Many law firms could earn more by doing less, figures suggest – find out more with oneAdvanced
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.
How Time Capture helps achieve more by doing less
Time Capture software is adept at identifying and recording time entries that might otherwise go unnoticed. By automating this process, you ensure that all billable hours are accurately captured wherever your fee-earners are working. Maximising on those missed time entries and reducing the administrative burden on inputting time entries.
Implementing Time Capture software can lead to a significant increase in billable hours. By automating time tracking and reducing admin tasks, fee earners can gain a potential additional 222 billable hours from missing time and gain back 66 hours that can now be spent on billable hours.
Additionally, Time Capture software creates detailed, broken down, and accurate invoices for clients, which on average brings a 10% increase on invoices getting paid once billed. Using some of this data we have created a Time Capture calculator, and with just a few inputs on your end you can now see just how much additional funds are brought in per fee earner per year with Time Capture software.
In the long term, the adoption of Time Capture software can lead to sustained improvements in the firm’s overall performance. Increased billable hours, improved accuracy, and enhanced productivity contribute to a stronger bottom line. Additionally, the firm’s reputation for efficiency and accuracy can attract more clients, further boosting revenue.
For law firms seeking to streamline their operations and boost their revenue, Time Capture software offers a powerful solution. By automating time tracking and reducing administrative tasks, the software empowers fee earners to focus on what they do best—providing top-notch legal services to their clients.
