ILTA White Papers

Financial Management

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www.iltanet.org Continuous improvement only happens by constantly challenging the status quo and questioning why things are done the way they are. Establish a Repeatable Process Timekeeping: Explore new ways for your lawyers to track their time. Technology is our greatest tool, but it is also our most underutilized asset. As Jim Collins, author of "Good to Great," mentions, "good is the enemy of great." Said another way, the status quo is the enemy of ultimate efficiency. For most firms, one of the greatest challenges for lawyers is capturing their billable time, or documenting the work done for clients. Although it might seem odd for the IT department to step in and work together with the finance department, it is helpful to look at things with a fresh set of eyes — especially a set of IT eyes. Here's a simple, repetitive process that IT and finance can follow together: • Ask — What are your lawyers' and other professionals' biggest challenges with time entry? You have to have knowledge of the pressing issues before you can solve them. • Observe — As we all know, users are not always able to communicate their issues well. In fact, often they don't know there is an issue or that there is a better way to perform a task. This is true in all aspects of law firm technology — of course, Microsoft Word is the most obvious example we have all seen, with users working much harder than they really need to. But, when it comes to entering time, the easier we make it, the more likely it will be done timely and accurately. 32 ILTA White Paper • Investigate — Work with the managers in your billing department to identify the most-used functions of the billing system and make sure that the system is not only efficiently used to enter time, but that the workflow being followed is efficient and in sync with the available technology. Look for the following: • Are the lawyers still dictating time and having someone else enter their time? In most cases, we have found that lawyers and other professionals capture more time if they enter it themselves. • Are they entering time in the most efficient way via desktop applications? • What about mobile time entry? Do they have the ability to enter time from a smartphone or tablet? • Are they using shortcuts? Most people know that "tcw" will auto-expand to "telephone conference with," but take it beyond that. Have users provide examples of the things they type repetitively and help them create shortcuts. • What about compliance rules? Does your firm have clients that require task-based billing with ABA task codes? If so, does your software have the ability to "police" time entries with compliance rules in a further time-saving effort?

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