Imagine running a marathon where every step earns revenue for your firm. But without a way to track those steps, you don’t know how far you’ve gone or how much you’ve earned. You’re running blind. That’s what it’s like practicing law without effective time tracking. In the legal profession, every minute counts. If you fail to log time accurately, you’re leaving money on the table. This guide offers seven actionable strategies to ensure you’re running profitably.
Do you really need a
time-tracking tool?
Every action has value in legal practice, from
client meetings and quick follow-ups to drafting
documents and conducting research. But if you’re
not tracking the time you invest in these activities,
you’re in the dark about your process (and progress).
Modern time and billing software offers a way
to track time accurately, no matter where you
work. Using a time and expense-tracking platform
ensures you get paid for every minute worked.
If you don’t bill by the hour, time-tracking tools can
still offer essential insights you need to make smart
business decisions for resource allocation and
matter fees.
Accurate time tracking also protects your bottom
line. It’s easy to underestimate how much time you
invest in every task. The difference between actual
and estimated time may seem trivial at first, but
minutes here and there can add up to missing hours
and lost revenue over the span of a week.
The right tools will support your firm’s compliance.
According to the American Bar Association’s Model
Rule 1.5, you must be able to accurately log time and
expenses to avoid charging clients “unreasonable”
fees or expenses. It’s part of developing trust to
build stronger client relationships.
With built-in reporting tools, you can analyze your
firm’s data over time to foster long-term growth and
smart resource allocation. Time-tracking software
isn’t just about more accurate billing; it’s a way to
get valuable insights into the efficiency of your
practice and run it like a business.
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