Have you adopted an integrated practice management software for maximizing
your billable hours? If not, you’re losing out—six minutes at a time.
Time is Money, quite literally for law firms, who operate via billable hours. For any legal firm to survive and thrive, tracking and billing of time to clients is the most important and indispensable part of their operations. Without proper and timely billing, there is a chance that the firm will be unable to invoice the client, thereby losing money on essential billable activities. Hence it is vital, for both premier and growing law firms, to have proper time and billing software that helps them keep track of the activities ensuring precise on-time billing for the clients and billable out of pocket expenses.
The scrutiny over outside counsel spend is growing and law firms are also feeling the pressure to become more cost-efficient, budget-driven and productive. It is becoming, therefore, necessary for lawyers to automate and streamline their mundane tasks, that take up most of their billing time.
The American Bar Association reports that failing to track
billable time
immediately causes a 20% drop in time billed.
Agile law firms are adopting integrated technology solutions to not only streamline their key processes but also focus better on their billable hours on value-added activities. PracticeLeague’s Practice Management allows law firms to track every activity done by their firm with integrated time tracking management feature ensuring precise on-time billing for the clients and billable out of pocket expenses.
One of the biggest barriers that legal has observed in the adoption of technology is their resistance to change. Law firms, as well as in-house counsels, have been sceptical about implementing technology fearing that it will decrease their billable hours, if not their jobs. And, indeed, innovative solutions like PracticeLeague Practice Management Software have significantly reduced the hours wasted on manual and time- consuming tasks, but it has also allowed for legal counsels to improve collaboration, maximize efficiency, employ their time for strategic, value-adding tasks, thereby improving the bottom line of their business and serving their clients better.