Lexicon - Unlock Your Firm’s Revenue Potential Through Better Time Tracking Habits
Make more money. Keep more money. Admit it – that excited you a little. If you’re out of ideas how to become more profitable, we have a few to share.
Time tracking may not be the sexiest part of managing your law firm, but it is an essential area of focus if you want to maximize your revenue. That’s the basis of this session of our LexiconLIVE! Webinar series — “Unlocking Your Revenue Potential Through Timekeeping.” Hosted by Lexicon CEO Scott Brennan and CFO Tom Boster, LexiconLIVE! explores how common time tracking habits can impact firm revenue and highlights simple steps you can put into play today to start maximizing your firm’s revenue through better time tracking practices. We explore the importance of tracking time in real-time, tracking time regardless of job role and the importance of effectively managing write-offs and write-downs as it relates to fixed-fee matters.
Need to be convinced? Here are some numbers that might get your attention. Let’s assume your hourly rate is $300. If you under-report just ten minutes per day, that can be a loss to your firm of around $50 a day, and wait for it…$12,000 a year. And assuming you have multiple attorneys in your firm, you could be losing much more than that. If that gives you a sick feeling in the pit of your stomach, you owe it to yourself to watch this webinar and see how you can keep more of your hard-earned dollars.
But it’s also about more than just money. LexiconLIVE! highlights the importance of time tracking and how the utilization of technology in the time tracking process can lead to more accurate notes for the clients which can help reduce potential bar complaints, justified pricing, increased value for the services of attorneys and other firm employees, better business decisions based off real- and accurate- time tracking data and more satisfied clients.
And don’t forget to read more about how Lexicon has been managing and growing firms of all sizes and practice areas for over 12 years through our holistic approach to practice management - by providing a wide range of legal support services that integrate seamlessly into our robust, all-in-one practice management software suite. And most importantly, Happy 2021!
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