how much money is time really costing you?

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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 using Fixed billing or other AFAs do not know their cost of sales! 97% Of Lawyers prefer to use Timekeeping software vs manual methods $16% of Lawyers are unable to tell which is more profitable: Fixed or Hourly Billing Many lawyers using AFAs (Alternative Fee Arrangements) 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 Hours remain unbilled £36K Lost per year per Lawyer 1/10 of time is lost if not recorded until the end of the day Top 3 reasons why firms record time when using AFAs (Alternative Fee Arrangements): Example 1 Example 2 Example 3 Learn more and sign up for a free trial: www.lawyertime.zone *Findings based on Interviews carried out by Business Data Intelligence LTD with 80 lawyers in UK Assess the profitability of a matter Measure a lawyer’s productivity Prepare realistic budgets Billing and Timekeeping Software for the Legal Profession 2016 Business Data Intelligence Ltd Registered in England 09408242 31/33 College Rd, Harrow, Middlesex, HA1 1EJ UK

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Page 1: How Much Money is Time Really Costing you?

How Much Money is Time Really Costing You?

Lawyers lose on average33% of billable timethrough a lack of timerecording discipline

52%Of Lawyers are not

happy with their current Billing

Method 68%Of Firms usingFixed billing or

other AFAs do not know their cost of

sales!

97%Of Lawyers prefer

to use Timekeeping software vs manual

methods

$16%of Lawyers are unable to tell which is more profitable: Fixed or

Hourly Billing

Many lawyers using AFAs (Alternative Fee Arrangements) 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

200Hours are lost per

year per lawyer

3 out of 9H o u r s r e m a i n u n b i l l e d

£36KLost per year per

Lawyer

1/10o 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 (Alternative Fee

Arrangements):

Example 1

Example 2

Example 3

Learn more and sign up for a free trial:

www.lawyertime.zone

*Findings based on Interviews carried out by Business Data Intelligence LTD with 80 lawyers in UK

Assess the profitability of a matter

Measure a lawyer’s productivity

Prepare realistic budgets

Billing and Timekeeping Software for the Legal Profession

2016 Business Data Intelligence LtdRegistered in England 0940824231/33 College Rd, Harrow, Middlesex, HA1 1EJ UK