July issue of American Legal Technology Insider out now
The July issue of the American Legal Technology Insider newsletter is out now. You can download a copy free of charge from the attached PDF file link – and you can register to have issues sent direct to your email inbox by sending your details to firstname.lastname@example.org
Top stories this time include the results of a survey conducted by Smart WebParts into lawyer time recording practices. The findings include…
• The average leakage (lawyers and other time keepers failing to report all billable time) ranges from $20,000 to $40,000 per person, per year.
• The overhead cost of keeping time is heavy, with a mean 3.1 hours per month per individual devoted to filling out timesheets. As the mean billing rate of respondents was $438 per hour, this indicates an imputed cost of $16,294 per person, per year.
• 60% if respondents reported reconstructive time keeping practice, entering their time at the end of the day or days later by looking at emails, phone logs and appointments – only 38% said they enter time contemporaneously.
• Only 54% said they prepared timesheets daily – 21% said they did it between once and twice a month.
• As for accuracy? Nearly half (47%) of all respondents said their timesheets are “accurate over time, it all evens out.”