How Automated Time Tracking Software Reduces Non-Billable Work
The future of automation technology is now, and many professionals within the legal industry are steadily recognizing the benefits that advanced automated time tracking software can provide to their firms. According to the 2021 State of the Business of Law report, 83% of legal pricing and project management (LPPM) professionals believe that technology helps deliver client value and cost efficiencies. However, 45% of LPPMs revealed their firms have yet to invest in the proper legal timekeeping software to help them efficiently perform their work.
Zero’s 2021 The State of Automation in Legal report yielded similar results: More than 76% of surveyed timekeepers reported they don’t use automation tools to help address all their needs, and more than 40% stated their firms aren’t providing them with the tools needed to reduce non-billable work. As a result, timekeepers waste at least 700 hours — the equivalent of an average of $200,000 in billable time — each year on administrative tasks.
To convert this lost time back into billable hours and support business goals, firms must provide time tracking and billing software for lawyers that can automatically capture all work effort. Without modern legal timekeeping software, lawyers have to manually reconstruct their timekeeping records — an extremely tedious process that leads to inaccurate and underreported time. Automated time tracking software, on the other hand, automatically captures and enters time, saving lawyers hours of non-billable work and producing more accurate time records.
Although legal timekeeping software ultimately saves firms money, many firm leaders worry about the initial implementation costs. Firms often use the excuse that they already have some form of basic time tracking and billing software for lawyers, and therefore do not need to invest in a new solution. Consequentially, firms risk losing business and falling behind their competitors, as client expectations around accurate time capture have dramatically changed. If firms truly wish to address their clients’ evolving demands, then they must invest in modern automated time tracking software.
Benefits of Cloud-Based Legal Timekeeping Software
In addition to investing in automated time tracking software, firms should also consider migrating their timekeeping system to the cloud. Cloud-based legal timekeeping software lets firm leadership easily access and harness time data to make better-informed decisions. Timekeepers also gain visibility into the amount of time spent on each engagement and task, and can determine the true cost of a matter, which allows the firm to more accurately price future engagements.
Cloud-based software also helps remove data from silos. For example, time and rate data — which heavily influences major financial decisions such as new client intake and client discounts — is often collected and analyzed separately, making it difficult for firms to grasp the big picture in terms of client profitability. Contrarily, cloud-based software can collect, store, and organize this data within a single source of truth, providing firms with the visibility needed to make these financial decisions.
Although migrating to the cloud may seem difficult, the benefits of cloud-based timekeeping are certainly worth the effort, and following cloud migration best practices ensures a smooth deployment. Firms that implement Intapp Time — a cloud-based automated time tracking software designed specifically for professional services firms — can take advantage of Intapp implementation partners and implementation services to ensure deployment stays on time and within budget.
Advantages of Intapp Time
Aside from streamlined implementation, Intapp Time — part of the OnePlace Operation & Finance suite — offers numerous benefits for legal firms. The software ensures billing compliance to help timekeepers manage the growing quantity and complexity of outside counsel guidelines (OCGs). By using compliant time, the firm reduces bill rejection and write-offs, improves realization rates, and speeds up billing processes.
When used in conjunction with Intapp Pricing, Intapp Time also offers real-time budget awareness that lets users monitor client engagements throughout the matter lifecycle. Users can take advantage of AI-based capture technology and smart reporting to gain deeper matters insights and improve pricing strategies.
One of the most important features of Intapp Time is its scalability and flexibility. Some firms may use the software for simple time capture, while others can create more sophisticated processes that support matter profitability, compliance, and enhanced time capture. No matter where your firm is on its digital transformation journey, you can explore the full spectrum of capabilities and determine how Intapp Time can best help you reach your goals.
Intapp also recognizes that lawyers prefer to capture time in different ways, which is why Intapp Time allows lawyers to record time in a manner that best fits their daily workflow. Lawyers can even use our mobile interface anytime and anywhere to actively and passively capture work. And, working with our Intapp Integration Service, professionals can integrate timekeeping data and other information with their firms’ other systems of record.
Considering how quickly the legal industry has changed within the past few years, it’s clear that firms need to prepare themselves for a wildly unpredictable future. Proper time tracking and billing software for lawyers helps timekeepers successfully meet their firms’ evolving business goals and client demands.
Learn more about how Intapp Time can support your lawyers and legal timekeepers: Schedule a demo today.
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