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Search Results for: billable time

8 Hidden Benefits of Using a Mobile App for Timekeeping

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Timekeeping. It’s a tedious process for most lawyers, but it’s a necessary task for law firms that want to meet their bottom line. As technology advances, practice management software products have been aiming to make capturing time easier and more efficient for lawyers and legal staff. At LexisNexis®, we’ve taken it one step further with mobile app timekeeping. State of ... Read More »

Efficiently Make Your Time Matter Wherever You Go

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Accurate timekeeping is crucial to productivity, client satisfaction, and even more important, getting paid. However, the drudgery of this chore often causes timekeeping to become an afterthought and it falls to the bottom of the to-do list. The problem isn’t just time entry, but how time is entered. Many of the existing time-tracking processes cause a bottleneck for the team. ... Read More »

5 Tips to Motivate Time Keepers and Improve Law Firm Profitability

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“If you can’t remember what you had for breakfast on October 15th, then chances are you won’t be able to remember how much you billed clients on that same day,” according to Nancy Griffing of 35*45 Consulting, during a recent webinar focused on law firm profitability. Because of this, attorneys lose anywhere from 55 to 70 percent of their actual ... Read More »

Infographic:  Billable Hours Gained with Practice Management

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Eight extra hours a month is just one of the benefits law firms can achieve with practice management technology. That translates to 12 days a year or just about two weeks. How that time translates to a return on investment, depends on what an attorney does with it. If the time is used for billable work, Blue Hill Research estimates ... Read More »

History and Origin of the Billable Hour

History and Origin of the Billable Hour

The billable hour is a persistent topic, arguably because it’s so central to the business of law and indeed the larger business community. While there is strong case to suggest alternative fee arrangements (AFAs) have sustainable traction there’s also evidence that significant current trends in legal pricing are based in some part on the billable hour. The billable hour persists, as ... Read More »

Attorney Time Saver:  Firm Manager Releases Batch Invoicing

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Most small law firms – about 62% of solos and duos – spend roughly 8 hours a month on billing processes including invoicing.  About a quarter spend upwards of 16 hours a month.   There are handfuls that can spend more according to a law firm billing survey LexisNexis published in August of 2014. The business case for efficient billing process ... Read More »

Infographic Friday: The Case Against Billable Hours

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Data suggests that smaller firms are more inclined to structure alternative fee arrangements (AFA) than larger firms.  However, as so often in law, such assertions –  even data driven assertions – are not always so cut and dry.  Whether that’s true or not might be better answered by saying, “It depends.” It does depend. The graphic below the headline on this ... Read More »

Un-Billable Hour: Law Firms, Invoicing and Collections

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Earlier this month the Legal Talk Network unveiled a newly revived podcast called the Un-Billable Hour. Podcasts are a great way to make effective use of time to soak up additional information, for example during a daily commute, or while exercising. The Legal Talk Network makes this especially easy by offering the ability to listen to a variety of legal ... Read More »

Seven Areas Small Firms Need to Improve on to Succeed in 2017

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The answer to this year’s success may well lie in last year’s financial reports. According to small-firm success strategist Ann Guinn, attorneys can take steps to increase their profitability and improve client satisfaction this year by closely examining the firm’s previous financial investments. She tells the cautionary tale of an attorney who spent a whopping 97 percent of her firm’s ... Read More »

6 Tips to Cleaner Law Firm Financials in 2017

6 Tips to Cleaner Law Firm Financials in 2017

Every New Year offers a clean slate to do things better in the future. For solo and small firm attorneys, this is especially true when it comes to managing the firm’s year-end accounting process. According to Tyler Chapman, financial analyst and business valuation professional for LexisNexis, simply putting a few efficiencies in place throughout the year can help attorneys get ... Read More »