized and increase overall profitability.
But, when you improve your time entry, you no longer need to worry about overcharging your clients and losing their trust—or devaluing your firm’s resources.
Lawyers who record time as they go typically make 20 to 50% higher revenues compared to fee earners who do not. Update Caseload regularly to make profits matter to your firm.
To illustrate, assume a law firm is billing at £150 per hour and doesn’t capture 15 minutes a day. When you do the math over the course of a year, that one fee earner could lose as much as £9,000 a year in billable time—and a firm with 25 fee earners could lose as much as £225,000 in billable time and potential fees. That is a significant number to any law firm.