Spring has finally arrived. It’s time to throw open the windows, let in some fresh air, and give your space a thorough spring cleaning. But before you break out the mops and sponges, take a look at your law firm’s time management and billing practices. You may find some areas where a good spring cleaning is long overdue.
Effective time-keeping and billing practices are extremely important to the profitability and credibility of any law practice. Inefficient time-keeping leads to lost profits, leaving your firm without proper compensation for work completed on client matters. Billing mistakes can upset clients and evoke questions about the integrity of your firm. To avoid these negative consequences, it’s vitally important to evaluate current routines of your timekeepers and make necessary corrections where appropriate.
Common Law Firm Billing Mistakes
Billing mistakes are common within many law firms, but most of them stem from the poor habits of office timekeepers. Two of the most common billing errors are inefficient time-tracking and vague client invoices.
Inefficient Time Tracking
Time tracking is best handled during completion of the task. Waiting until the end of the week or month to try and remember what work was completed often results in an inaccurate assessment. Your firm is legally obligated to bill clients with accuracy and a breach of this duty can lead to dire consequences.
The most efficient and accurate method of time keeping is during or immediately following completion of the task. However, in this age of mobile workspaces, that can prove difficult to accomplish without the right legal billing software. Instead of comprehensive time tracking, you may end up with numerous reminders and notes that make little sense to you when it’s time to create a bill.
Solution – TimeSolv provides real solutions to your firm’s time-tracking needs. With mobile applications for iPhones and Androids, firm members can easily track precise times in the office, from the courthouse or even in the middle of an international vacation. No internet connection is required. All that’s necessary is starting the timer upon beginning a task and stopping it upon completion.
Clients want detailed explanations of their bills. Simply listing a block of time and the amount due is insufficient to adequately communicate work done on a matter. On the flip side, clients also do not appreciate bills that are overly complicated and confusing. The perfect compromise is a billing statement that provides brief and concise descriptions of the work completed.
Solution – The invoicing software from TimeSolv offers simplified billing statements that are easily personalized with your firm’s brand. Custom narratives save time, along with automated tax calculations and easily applied discounts. TimeSolv takes the dread out of creating comprehensive invoices that promote confidence from your clients.