LexisNexis ® Legal & Professional ( www.lexisnexis.com), a leading provider of content and technology solutions, today announced the latest release of the company’s award winning Time Matters ® practice management software for law firms. Time Matters 12 helps legal professionals capture and record billable time using the new Time Entry Advisor feature, and with the improved and expanded Time Matters software add-in for Microsoft ® Outlook ®, lawyers can work more efficiently.
“By expanding the integration of Time Matters with Microsoft Outlook and through the addition of the new Time Entry Advisor feature, Time Matters 12 helps legal professionals operate more efficiently and helps law firms to increase their revenues by capturing billable hours that might otherwise be lost,” said Michael Lipps, vice president and managing director, Legal Business Software Solutions for LexisNexis Legal & Professional.
The new Time Entry Advisor feature automatically tracks unbilled documents, events, tasks and other work, to help remind users to complete billing information for those activities. Unbilled activities are presented in an easy-to-use spreadsheet with filtering options enabling lawyers and other firm personnel to access a chronological view of potential billable entries the application has recorded. Users can then click on individual tasks they wish to enter as billable client work and update the time record accordingly. Additional filtering options allow users to view unaccounted tasks by date, matter, client, lawyer or type of task for easier recollection and time coding. Ultimately, these features enable attorneys and firms to account for and invoice billable client work more accurately to help increase firm revenue.
According to a LexisNexis survey conducted in May of this year, attorneys polled claimed they typically bill an average of only six hours out of an average nine-hour work day. This represents as much as a 33 percent loss of possible billable time per year. Based on an average blended billable rate of around $200 per fee earner, this could equate to a possible $110,000 in additional annual revenue per attorney.A follow-up survey was conducted in July to help determine how these non-billable hours were spent. The survey showed that “Practice Management and Administrative Tasks” were the biggest culprit, and a further ten percent of survey respondents claimed they couldn’t accurately account for all their time as a result of their chaotic schedules (e.g. travel to and from court), coupled with a variety of personal distractions. Time Matters ® for Microsoft ® Outlook ® is a new software add-in for Outlook that provides views of and access to relevant Time Matters data directly from within Outlook. Users gain one-click access to relevant practice management data – including documents, contacts, notes, billing information and more – without ever leaving Outlook. Users can also save a Microsoft Outlook email (as well as single or multiple attachments to each email) as document records within the Time Matters program. Providing lawyers access to important case information from within the Outlook application many if not most use every day, enables them to prepare more efficiently for a client meeting or phone call and then complete a billing record for that activity. Time Matters is a flexible practice management application that allows law firms and other organizations to manage and collaborate on legal matters and to streamline their operations to increase profitability. Through the Time Matters ® Mobility service, key features of Time Matters can be accessed using Internet-connected smartphones and other mobile or tablet devices, allowing legal professionals to be productive even when they are not in the office. Click on the following link to learn more about all of the new features and enhancements in Time Matters 12: www.timematters.com. About LexisNexis Legal & Professional LexisNexis ® Legal & Professional ( www.lexisnexis.com) is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis ® and Nexis ® services. Today, LexisNexis harnesses leading-edge technology and world-class content, to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. Part of Reed Elsevier, Inc. LexisNexis Legal & Professional serves customers in more than 100 countries with 10,000 employees worldwide. LexisNexis helps professionals at law firms and legal departments of all sizes manage the business element of their practice with innovative software and mobile solutions for customer relationship management, competitive intelligence gathering and assessment, time and billing management, matter management, client analysis, legal holds and more.