How does your firm’s time entry performance compare to other firms in the industry? In this post, we’ll discuss why time entry performance should be a top priority for firms and what you can do to improve your firm’s performance.
When considering your firm’s financial performance, how often do you go beyond the balance sheet to consider how time entry is contributing to revenue? Time entry, often seen as a “necessary burden” for law firms has a real impact on the firm’s financial performance. According to a recent report “2016 Law Firm Time Entry” time entry policies, contemporaneous time entry and time entry velocity define overall timekeeping performance for law firms and has a direct impact on revenue.
Here are some of the key findings from the report:
98% of respondents acknowledge having a formal timekeeping policy currently in place. Nearly half of the respondents answered that their policy was not strongly enforced. Why bother developing a policy if it is not enforced?
Nearly two-thirds of respondents consider contemporaneous time entry ‘Very Important’ revealing a critical management directive within these firms to improve time accuracy and time velocity. Contemporaneous time entry is the only way for firms to produce accurate time records and comply with client billing guidelines.
It is shocking that 95% of all respondents believe their firms are leaking time due to poor timekeeping practices. One of the primary bad habits is delaying time entry for days or weeks after the task is completed, which causes inaccuracies.