how much money is time really costing you?
TRANSCRIPT
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
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