In our technology-enabled era, most law firms have moved away from manual processes to embrace electronic timekeeping. However, many continue to struggle with time entry accuracy and bill rejections related to, noncompliance with outside counsel guidelines (OCGs). All stakeholders— finance, operations, lawyers, and clients—want to solve this problem; not only does it result in inefficiencies of process and reduced realization due to write-offs, but it also impacts client goodwill. Firms know something needs to change, but so far, they haven’t found the answer. In short, they have arrived at a crossroads.
This ebook explores the gaps and inefficiencies in the current state. Insights into how current processes impact and inhibit internal law firm stakeholder objectives reveal why firms simply must find new approaches. Declining realization rates, competitive market forces, and lawyer attraction/retention challenges are all factors that point to a need for change in time and billing technology.
The legal industry is well past the days when scrawled notes in a day planner constituted time recording. The business of law has changed, requiring that time entries comply with client requirements and firm objectives. We believe the path forward is new concept that we call “compliant time”: a way to streamline timekeeping and improve time-capture accuracy while also ensuring\ adherence to OCGs.