Time recording – The debate
The debate over time recording continues to rage – put simply it’s a question of efficiency.
Some fee earners see time recording as a chore, a thing just to tick off the list. Seeing it in this light can have detrimental effects on accuracy, as lawyers are billing time at the end of each day, week or even month! And, it is these laid back practices that play into the hands of inefficiency. Traditional time recording on systems starved of innovation does nothing to produce true value to the client when it is focused almost exclusively on the billable hour.
But time recording is certainly not dead! Since the deregulation of the legal market in 2011, time recording is more important than ever before. Time spent on the client’s behalf is vital in assessing a reasonable and fair fee. Not only this, time recording facilitates budget preparation. Many firms have focussed almost exclusively on profitability in recent years, but now is the time to focus on long term success strategies. With efficient time recording, firms can better forecast cash flow and profitability – essential factors in their long term success strategy. Added to this, effective time recording adds value to your firm’s management reports – making way for increased efficiency at the top level.
Ultimately, effective time recording helps your firm see trends and highlight future business opportunities. The debate then, is not whether or not to record time, in fact it is a question of how to make it more efficient.
Make time work for you
Tikit’s Carpe Diem Next Generation (CDNG) is now integrated with P4W, our practice and case management system. Help your fee earners showcase their completed case work and make time consuming time recording a thing of the past.
Being able to record time wherever you are and when you incur it, immediately changes it from being a chore to simply being a part of the lawyer’s working day. CDNG’s ability to operate on a desktop, tablet or smartphone and for the user to move seamlessly between these environments enables timekeeping to follow the working patterns of the lawyer. What’s more, the inbuilt Timefinder function will prompt the lawyer to complete gaps in their daily timesheet based on applications used during those times.
Using CDNG with P4W, time recording becomes an integral part of the lawyer’s work. No longer having to play catch-up and missing vital activities along the way. Improve time recorded, increase billing, and reduce effort. What’s not to like?