With only one quarter of law firms telling us that they are realising 70% or more of their billable hour targets, law firms are constantly striving to maximise their billable hours while minimising non-billable administrative tasks. Time recording software has long been a solution that has been used to ensure that hours are recorded and billed – however, advancements and the dawn of time capture software offers a promising solution. This blog explores how law firms can earn more by doing less, thanks to the efficiency brought by Time Capture.
The challenge of time recording
Fee earners frequently find themselves bogged down by admin duties, leaving fewer hours to dedicate to client cases. This not only affects the productivity of the firm but also its profitability.
With a demanding admin workload tied to the billable hour, it’s no surprise that on average each fee-earner forgets to record 222 hours’ worth of billable time each year. This can cause serious problems for a firm’s profit, as noted by the 37% of firms that told us missing time entries was their biggest form of profit leakage.
Administrative tasks like recording time entries also consumes a significant portion of a fee earner’s day. These tasks, while essential, do not grow the business and get fee-earners to their target quicker. Consequently, the firm misses out on around 66 billable hours per fee earner, per year, on recording billable time worked, reducing their potential to work on more billable work.
Given this paradox, law firms require a solution that minimises administrative burdens while maximising billable hours. This is where time capture software comes in; a tool designed to streamline time tracking and enhance productivity.
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