Capturing billable time can be a tedious exercise for many lawyers if they are not time tracking, especially since most law firms bill by the minute. If you don’t track your time accurately, you’re essentially working for love. In fact, research shows lawyers only invoice for 30% of their actual hours worked. In the olden days, you would track billable time on paper timesheets — and a lengthy back-and-forth exchange with an administrative assistant.
Today, time tracking for lawyers is easier, thanks to robust legal time and billing software, such as LawBillity which comes with built-in time tracking features. These features allow you to enter time regardless of where you are, ensuring that you capture and charge for all your billable time accurately and conveniently.
Why use time tracking software
The benefits of implementing time tracker software go beyond accurate billing of minutes that the legal practice rendered. Here are some main benefits of installing time tracking software for law firms:
- Time tracking software helps you to remain accountable and eliminate wasteful processes. This is because clients can get access to the reports generated by the time trackers and have an in-depth look at your time utilization.
- It is cost effective. What you pay for tracking time is relatively low compared to the wide range of functionalities the software provides. It also tracks attendance, generates reports, creates invoices, and fulfills case budgeting.
- It helps in the realization of rates for legal services. It facilitates compliant filing of all payments because it makes it easy to track dates and details of the invoices created by the time trackers.
- Versatile. Time tracking software is designed with your daily activities in mind so when you get interrupted or you’re multitasking you can easily run one or many timers and start/pause/stop to ensure you record all the billable time.
- It reduces micromanagement. This software facilitates HR-related operations, thus, reducing micromanagement.
Top time and billing features every law firm should use
A good time tracker for law firms should have salient features that improve productivity and profitability. These features include the following:
Time tracking enhances productivity and profitability by associating billable time with its corresponding matter. One option when it comes to time tracking tools is taking advantage of the builtin features: mobile apps, live GPS tracking, time logs and customizable settings (like rounding time up), reminders and alerts.
If your law firm has problems keeping track of its expenses, then you will want a time tracking app that includes expense tracking. It is vital to monitor your expenditure, and keep accurate and categorized records for tax season. It is also important to make sure you are billing expenses back to your client if they are matter specific, a few dollars here and there can add up by the end of the year.
The faster you invoice your clients the faster you will get paid! Time and billing software reduces your administration time by up to 30%. Once time and expenses are tracked it is a simple process to create and edit invoices, and quickly send them to your clients, you can even send them from the mobile app.
Online payments with LawPay integration
You can’t deny that online payments are all the craze today with research showing 75% of people want to pay an invoice with a credit card. Most businesses have integrated online payment options in their systems, and you shouldn’t be the odd one out. Take advantage of the convenience and safety of online payments to take your business to the next level, especially in these days of remote working.
Good time tracking apps will integrate with online payment gateways like LawPay. Today’s customers don’t want to visit their banks to remit money or write a cheque and have to drop it at the mailbox, they want it easy and simple. So If you’re not offering an online payment option in 2021, you need to. It’s easy to get started and the benefits are endless.
Detailed reporting will help you improve productivity and profitability in your law firm. Run detailed reports to find out your current utilization, realization and collection rates so you can strategize on how to improve them. Reporting is also important for client transparency. Providing detailed time and expense reports, or giving clients access to their own client portal, will create trust with your clients that you are not over billing them. All types of reports can be sent right to your inbox to measure the efficiency of staff, matters and clients. You can also view reports in real-time, so you always have your finger on the pulse.
Try LawBillity Time & Billing Software
These important 5 time tracking features can be found in the LawBillity app by eBillity. With all the relevant features such as invoicing, online payments, reporting, time tracking and expense tracking, LawBillity is in a position to propel your law firm to greater success. Start a free 14-day trial and see for yourself.