3 Reasons Why Your Firm Needs a Timekeeping Tool
At the backbone of every law firm and other legal consultancies is a timekeeping tool, which forms the basis of every transaction. For law firms, timekeeping allows lawyers to bill their clients for the amount of work that they do. Without a good timekeeping tool, a law firm stands to lose money, possibly even turning off clients due to an unclear basis for billing and inefficiencies in time management.
Here are three reasons why your law firm needs to use a timekeeping management tool.
1. For optimizing time value
Everybody has the same 24 hours in a day, but some people’s time is more expensive than others—lawyers in particular. Instead of spending valuable time and energy working out the finer points of legal work, many lawyers are bogged down by having to record and keep track of start and end times manually.
Manual timekeeping is highly inefficient, especially for lawyers who handle multiple clients and cases every day. Legal timekeeping management software automates this time-consuming but highly important task to ensure that lawyers are spending their time more meaningfully.
2. For enhancing billing accuracy
Billing is tedious, but it’s highly important for any law firm to continue operating. You could be hiring the most brilliant lawyers and getting the best cases, but still end up unsuccessful because of an erroneous and inefficient billing system.
With manual timekeeping, there is a potential for inefficiency on many levels. For one, you have to rely on busy lawyers finding time to keep accurate records of their work.
Secondly, you have to allocate staff in collecting timekeeping records from each attorney. Assuming that your lawyers are good at keeping records—as even handwriting can cause issues—and your team is efficient in compiling these records, your staff still has to spend time entering them into a billing system.
A timekeeping management tool can skip these time wasting and error-prone processes by having your lawyers encode their records directly into a system. This will then communicate seamlessly and automatically with your billing department or e-billing software for an even more efficient and error-free process.
3. For better security
Of course, nobody is going to steal your timekeeping data. However, the security of your timekeeping records is more important than you think. Without accurate records, your firm will be unable to bill your clients, which spells disaster for your law firm’s bottom line.
Manual paper records can be destroyed or misplaced in so many ways. Meanwhile, most legal timekeeping management tools offer cloud saves, protecting your timekeeping records from virtually all kinds of physical damage. Your office could burn down tomorrow, and your firm could still operate a few days later since your important timekeeping records and billing statements are still accessible!
It’s easy to see why some lawyers look at timekeeping with contempt. It’s an absolute necessity in running a law firm but also distracts from actual law practice. Despite its tedious nature, timekeeping is necessary to keep your law firm afloat.
While hiring additional staff dedicated to timekeeping is always an option, doing so incurs costs that would be higher than if you use a timekeeping management software instead. That being said, not all timekeeping tools are created equal, so make sure to do your research before going with a random timekeeping management tool for your law firm.
Do you need some help looking for the best legal timekeeping management tool in the industry today? Legal Technology Finder helps law firms and departments achieve their maximum efficiency. We review hundreds of tools for contract management, e-billing, e-discovery, matter management, and timekeeping management. Browse our website today to see which tool is right for you!