Best Practices for Billing & Time Tracking in Law Firms
What’s Inside?
Billing and time tracking may seem like routine law firm tasks, but even small mistakes can have major consequences. Missed billable hours, incorrect rates, or late invoices can quickly result in lost revenue, strained client relationships, and overburdened staff.
The key to efficient time tracking and billing processes is strategically implementing industry best practices to ensure accuracy, transparency, and trust.
Key statistics on billing and time tracking problems
Lawyers who wait until the end of the day to record their time lose 10-15% of billable hours
Attorneys who wait until the end of the week to record time lose 25% of billable hours
Poor timekeeping practices can result in revenue losses of $20,000 to $40,000 per attorney per year
Law firms using automated time tracking software can capture on average an additional 64 billable hours per lawyer annually
There isn’t anything I don’t like. Easier timekeeping and keeps the books straight because they have to match up…we switched because it includes bookkeeping and timekeeping in one program.
Rebecca Norton | On Point Legal, Louisiana
We needed to find an alternative solution to PCLaw, as we were moving to a cloud-based system. It appeared the employees at CosmoLex had more experience in migrating the data from PCLaw to CosmoLex.
Andrea C. Kryszak | Kryszak & Associates, Co., LPA
Using a third-party platform for accounting didn’t make sense anymore…conflict check approach is good and I like the ability to handle my accounting within the case management software.
