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CPD: FINANCIAL SKILLS
Law Firm Profitability: Time Recording

Intended audience:  
Solicitors dealing with commercial clients

Duration:    
3 hours

Format:
Small group workshop with tutor-led discussions and practical case studies

Objectives:
To compare and contrast existing time recording culture with current best practice to achieve a firm-wide consistency of approach

Topics:

  • Introduction and overview
  • Time recording case study – how do you currently record?
  • Why making a profit matters and the relationship between time recorded and profit made
    • The beneficiaries of increased profit
    • Normal levels of profit and the impact of higher levels of time capture
  • Best practice for time recording
    • It is about recording the cost of something and not its value
    • The four key principles that need applying
    • Learning to write client-friendly narratives
    • Linking time recorded into the subsequent billing process
  • Time recording case study – applying best practice to ensure that most additional time recorded is eventually billed without upsetting the client
  • Learning to review management information provided to improve time capture, efficiency and fee generation
  • Action planning and conclusions

Outcomes:   

  • Participants will understand the importance of complete and consistent time recording
  • Participants will record more time with better narratives
  • Billing will be increased and client satisfaction improved
  • Any working inefficiencies will be identified and addressed

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