In the legal field, time is money. Law firms face the constant challenge of accurately capturing billable hours. The struggle to track every minute spent on client work leads to lost revenue and impacts profitability. Manual time tracking is not only cumbersome but also prone to errors. In this blog we look into just how quickly Time Capture software could pay for itself.
Time Capture software automates the process of tracking billable hours. It records every minute spent on client tasks, from phone calls to document reviews. Eliminating the inefficiencies of manual tracking, ensuring that no billable hour is missed. By streamlining the timekeeping process, it allows lawyers to focus on their core activities—providing legal expertise to clients.
The numbers
Let’s use the guideline hourly rate of £233 per hour for our calculations here.
Through the automated nature of time capture software, 222 hours can be recovered on average per fee-earner per year that would otherwise had been worked but not recorded. With the hourly rate, that’s £51,726 per fee-earner each year.
Additionally, the software saves approximately 66 hours annually on administrative tasks related to time tracking. This translates to £15,378 per fee-earner per year. In total, each fee earner could contribute an additional £67,104 annually in revenue thanks to the adoption of Time Capture software
Time recording software throughout the market typically ranges from anywhere between £200 per user to £1,000 per user per year. With £67,104 per user annually being the potential uplift available by utilising Time Capture software, there is the potential that even at the top-end of the market, it could pay for itself within the first week. The key lies in finding a solution that automates time entries and removes the potential for missed time entries.
How much can you recover?
Law firms can now see for themselves how much they can recover per fee-earner and across the business with our Time Capture calculator that uses these figures and your billable hour figures to quantify the benefits for your firm. It can also showcase what your billable hour target attainment could look like with the software.
Time capture software is a game-changer for law firms. The initial investment pales in comparison to the substantial returns in increased billable hours and reduced administrative tasks. By implementing this technology, law firms can enhance profitability, improve client service, and stay competitive in the legal market.