The number of hours and the different client specifications vary between each business, and companies are constantly looking for ways to keep these elements straight and ensure that they are following all requirements. This is especially true for law firms, as they deal with a variety of clients each day and need to keep accurate track of all processes, procedures and time. For many businesses, client billing software has proven to be significantly beneficial for streamlining these aspects, and the technology gives companies the assurance that they are not violating any laws or regulations imposed by clients. Using electronic billing solutions allows firms to put more effort into more vital tasks, instead of wasting time on entering information and making sure it is correct.
Hours, rates and spending easily tracked with billing technology
Above The Law writes that these days, law firms are spending various hours on many different tasks and duties for their clients. The source conducted a survey of businesses that deal with these aspects, and the research revealed that in 2012, employees worked an average of 2,000 hours for their clients. Nineteen percent of firms billed between 2,200 and 2,499 hours, while 11 percent clocked between 2,100 and 2,199 hours.
As for rates, the source cites American Lawyer, which found that the first two quarters of last year saw a total of $949.8 million billed to law firms' clients, which represented an increase of $22.3 million from the same time in 2010. When compared to the first two quarters of 2011, it was a jump of $49.3 million. These boosts in rates come from the fact that clients are willing to pay more for services, and they are looking to give these additional funds to talented and skilled attorneys.
Considering various client factors for billing purposes
There are other client elements that firms need to take into consideration besides hours and rates. Accounting Today reports that these components include what their communication habits are, whether they occur through phone, email or in person. In addition, taking note of clients' payment preferences is another factor that can impact billing processes.
To ensure that firms have a strong grip on their billing, they can use client billing software to make the task more streamlined and accurate.