Are your productivity levels where they should be?
Would you say that your legal practice is run efficiently? Are your productivity levels where they should be? Are your fee-earner’s managing to get their 5-billable-hours/day in?
There are a number of startling statistical revelations that can be a cause concern for anyone in legal industry:
- Through mobile phones, the Internet, electronic mail, television, radio, newspapers, books etc. people’s brains receive and process the equivalent of 34 gigabytes per day, including 105,000 words that reach human eyes and ears every day. According to the researchers, the main effect of information overload is that the human attention and focus is continually hampered and interrupted all too often, which does not help in the process of reflection, deeper thinking and task-oriented productivity. Furthermore, there are numerous scientific studies that have found a strong correlation between information overload and distractions on one hand and increased levels of anxiety, stress, and reduction in productivity levels. Needless to say, within a legal practice environment, where data-overload is even more of an issue, this trend poses a serious challenge to fee-earners’ performance and profit margin. Which kinds of tools and workflow protocols can be introduced to tackle this trend?
- On average, each bill takes 34 minutes of high-value productive-time to write, generate, send to client, and record the associated transactions in the legal accounting system. How can the time spent on this repetitive work process be minimised to 30 seconds?
- An average lawyer spends up to 12 hours out the 40-hour-week producing and generating the same types of documents over and over again. How can that time be minimised?
- Over 80% of small law firms do not practice time-recording, writing it off as “inconvenient” or “wasting fee-earner’s time on admin”. Well, here is the interesting and startling statistic that we have: those firms where fee-earners do not use time-recording in their workflow, in reality are charging at 2.1 billable hours per day (representing only 26% of the 8-hour workday), instead of the industry standard of 5 billable hours per day. Either that, or they are really charging at less than 42% of their purported hourly rate. Either way this represents a huge waste of time-resources and as well as human resources.
- 61% of fee-earners emphasise that usability of their current CMS/PMS is the main issue hindering their productivity and time-management. Indeed, a perplexing revelation, given that the purpose of a CMS/PMS should be exactly the opposite – to help improve law-firm’s productivity, not to hinder it.
- When compared to competing products, our web-based PMS/CMS can save up-to 40 minutes of billable hours per fee-earner per day.
Coming from academic background, fastMatter.com is a project that is obsessed with statistics, metrics, analytics and KPIs of all sorts. Numbers inform everything we do. We provide a variety of services to law-firms: from building a website that is SEOed, on to web-strategy, on to sales pipeline, workflow and operations-optimisation, all the way to business strategy overall. Being in this unique position of having access to various and diverse law firms’ not only data, but also their workflow patterns, set-ups and protocols, and having been in this industry for over 10 years, we see the same mistakes repeated by small law firms chronically. Being a LegalTech company, we have developed a set of easy-to-use tools to help law firms streamline their law-practices into lean businesses.
If you are interested to find out more and to see how you can use these tools in action, please visit us at stand 436, fastMatter.com – Practice Management System, on the central Networking Area. It is highly recommended that you also don’t’ miss our LegalEx seminar on Wednesday 21st March, at 16:00, Theatre 5 by Dr Garen Karapetian.