Working more hours is not the solution according to OneAdvanced

The pressure to meet billable hour targets can be relentless. Many fee earners find themselves caught in a seemingly endless cycle of extending their work hours in an effort to bridge the gap. However, the solution to missing targets isn’t found in the office (or with their laptop open at home) at midnight; it could instead lie in re-evaluating how time is recorded and managed throughout the day.

Out with the old

On average, fee earners miss one hour of billable time every day, and traditional methods of tracking time, such as pen and paper recording, Excel sheets, or even entries logged in practice and case management solutions, are fraught with inefficiencies. These approaches not only consume valuable time but also increase the likelihood of inaccuracies.

The common practice of logging time at the end of the day or week leads to less detailed, more generic entries, entries which are often missing time or recording it incorrectly. This not only affects the firm’s ability to bill accurately but also impacts client trust and satisfaction.

Additionally, these inefficiencies contribute to a larger, more systemic issue within law firms—a culture that prioritises long hours over smart work. This culture not only affects the bottom line but also employee wellbeing and retention.

In with the new

The answer to this pervasive issue doesn’t involve reinventing the wheel but rather implementing better time capture practices and utilising dedicated time recording software. By shifting towards a culture that values accurate and timely recording of activities, law firms can capture the missing hours that often slip through the cracks of inefficiency.

Dedicated time recording software offers several advantages over traditional methods. It allows for real-time entry, reducing the likelihood of forgotten or inaccurately logged work. Additionally, they are feature designed specifically for the legal industry, such as matter-related time tracking, which ensures every billable minute is accounted for. Law firms told us in your research for the Legal Sector Trends Report that their biggest forms of profit leakage are missing and inaccurate time entries, and dedicated time recording software can go a long way to solving these issues, with automation, catching missing hours and mobile log-ons, missing entries may be a thing of the past.

See it for yourself

We have created a time capture calculator that gives you a tangible monetary figure that outlines how much additional revenue each fee earner and the practice as a whole could already be generating, but not recording correctly.

By taking the hard facts and putting them into an equation, you can input your number of fee earners, targets for billable hour and actualised billable hour and see just how much of a boost you would gain by using dedicated time capture software, and the results are staggering.

For example, fee earners spend 66 hours recording their time entries manually each year on average; and even then (mainly as it’s not automated or not done in good time), fee earners forget around 222 hours of work they’ve completed on matters each year. That’s 288 hours that could be billed each year for every fee-earner in your practice.

The impact

Adopting better time management practices and integrating dedicated software can have a profound impact on a law firm’s operations. First and foremost, it enables firms to meet, or even exceed, their billable hour targets without the need to extend work hours. This not only boosts revenue but also improves the work-life balance for employees, leading to higher job satisfaction and lower turnover rates.

Furthermore, accurate time tracking fosters greater transparency with clients, enhancing trust and strengthening client-firm relationships. It also ensures compliance with industry standards and regulations, protecting the firm from potential legal and ethical issues.

The relentless pursuit of billable hour targets by working longer hours is a counterproductive strategy that jeopardises both employee wellbeing and client satisfaction. The real solution lies in addressing the root cause of missed targets—inefficient time recording practices.

By fostering a culture that prioritises accurate time capture and leveraging the power of dedicated time recording software, law firms can not only meet their financial goals but also enhance their operational efficiency and ethical standards. It’s time for law firms to work smarter, not harder, and reframe their approach to time management. Investing in the right tools and practices is the first step towards a more sustainable and successful future in the legal industry.