16 Jun Why Poor Timekeeping Could Be Costing Your Firm (And How to Fix It)
Lexicon CEO Scott Brennan and CFO/COO Tom Boster recently co-wrote an article that appeared in Legal Management (the official publication of the Association of Legal Administrators) explaining an undisciplined approach to proper timekeeping behavior and principles is detrimental to both law firms and clients alike. Read the full article below.
Most law firms live and die by the billable hour. But if time is money, why does tracking it tend to be an afterthought in so many firms? The lack of a comprehensive and consistent timekeeping system may be hurting your bottom line more than you realize.
If you’re not watching your money, you’re probably losing money. And in a post-COVID-19 world with more attorneys and clients working and interacting remotely, timekeeping is more critical now than ever before.
Among other things, Brennan and Boster posit:
- When time is tracked accurately and properly, it reinforces ethical transparency in a law firm’s billing and that benefits both the firm and its clients
- Clients are less likely to pick apart a detailed invoice and dispute how much time certain activities took, especially compared to a traditionally vague “block billing” approach
- And with fewer hours slipping through the cracks, a law firm will likely increase the amount that can be billed — and ultimately collect.