Where Do the Billable Hours Go?
Time means money for law firms, but not all firms are equally effective at billing their time. Hours billed doesn’t equal hours worked, and the gap varies from firm to firm. We asked attorneys across the United States how much of their work day they actually bill. The infographic below captures our findings, including time and billing performance based on law firm size and state.
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The billable hour remains the critical lever for how most firms can affect profitability. Improved efficiencies can increase profitable revenue by tens of thousands of dollars, while unsolved gaps can lead to lost revenue and lower profits. There are a number of reasons that contribute to time and billing gaps, which LexisNexis will present in future legal practice management surveys.
Recent enhancements to PCLaw, including Time Entry Advisor, help attorneys better manage billable hours, billing efficiencies and client matters.
To learn more about bridging the billable hours gap, visit www.CaptureMoreTime.com