It doesn’t take many lost minutes to have a significant impact on your law firm’s profits. Losing 12 minutes a day adds up quickly to cringe-inducing figures – 1 hour a week, 4 hours a month and 52 hours a year, which totals up to roughly $13,000 for an attorney billing $250 an hour.
Billable time is the essence of a law firm’s business operations. It allows law firms to track time and generate invoices and reports that provide a foundation for operations. It keeps a law firm functioning and profitable.
Yet, for this critical task, many attorneys are willing to suffer through inconsistent manual processes, rebuild time sheets at the end of the month from notes or calendars or rely on software that is outdated or doesn’t properly fit the law firm’s needs.
No matter what type of billing arrangement your law firm offers, it is clear that billing overall has become a much more complicated process. Errors lead to disgruntled clients, non-billable hours spent researching and correcting billing issues and ultimately a delay in payment. Now more than ever, it’s important for law firms to have the right technology in place to properly record time and expenses, generate invoices, track outstanding receivables and report on firm profitability.
This new white paper offers a valuable foundation for evaluating your law firm’s billing processes and current tools and determining what is needed to elevate them to a higher, more efficient and user-friendly level. It includes four common billing challenges, billing software features checklists, how to identify ideal providers and recommendations on solutions purchasing options.
After all, every minute counts when it is time to bill your clients.