Time recording – why is it so important?

Time recording has been the bane of our lives for decades, BUT it is still one of the most essential elements in the successful management of a law firm.

Knowing what it costs to run a matter is the fundamental to the decision as to how much we can and should be charging in the pursuit of profit. Honesty on the part of the staff is critical to accurate costing of our services and thus what it might cost the clients to engage us – whether that be on an hourly charging-rate, a fixed fee, a project fee or any other basis we might choose.

This should be essential viewing for everyone involved in the management of their firms and all partners and fee earners.

The topics we will discuss will include:

• why full and accurate time recording is vital, not only for a law firm’s profitability but also to ensure accurate management information
• how to persuade fee earners to record all their matter-related time fully and honestly
• understanding why fee earners say they do not fully record all their matter-related time, so those issues can be addressed and remedied
• learning how a substantial improvement in profitability can result from increases of just a few minutes per fee earner per day in the capture of matter related
• the essential role full-time recording plays as a pricing tool and for the management of peoples’ workloads, client relationships, and risk
• how to persuade partners and fee earners that fully recording their client-related time is essential in building their self-esteem and well-being