By Legal Futures Associate Advanced
“Time is money.” An infamous three-word phrase that has stood the test of time and is as pertinent as ever when it comes to billing in a law firm. Every six-minute increment counting towards greater profits and performance down the line especially when considering an equally infamous three-word phrase, “every little helps”.
Time recording software is a vital tool, ensuring that billable time is tracked – which remains one of the most challenging tasks that busy legal practitioners undertake and remains a challenge for most as casework becomes more diverse across devices and software.
With a remote office, video conferencing, client meetings, and an array of new tools and software fee earners utilise to work on matters, time keeping is becoming more and more difficult to stay on top of.
That is before considering the main challenges associated with time recording such as moving from one case to another without recording time, getting buy in to track time spent during a matter than at the end and so on.
Through utilising effective time recording and billing, fee earners can bill five-and-a-half hours a month more than they were previously. Calculated over a year and across a department or law firm, that adds up to thousands of pounds of profit without doing any extra work.
Time recording should not only be about highlighting the actual amount of time worked, but also about saving time on administration and other unbillable tasks and monetise that time as much as possible.
Top-of-the-line time recording software has process automation built in for transparent billing and time reporting, and timekeepers can be alerted to complete and submit time entries efficiently.
Through effective reporting and forecasting, resources can be properly allocated and workloads managed to ensure that your time is maximised.
Not only does the comprehensive time capture tools assist with fast and efficient billing, but also build trust with your clients through transparent billing – cutting time that could otherwise have been spent in disputes.
Click here to learn more about Advanced’s time recording and capture software, Carpe Diem,