Time is the most precious resource in the legal industry, where long hours are conventional and expected. If you can achieve good time management, your firm will begin to reach its goals effortlessly. Improving time management in this business is challenging, however, some strategies will help you work smarter, not harder. Pinpointing time drainers in your firm is the first step in improving how you use your time. You do not want to use your time ineffectively, so check out our top tips to identify and eliminate time drainers in your firm.
Determine Current Time Tracking and Billing Practices
Time tracking and client billing are some of the most problematic non-billable time expenditures in law firms. In addition, these are two of the most critical functions within any professional services organisation. Inefficiencies in these processes can cost your firm dearly; therefore, it is critical to streamlining attorney time tracking and client billing, ensuring accuracy, timeliness, and visibility.
The first step in improving time tracking and billing workflow is to determine your current practices. Usually, each attorney used to have his or her own timekeeping process. Similarly, your finance and accounting departments might have different processes to bill clients and receive payments. Depending upon your firm’s size, you can create a questionnaire or talk with each employee to get an idea of the practices your concerned departments follow and the pros and cons of these practices. While determining your current time tracking and billing process, you should also analyse all tools attorneys are using to understand the benefits and limitations of these tools.
Identify Productivity Roadblocks
Once you understand how attorneys are recording their time and billing the clients, you can figure out the potential productivity roadblocks due to inefficient or inconsistent processes. In many firms, timekeeping and client billing are major challenges due to reasons like the use of manual methods, or difficult-to-use software. To ensure accuracy and efficiency, your time-tracking and billing software must be powerful and intuitive, so attorneys can easily record their time, create invoices, and receive payments.
You should also look at the flexibility of your billing and payment system. As the demand for value-added services has increased, you should evaluate whether the firm’s billing and accounting system supports several payment options.
Identify Tools to Improve Productivity
Once you know where the firm is losing time and money, it is time to determine how to increase billing efficiency and the firm’s productivity. Simplifying and automating tasks with the help of the right tools can help you transform the way your firms operate. For instance, using time recording software allows attorneys to track their time on the go. Similarly, comprehensive billing and accounting software can help your employees with client invoicing, automated payment reminders, and automated non-payment penalty calculations.
Look for systems that are adaptable, intuitive, and easy to integrate with your existing software programs. Mobile-responsive law firm software like Lawsyst will make it much easier for lawyers to manage their tasks on the go.
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