It may be true we can’t make up for lost time, but we just might be able to recover time we’ve forgotten. Photographs help us remember. Calendars keep us on track. And anyone traveling to the ABA TECHSHOW from the east coast knows, we gain an hour going, and lose an hour coming back.
Keeping good time requires discipline, but even for those with a rigorous process for tracking time, there are days when the speed of the business, or in this case the business of law, time seems to slip away. Today, the LexisNexis Firm Manager team unveiled the LexisNexis Money Finder feature an automatic and simple tool that helps attorneys discover unbilled time.
How does it work?
Firm Manager is a cloud-based law firm practice management solution. The Money Finder feature automatically sorts and searches through documents, task and scheduled events – like meetings or hearings – and flags those that have not been associated with a client bill for review. An attorney may then assign it to the appropriate client account, or may choose to not assign.
While it’s a simple tool, it solves a sizable problem. A survey of “billable hours” we conducted found that small law firms – especially solo and duo firms – had a wide margin between the hours work in a day and the hours billed. The gap on average across all firms (of all sizes polled) was about one-third of all time spent; in solo and duo firms, the gap was 40%.
The Firm Manager product has been completely re-engineered from the ground up and we rolled it out publicly at the LegalTech show in February. Sr. Product Manager Christopher T. Anderson had a chance to demonstrate the Money Finder feature to David Houlihan, Esq., a principle analyst, Blue Hill Research. In a blog post following the LegalTech show titled The Diamonds I Found at LegalTech New York 2014 he wrote:
Lastly, the honorable mention goes to LexisNexis. The company relaunched Firm Manager as a cloud solution. I liked what I saw. It’s a strong practice management suite that is well-tailored to small firms. However, the feature that really impressed me isn’t in the product yet (I was told to look for it in March). It is a passive time capture capability that tracks attorneys’ tasks as they complete their work within the Firm Manager platform. It then alerts the attorney of potentially billable work, even if the attorney forgets to set his or her timer. It is a relatively minor feature but has the potential to be extremely valuable. It is not uncommon for attorneys to forget to track time as they switch between matters. As often as not, that means lost billable revenue. For LexisNexis, this offers the potential to expand its value proposition to show hard ROI in recovered revenue.
Special offer for ABA TECHSHOW attendees
A 10-minute video demonstration is available anytime for viewing online, but for ABA TECHSHOW attendees, we’re offering to pay your bill for 90 days. For new users or newly interested users, simply stop by booth #300 to get a demonstration and if you sign up while at the booth, we’ll essentially give you the product at no cost for 90 days.