Attorney Timekeeping: Why It Pays To Plug The Leak
By Allison Grande (August 5, 2010, 1:14 PM EDT) -- Inaccurate timekeeping causes major headaches and can lead to significant losses in a firm's bottom line. But firms can take some simple steps to improve their timekeeping capabilities and maximize their profits, experts say.
A survey conducted by consulting firm Adam Smith Esq. and software company Smart WebParts LLC from mid-May through early June found that average "leakage" due to an individual's failure to accurately report all billable time ranges from $20,000 to nearly $40,000 annually per individual, while the overhead costs of keeping time can add up to roughly $16,000 per person per year.
"Timekeeping or lack thereof is the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!