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