Time leakage around emails Most law firms still rely primarily on billable hours for their… Read more
Time leakage around emails
Most law firms still rely primarily on billable hours for their revenue, so effective time recording is of the utmost importance. But, precisely because the time of fee earners is so valuable, if the process of recording time spent dealing with cases isn’t efficient then this becomes a wasteful task in itself. One particularly challenging area in this regard is that of emails. When a solicitor responds to an email from a client it will often only take a short amount of time and spending more time to record this can end up significantly eating into any gains from recording this time in the first place! As a result – and also due to the fact that recording time spent on emails if often a cumbersome process – many fee earners omit to record any time at all on their shorter email replies. This is what is known as time leakage around emails.
A very expensive problem
Imagine a law firm with 50 fee earners with an average billing rate of £250 per hour. Now let’s say that each solicitor is missing out just 4 units of time each day as a result of not recording time spent replying to emails. What at first seems like a rather modest extent of time leakage actually equates to £1,125,000 annually. So this is over a million pounds of lost revenue each and every year. Never has the phrase “time is money” been so appropriate!
SOS has devised an elegant solution to the problem of time leakage around emails. Our SOS Connect software seamlessly and fully integrates with your firm’s Outlook email system. Once implemented, it automatically files any outgoing or incoming emails to the relevant matters and records time spent on emails, either automatically or with a user friendly prompt to enter the appropriate units. So not only does this save time on filing emails but it also increases revenues by plugging any time leakage.