USA/Canada News
Utility Enables Attorneys to Catch Unbilled Hours while Ensuring Accurate Billing Practices
LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today it has released the LexisNexis Money Finder feature in LexisNexis Firm Manager® software.
The new Firm Manager application has been completely re-engineered as a fast and simple cloud-based tool for law firm practice management – it has been uniquely designed to meet the needs of the independent attorney in a small law firm. The “Money Finder” feature is a simple and automated tool for discovering unbilled hours for work an attorney may have completed.
The Money Finder tool automatically searches and sorts through tasks, meetings and documents created in the Firm Manager application and flagging those that have not been associated with a client bill for review. It is an elegantly simple way to catch unbilled time, and perhaps more importantly, an easy way to ensure accurate billing practices in keeping with being careful stewards of a client’s trust and investment in legal counsel.
“[The unbilled time capture] is a passive time capture capability that tracks attorneys’ tasks as they complete their work within the Firm Manager platform. It then alerts the attorney of potentially billable work, even if the attorney forgets to set his or her timer,” wrote David Houlihan, Esq., principle analyst, Blue Hill Research in a post titled The Diamonds I Found at LegalTech New York 2014. “It is a relatively minor feature but has the potential to be extremely valuable. It is not uncommon for attorneys to forget to track time as they switch between matters. As often as not, that means lost billable revenue.”
Previously, LexisNexis conducted a “billable hours” survey which found a wide disparity between the hours small law firm attorneys work and the number of hours billed. On average, firms reported 33% or one-third of their time was un-billable. Solo- and duo-law firms had gaps – as much as 40% of their time worked was attributed as un-billable. Law firms with 3-5 attorneys and 6-10 attorneys reported gaps of 24% and 26%, respectively.
“The money finder feature in the Firm Manager platform solves a major challenge facing attorneys in small law firms, in both getting the work done for their clients, and tracking their time for doing it,” said attorney Christopher T. Anderson, senior product manager for the Firm Manager team. “This utility catches billable time that otherwise could have fallen through the cracks which not only pays for itself, but helps independent attorneys drive small law firm profitability.”
The Firm Manager team is providing a special offer to ABA TECHSHOW attendees that visit booth #300 and sign up to trial the product: We’ll pay your bill for 90 days. For attorneys and legal professionals who are not present at the show, the team offers a standard 30-day free trial to new users who register online.
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