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...

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