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Tag: WIP



NSW Law Society’s reminder to the Legal Profession about time billing practices

by on Nov.05, 2011, under Practice Management Services

For the benefit of all practitioners it is timely to be reminded of some of the principles which guide prudent solicitors using time billing.

  • The distinction between time costing (a tool of law office management) and time billing should not be forgotten.
  • Accurate and prompt recording of time, during or soon after attendance, will be vital at the time of bill preparation.
  • The client’s needs and requirements, especially demands for excessive service, should be promptly recorded at the time of taking instructions and referred to at the time of billing.
  • The client should be promptly informed of any additional work required and the need for it.
  • The various administrative and incidental expenses (including travel and photocopying) should be carefully reviewed prior to billing.
  • Sensible and realistic time billing, in accordance with the principle of fair and reasonable costs, will prevent many disputes arising.
  • The bill of costs is one of the most important documents received by the client and requires careful preparation.
  • There should be a careful balance between brevity and sufficient information in the bill of costs to enable the client to understand and appreciate the fees charged.
  • Finally, apart from time billing, the availability of alternative fee charging methods should be discussed with responsive clients when appropriate.

 

 

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Productivity Reporting

by on Oct.30, 2010, under Practice Management Services

Does your firm produce a regular Productivity Report?  If not, how do you know who is ‘producing’ and who is not?  How then do you go about managing under-performers if you don’t have the information?  How would you know if they are performing to expectations or not?

In it’s simplest form, a Productivity Report measures:

  • Time billed in hours per month or per annum (or weekly if need be);
  • Time recorded in money per month and per annum;
  • Budgeted time in money terms (ytd);
  • Billings in money terms per month and per annum;
  • Budgeted billings in money terms (ytd), and
  • Work in Progress (in money terms);

by fee earner.  It can also include fee earners who have left the practice, but perhaps still have ongoing matters that have been allocated to others.

If you need help, please refer to your local adviser, or contact me.  Happy to help.

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Practice Management Fundamentals – Management Reports

by on Oct.27, 2010, under Practice Management Services

Keep track of your firm’s performance

Consider and review a set of fundamental management reports to gain insights into how your business can be more efficient and profitable.Whether you have a lawyer or non-lawyer running your business what ultimately matters is whether or not they have the appropriate skills to do so, and understand the core Practice Management Fundamentals.

Additionally, if you are an owner of a firm and have another person managing it for you, you should be aware of these fundamental business practices in order to ensure you know what is going on in your business. This paper touches on some key fundamentals that should not be ignored when running your business.

The paper can be found here:

http://www.lexisnexis.com.au/pdf/Whitepaper_PMSFundamentals.pdf

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