It’s what every law firm leader wants for their practice – more billable time, faster invoicing, and quicker client payments. While it may sound like a lot to promise, with the TimeSolv legal billing system, law firms can implement effective strategies and processes that transform these lofty goals into business reality.
From accurate time tracking to streamlined billing procedures, TimeSolv provides lawyers with the resources they need for increased profitability.
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More Billable Time
For most law firms, the billable hour is the basis for compensation. But when the money coming into the firm doesn’t match the hours and effort being put into casework, it can make for a frustrating dilemma.
This disconnect often stems from lawyers wasting potential billable hours by working on nonbillable tasks instead. TImeSolv recognizes the value of billable hours, which is why they offer numerous features to help lawyers identify and maximize their most profitable tasks.
Lawyers who fail to accurately track their time have no clue how they truly spend the minutes of their day, but this information is essential to making informed decisions about profitable vs. nonprofitable tasks.
The most effective time tracking involves recording tasks as they are completed, minimizing the risk of forgetfulness and inaccuracies. Busy lawyers do their firms a disservice when they wait until the end of the day, the week, or even the billing cycle to track their daily time. The memory is already unreliable, and these lawyers are bound to miss out on billable tasks when they delay in tracking their time.
TimeSolv makes waiting completely unnecessary. Attorneys can conveniently access the time tracking clock from their desktop computer or from the app on their smart device. With this level of mobility, attorneys and staff members can quickly record their time from virtually anywhere in the world. Even with no available internet connection, they can track time within the app and sync it with the office system once a connection becomes available. Technology this available and easy-to-use means no billable time should go untracked.
When searching for lost billable time, law firms need the tools to review what is currently happening within the firm. TimeSolv offers numerous reporting capabilities to provide firm leaders with an in-depth look at how timekeepers are billing and affecting the firm’s bottom line.
With 31 different reporting options, covering everything from billable hours and accounts receivable to expense tracking and performance, these detailed reports that can be viewed in 10 available formats. Law firm leaders can use these reports to identify lost opportunities for increased billable hours.
Armed with this valuable information, firms can make the changes they need to maximize billable hours, such as:
- Assigning the most profitable tasks to the highest billing attorneys
- Delegating nonbillable tasks to the support staff
- Implementing automation technology that handles less profitable tasks more efficiently
Minimum Billing Increments
Minimum time increments help attorneys secure compensation for all time spent on a matter - even those three-minute client telephone calls. TimeSolv allows users to manually set minimum billing increments. Whether law firms use the smallest available increment of .0007 or a more common option like .25 or .10, TimeSolv makes it easy to customize the desired billing increment.
Legal Project Management
Legal Project Management (LPM) provides law firms with the most efficient manner of handling even the most complex cases. It gives attorneys a greater awareness about each step of handling a matter, allowing them to better identify all available billable hours.
LPM requires planning and mapping out a path for firm members to follow. For similar matters previously handled, TimeSolv’s reporting tools allow for the review of those cases for key tasks, overall costs, and time spent.
This detailed analysis helps law firms identify all billable and non-billable tasks required to handle the current matter. Then, firm leaders can make strategic decisions about which members of the firm are best suited to handle which tasks for maximum profitability.
Sending Invoices Quickly
For law firms to send invoices quickly and efficiently, they need procedures in place that promote accurate time tracking and easily convert that tracked time into comprehensive invoices. Without the necessary tools, invoicing can be overly time consuming, problematic, and just burdensome for staff members to complete.
TimeSolv is the tool law firms need to minimize the time between completion of a task and invoicing a client for it. Here’s why:
Accurate and Timely Tracking
Lost records and inaccurate time keeping are two of the biggest culprits leading to late invoices. Every minute staff members spend searching for time tracking records is a minute of delayed invoicing.
That’s why TimeSolv’s time tracking tools are so important to the vitality of a law firm. The convenience promotes immediate time tracking, which in turn leads to greater accuracy. When time is tracked quickly and accurately, there is no need for staff members to waste valuable hours searching for and gathering time tracking records. They can quickly get invoices completed and sent to clients for payment.
With an insightful understanding of the time limitations lawyers face on a daily basis, TimeSolv legal billing software offers numerous features designed to decrease the time and effort necessary for invoicing. Creating and sending out paper invoices used to be a time-consuming process, but TimeSolv makes it easy to generate invoices quickly and immediately email them to clients.
Other ways that TimeSolv reduces legal billing inefficiencies include:
- Automatically providing necessary billing information through the use of billing codes like LEDES and UTBMS
- Quick and easy invoice customization
- Batch invoicing
- Easy-to-apply discounts
- Automatic tax calculations
- Flexible invoice templates
- Split billing options to divide invoices among various payees
Once the hard work is done and stellar legal services have been provided, it is time to collect the compensation rightfully earned. But unfortunately, many law firms face a challenge when it comes to collecting payments in a timely manner as clients may take an unreasonable amount of time to complete payment on their invoices.
There are numerous reasons that may account for these delays, but TimeSolv offers some useful tools that law firms can use to minimize these roadblocks and collect payments faster.
Clients are hesitant to pay when they don’t fully understand the services provided. When law firms fail to adequately describe the individual tasks completed on a matter, they open the door for delayed payments. Simple descriptions, like “Telephone Call”, “Conference”, or “Document Preparation” are insufficient for informing clients about the work completed on their behalf.
A more comprehensive bill provides the client with greater details, but that doesn’t mean staff members have to waste time crafting entire paragraphs of explanation. One detailed sentence can go a long way towards explaining what task was completed and justifying billing amounts.
For instance, instead of only listing “telephone call”, the invoice could state “telephone call with opposing counsel to discuss pending discovery requests.” A few additional words can instill confidence in the client and lead to faster payments.
TimeSolv makes it easy to customize invoices with detailed task explanations, allowing for edits and adjustments directly to the invoice draft.
Billing accuracy is another method of promoting faster client payments. A single billing mistake can damage a firm’s credibility with a client, leading to a situation where each and every bill is scrutinized and questioned. These additional questions and concerns cause a delay in the time between a client’s receipt of an invoice and their payment of that invoice.
Accurate billing starts with accurate time tracking, and TimeSolv is the go-to for accurate legal time keeping. With this proven software, law firms can easily record their time with the click of a mouse, even allowing multiple staff members to track work completed on the same matter at various price points. Efficient time tracking is key to billing accuracy.
Ease of Access
When clients can quickly access their invoices, they are more apt to pay them in a timelier manner. With emailed invoices and a client portal, law firms can provide their clients with a quick and easy method of viewing invoices.
With the TimeSolv client portal, clients can independently log in to view invoices, payment histories, trust balances, and details of work in progress. This convenient tool frees firm members up to handle more profitable tasks, while also promoting faster client payments.
The TimeSolv client portal provides clients with the opportunity to:
- View invoices
- Make secure online payments
- See payment histories
- Make recurring payments until their balance is paid
- Review trust account transactions and balances
- View work in progress that has not yet been billed
TimeSolv’s automated payment reminders also promote timely payments. This built-in tool allows law firms to set up automated invoice reminders when clients fall behind in their bill payments. Law firms can create scheduled reminders at the time that they send out the very first invoice to a client. If the invoice isn’t paid on time, a follow up invoice is automatically generated and sent to the client with a reminder about the outstanding bill.
Automated payment reminders provide clients with a gentle reminder to make payment, without the awkwardness of a telephone call or the time it takes to manually resend an invoice. TimeSolv does the work to get law firms paid quickly.
Online Payment Options
American consumers pay more than half of their bills online, and legal clients expect the same convenient option when doing business with a law firm. It’s an expectation that law firms need to meet in order to collect faster payment, and TimeSolv’s client portal makes that possible.
Clients can quickly and easily pay their invoices, replenish trust account balances, and even set up recurring payments right through the portal, with no need to come into the office.
TimeSolv offers this service through a partnership with LawPay. Powered by AffiniPay, this platform is endorsed by 47 state bars and more than 50 local bars as an approved method of accepting credit card payments. These bar association endorsements stem from their understanding of the complexities of legal payment collection requirements and their development of a system that helps legal practices adhere to them.
The AffiniPay platform meets the highest of internet security standards, so the partnership between TimeSolv and LawPay allows law firms the ability to provide clients with a safe and secure method of online bill pay.
Law firm clients prefer the convenience of online transactions. They don’t have to spend time coming into the office or putting a check in the mail. They can simply log in and make their payments from the comfort of their homes.
Online payment options equate to quicker payments for law firms, along with a decrease in the amount of time and resources spent tracking down and collecting unpaid invoices. With direct payments into the law firm account, there’s also a decrease in time wasted traveling to the bank and making physical deposits. Staff members simply sends out invoices electronically and clients quickly pay them upon receipt.
More Billable Time, Faster Invoicing, and Quicker Client Payments
TimeSolv legal time tracking and billing provides law firms with the tools and features they need to increase billable time, create and send invoices faster, and collect timely payments from clients. From mobile time tracking features to online payment options, TimeSolv offers the technology law firms need for greater profitability.