LexisNexis, the developer of the award-winning software applications Time Matters, Billing Matters, PCLaw and Juris, released the results of their recent survey of billing practices in a sample of law firms in all 50 states. This survey was picked up by several news outlets, with The Wall Street Journaloffering the best analysis of its findings.
You may click on this link to download the results of the LexisNexis® Billable Hours Survey and compare its findings with your law firm practice. Here are some of the items worth noting:
· There was a 54% difference between the highest and lowest reported hours billed compared to hours worked by state, with Delaware reporting 94% and Oregon at 40%.
· 39% of time worked is notbeing billed in the solo and two-attorney firm segment.
· 92% of time worked is being billed in the 11-20 attorney segment. This segment worked 10% more hours than the 20+ attorney segment, and billed on average 1.8 hours more per day or 19%.
· The size of a law firm was notthe silver bullet for effectively billing time worked. The top 25% of respondents who reported billing their time most efficiently was distributed fairly evenly by size of firm, except for the 20+ attorney firms, which had a much smaller representation.
· The average number of hours worked in a day was 8.9, and average hours billed was 6.9
At Eastern Legal Systems, we believe that Time = Money. We work with our clients to not only learn about their time and billing programs, but also teach them how to efficiently capture time and insure that they bill what their services are worth. How does your firm compare to the statistics shown? Are you billing the full value of your knowledge and services? What about cost recovery?
Click Here to download this survey and call us at 1-877-ELS-0555 to discuss ways to improve your billing practices.
Dana Riel is President and Founder of Business Solutions, Inc., serving the Washington, D.C. metropolitan area since 1985. Her firm is the authorized training center for the region for Time Matters and PCLaw by PCLaw|Time Matters, PLLC; Timeslips and Peachtree Accounting by Sage Software; and QuickBooks by Intuit Corporation. As a trainer, Dana has provided training services to organizations such as the DOD Defense Logistics Agency, Judge Advocate General’s Office (JAG)/Department of the Navy, University of the District of Columbia School of Law, U.S. Department of Commerce and the U.S. Department of Veterans Affairs, as well as with small‐ to mid‐size law firms in the Baltimore‐Washington D.C. area. In 2009, she participated in the series of day‐long seminars sponsored by the District of Columbia Bar Association Practice Management Section, titled “Basic Training: Learn About Running a Law Office”. Ms. Riel also served as an Adjunct Professor in Georgetown University’s Paralegal Studies Program, having taught the course, “Legal Ethics/Legal Technology” in 2009; and “Legal Technology” for the Spring and Summer Semesters of 2010. She presently serves on the Advisory Board for PCLaw|Time Matters, PLLC.