Your potential ROI on Automated Time Tracking
In this blog, we’ll demonstrate the manifold ways TIQ’s automated time tracking software provides your firm with a return on investment from day one.
The average lawyer dedicates 50 minutes to managing their timesheet each week. While creating time entries with a clear narrative is essential, the amount of time many lawyers spend completing that task isn’t.
Intelligent time tracking software, like TIQ Time, provide suggestions for time entries based on the user’s e-movements. The software is connected to the tools you use to get your work done and automatically captures all the time spent on documents, email, meetings and more. The captured activities are then intelligently matched to a specific client or project, relying on information like where the document is saved, to whom the call was made or keywords drawn from email subject lines.
The saved activities can then be approved or amended in just minutes at the end of each day – meaning your staff will be spending their valuable time on billable work, not billing.
We’d typically expect a firm of 100 lawyers to receive a cumulative 33 hours of additional staff time each week following the integration of time tracking software.
TIQ’s software also fully integrates with your firm’s Practice Management Software, so there’s no duplication of efforts. Anything your lawyers approve will be pushed back to your PMS and billed as usual.
2. Reduce leakage flowing from the capture of more billable hours.
Lawyers who attempt to recreate their days at the end of the day often forget about the 5-minute phone call they had with the client while running to court, or the short email update they sent. While these might seem like minor oversights, the reality is that 12% of billable time is lost to leakage.
TIQ’s software makes it possible to capture most of your billable hours. The software integrates with your staff’s devices and keeps track of what they’re up to, silently recording it in the background for later approval. This results in a tangible increase in billable hours.
3. Improve Profitability on Alternative Fee Arrangements
Alternative Fee Arrangements (AFAs) have become increasingly commonplace as clients demand their lawyers share risk by working on a budgetary or fixed fee basis. As it stands, most law firms don’t have the tools or procedures needed to confidently and accurately predict budgets for files in their entirety or for particular phases. In fact, 81% of lawyers set their budgets for AFAs based on personal experience, frequently resulting in estimates that are too low.
Given that 87% of firms write off those hours that have fallen outside of the budget, firms that invest in budget management have a significant competitive advantage. Bear in mind that these write offs are in addition to the abovementioned 12% loss from leakage. TIQ Time helps lawyers maintain a complete record of their time, thereby improving the quality and quantity of data available to inform your firm’s AFAs.
The benefits detailed above are accessible as soon as TIQ’s software is integrated into your workplace, meaning it starts providing a return on investment from day one. Your firm will benefit from the competitive advantages associated with the improvements in both quality and quantity of time entries, as well as increases in revenue flowing from reduced leakage and the additional hours freed up for your staff.
Get in touch with TIQ today if you’d like to discuss how your firm can benefit from intelligent time tracking solutions.