Legal Billing Software
by PracticeLeagueAccurate billing is critical to the profitability any professional. It is especially so for professionals such as lawyers who bill for the time spent working on a client. In today’s fast paced world, there are so many important and critical tasks that need to be done during the day that taking out additional time at the end of the day to jot down time and expenses spent toward every client, just doesn’t happen.
That’s when lawyers tend to rely on memory to fill in the blanks, when the time comes to send out the bills to the client. When lawyers are making a court appearance, revision of a pleading or preparation of a filing, it is easy to recall from memory the time spent and then bill the client accordingly. But this does not account for time spent out of office, time spent sending emails, conference calls or researching, time spent answering associate questions, or reviewing a paralegal’s work.
In today’s day and age of mobility and office on the go, lawyers are working when they walking, when they are driving or flying here, there and everywhere. Slippages in billable time not only impact the bottom line and profitability, they also impact relationships with the client adversely, when clients contests certain billable time which has been ‘retrofitted’ to account for slippages.
There are a few simple steps that lawyers can take to keep an accurate track of billable time
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Track time contemporaneously. Don’t keep time aside at the end of the day to track time. Instead jot down time spent, as you spend it, in ‘real time’. |
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Use a time log sheet. This could be a manual time log sheet or a Excel sheet. If you use ‘To Do’ lists then against each item on the list keep a log of from the time you started the task or activity to the time you end it, along with a description of the task. |
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Use abbreviations and codes for descriptions of tasks and activities so that you minimize the logging time and effort. Spending a lot of time of logging time, itself can become a demotivator for logging time. Keep sentences short and simple. For example use “ prep for neg conf” instead of ‘prepare for negotiation conference. Develop your own short hand. Avoid needless detail |
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Reconcile your time atleast once during the day. A recent study indicated that one tenth of professional’s billable time was lost if it wasn’t recorded at the end of the day; on an average 4 hours were lost if the time was not recorded at the end of the week, and on an average 15 hours were lost if the billable time was not recorded at the end of the month |
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Tackle one thing at a time. Although this is the age of multi tasking, it makes eminent sense to do one thing at a time, finish it and then go on to another. Interruptions although inevitable ought to be dealt with quickly and assertively. This helps you keep your focus on what is important as well as the track your time. |
Invest in smart technology. Use automated legal time and billing software that liberate you from manual time logging. Invest in mobile technology that will liberate you from your office and desktop. With mobility and a smart time and billing software, you can be anywhere, doing anything and yet tracking and recording your time. Implement a ready legal billing software that is special for lawyers and law firms. A legal time billing software that is ready for corporate and litigation practice lawyers alike.
RazorCube ELM and Cloud Law Practice Management Solution is an fully integrated, centralised Practice Management tool to complete with Full Integrated Finance and Accounting, Time Keeping, Automated Time Billing, Knowledge Management, Human Resources, Payroll, Client Relationship Management (CRM) and Marketing Communications, Intellectual Property Management, Case Tracking, Task Management and real-time reporting with Alerts and Reminders.
In RazorLex time tracking software, there are more than five different ways to easily record your client legal time and expense including time recording offline from your Desktop, Internet, Microsoft Outlook Email, Calendar & Mobile phone so that your every billable time and expense is easily recorded.
