Taking into account the shift of the associate market, law firms are increasingly stressing on the regular and timely recording of billable hours. This aggressive approach towards punctual timesheet entries, as noted by Jeffrey Lowe, founder and managing partner of advisory firm Jeffrey Lowe Partners, seems hardly surprising. As Lowe articulated recently in an interview with the American Lawyer, “Even if it makes a 1% difference in revenue or collections or profitability—when you’re looking at firms generating billions of dollars, that’s a lot of money.”
The relevance of timekeeping, indeed, becomes “more critical than ever” amid tougher times. Professionals are expected to have more time at hand to focus on the basics as compared to the turbulent times of 2021. Furthermore, Lowe’s crucial perspective emerges in the aftermath of Sidley Austin’s announcement about potentially slicing up to 50% off year-end bonuses if attorneys fail to punctually log their billable time. More details about this can be found at Above The Law.
Given this development, legal professionals are hence warned to not let their bonuses be negatively impacted due to procrastination in entering their time. So, attorneys worldwide, remember, discipline in billing is not just crucial – it’s indeed non-negotiable.