Timekeepers can now easily track their individual billing performance against the annual billable hour goals.
We are pleased to announce the release of our new timekeeper dashboard. Aimed at increasing law firm revenues, the dashboard allows timekeepers to easily review their individual billing statistics against the billable hour goals of the practice.
A law firm’s revenue is directly tied to the billable hours of each timekeeper, including partners, associates and support staff. If any one of these individuals fails to bill adequately, the earnings of the entire practice suffer. We have developed a feature that directly addresses the individual timekeeper, which provides motivation and accountability.
“Law firm partners can derive the firm’s financial objective down to establishing specific goals of annual billable hours for each timekeeper,” states TimeSolv’s CEO Raza Hasan. “With the new dashboard, these goals are easily tracked by each timekeeper. The dashboard shows the target number of billable hours versus the actual hours billed by each timekeeper. It also shows a targeted billing rate versus the actual billing rate.”
This information allows timekeepers to monitor their personal progress towards practice goals and motivates them to produce billable hours that are in line with the firm’s annual objectives. From an administrative perspective, the dashboard allows managers to quickly and easily compare billed hours to the amount of revenue collected. It also gives administrators the option of viewing data on a monthly or annual basis.
The dashboard calculates targets based on the number of available workdays in each month. For example, January of 2016 included 20 workdays when adjusted for holidays and weekends. For each timekeeper, the system automatically calculates January’s target hours based on 20 available workdays. Firm administrators can manipulate the number of workdays to account for specific firm-wide practices and holidays. The system also allows administrators to give or revoke permissions for each timekeeper.