CPD: FINANCIAL SKILLS
Law Firm Profitability: Time Recording

Intended audience:  
Solicitors dealing with commercial clients

Duration:    
3 hours

Format:
Small group workshop with tutor-led discussions and practical case studies

Objectives:
To compare and contrast existing time recording culture with current best practice to achieve a firm-wide consistency of approach

Topics:

  • Introduction and overview
  • Time recording case study – how do you currently record?
  • Why making a profit matters and the relationship between time recorded and profit made
    • The beneficiaries of increased profit
    • Normal levels of profit and the impact of higher levels of time capture
  • Best practice for time recording
    • It is about recording the cost of something and not its value
    • The four key principles that need applying
    • Learning to write client-friendly narratives
    • Linking time recorded into the subsequent billing process
  • Time recording case study – applying best practice to ensure that most additional time recorded is eventually billed without upsetting the client
  • Learning to review management information provided to improve time capture, efficiency and fee generation
  • Action planning and conclusions

Outcomes:   

  • Participants will understand the importance of complete and consistent time recording
  • Participants will record more time with better narratives
  • Billing will be increased and client satisfaction improved
  • Any working inefficiencies will be identified and addressed

Training Team

Module Leader
Robert Mowbray

Fresh Professional Development  Ltd, The Forum, 277 London Road, Burgess Hill, West Sussex, RH15 9QU
t. 01454 550066, e. info@fdg.uk.com, w. www.freshpd.com © Fresh Professional Development Ltd. 2017

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