The History of the Billable Hour: Creative Mornings Toronto (without speaker notes)
How To Capture Every Billable Minute in the Law Company
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Transcript of How To Capture Every Billable Minute in the Law Company
#2HOW TO CAPTURE EVERY
BILLABLE MINUTE IN THE LAW COMPANY
ATTORNEYS’ CHALLENGES:
- being mobile most of the time
- lots of meetings
- e-mails, phone calls, paperwork
TIME MEANS MONEY!!!
MEANTIME LAW FIRMS LOOSE…
10% TO 30%
1.920 billable hours/year * 10% * $150
=$28.800
1.920 billable hours/year * 30% * $150
=$86.400
MOST COMMON REASONS THE TIME GOES UNRECORDED ARE:
- forgetting to fill your timesheets
- recording the time another day/week/month
- multitasking
- not recording every activity
- not recording inefficiency
USE 5 PRACTICES TO SOLVE IT…
# 1 working on the time
tracking manner
#2 working on projects and tasks
#3 detaile
d reports
#4 accurate invoicing
#5 optimizing 1-4 actions
with the appropriate
software
#1WORKING ON THE TIME
TRACKING MANNER:
- keeping everyone involved in the process- employees feel responsible for results- practice makes perfect – later on individuals
will track the time more willingly
#2 WORKING ON
PROJECTS AND TASKS:
- higher business transparency- easier time tracking- more relevant data
#3 DETAILED REPORTS:
- more detailed information about the project- better business relations- strong basics to accurately bill your clients
#4 ACCURATELY INVOICING:
- billing clients adequately to the time spent on each case
- revenues increase
#5 OPTIMIZING 1-4 ACTIONS WITH THE APPROPRIATE SOFTWARE:
- keeping everything in one place- easy access from everywhere- automatic time tracking, reports, invoicing
CAPTURE EVERY BILLABLE MINUTE – GETTING STARTED
WITH TIMECAMP!ww.timecamp.com/blog