How Much Money is Time Really Costing You? A Quick Guide for the Business Minded Legal Professional
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- How Much Money is Time Really Costing You? Lawyers lose on average 33% of billable time through a lack of time recording discipline 52% Of Lawyers are not happy with their current Billing Method 68% Of Firms who use Fixed billing (AFA) do not know their cost of sales! 97% Of Lawyers prefer to use Timekeeping software vs traditional methods $16% of Lawyers are unable to tell which is more profitable: Fixed or Hourly Billing Many lawyers using AFAs (Fixed Billing) are reverting to time billing as an additional method to review and manage profitability or plan budgets A Quick Guide for The Business Minded Legal Professional 200 Hours are lost per year per lawyer 3 out of 9 H o u r s r e m a i n u n b i l l e d Â£36K Lost per year per Lawyer 1/10 o f t i m e i s l o s t i f n o t r e c o r d e d u n t i l t h e e n d o f t h e d a y Top 3 reasons why firms record time when using AFAs (Fixed Billing): Example 1 Example 2 Example 3 Learn more and sign up for a free trial: www.lawyertime.zone Findings based on Interviews carried out with 80 lawyers in UK Assess the profitability of a matter Measure a lawyerâs productivity Prepare realistic budgets Billing and Timekeeping Software for the Legal Profession