04 Apr Time is Money
In a study of 309 US law firms by LexisNexis,
- 60% of firms report spending 8 hours on client billing each month,
- 25% claim as many as 16 hours were spent.
Client billing is a necessary cost, but be sure to take into account that small firms bill mainly by the hour and this study also shows that more than
- 70% of these firms experience past due clients
- nearly 39% report their overall client base is typically in past due status.
This brings to light the need for policies in client billing. Here, A Powerful Example of Why Small Firms Need Policies, the need for structure is explained and how technology increases efficiency in all aspects of time management, including billing and collections.
Time is money. Reclaim upwards of 96 hours a year with practice management solutions, and reduce your reliance on additional staff by 40%.