How Do You Keep Track of Your Time?
Memorization is a great skill for a lawyer, but when it comes to time tracking, memorization is a thing of the past. Time tracking is a key element in how you run your law firm. By billing accurately, you are paying yourself for great work, not overcharging your clients or undercharging your services. Accurate time tracking also improves billing productivity. If your billable hour law practice has plateaued, then changes are needed to increase your firm’s revenue. If you don't know where to start with the billable hour or if you are looking for new ideas to maximize the billable hour, then learn how to improve this type of billing structure. What is the billable hour? "*The idea of a lawyer recording time was first conceived by attorney Reginald Heber Smith in 1914. Smith ran a legal aid society and wanted to track hours to ensure legal services were being provided efficiently. Although lawyers first began recording time in 1914, the billable hour was not a common billing method until years later. For most of the twentieth century, lawyers “eyeballed” their bills, essentially determining fees based on the assigned value of services and not on the amount of time it took to produce the...Read More