June 10th, 2020
In this article we’ll give you a clear understanding of how lost revenue occurs through Inadequate Recording within law firms and how this can be fixed.
MAIN CAUSES OF INADEQUATE RECORDING
Lack of self-discipline
Lack of a perception of the importance of time AND file recording
Laziness / procrastination
This image represents the pressure power of inadequate recording when neglected over an extended period.
LOSS OF LEGITIMATE FEES
How is inadequate recording fixed?
QICS frequently reviews files from many legal firms across Australia.
We often find:
Inadequate details on time sheets for adequate fee recovery.
Lack of time recorded by lawyers, paralegals and secretaries for work done by them.
Block/Time billing habits by most staff.
Excessive copying of documents which cannot be billed to the client.
Multiple entries for the same work.
Many instances of times recorded that do not reflect the actual work done.
Lack of contemporaneous file notes where time has been recorded.
NO time recorded where diary notes are kept.
Evidence of time being recorded to WIP – days or weeks after the event.
These appear to be the rule, not the exception.
How do I achieve accurate recording whilst maintaining workflow?
Know your client’s requirements.
Reduce excessive duplication of repeat work.
What does my client require?
Always refer to ‘cheat sheets’ for assigned clients.
Minimize time associated with work that is required but cannot be billed for.
Proactively record time for work that must be done.
What are my instructions?
Ensure that only work that must be reviewed by more senior staff is referred.
Minimize contact with non-essential parties that cannot be charged for.
Ensure compliant costs agreements are entered into.
Authors must record ALL their BILLABLE time.
Is it time you had your files independently checked by the legal costing professionals?
QICS are the experts for finding inadequate recording within law firms across Australia, and have been for over 30 years.
For more information please give our office a call on 1300 185 731 to speak to one of our Costs Consultants today!