A Time And Expense View Depicting Invoiced Vs. Uninvoiced Time In The LexisNexis Firm Manager Tool -- A Web-based Software Platform For Law Firm Practice Management. (Graphic: Business Wire)
LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today it has released the LexisNexis Money Finder feature in LexisNexis Firm Manager® software. The new Firm Manager application has been completely re-engineered as a fast and simple cloud-based tool for law firm practice management – it has been uniquely designed to meet the needs of the independent attorney in a small law firm. The “Money Finder” feature is a simple and automated tool for discovering unbilled hours for work an attorney may have completed.
The Money Finder tool automatically searches and sorts through tasks, meetings and documents created in the Firm Manager application and flagging those that have not been associated with a client bill for review. It is an elegantly simple way to catch unbilled time, and perhaps more importantly, an easy way to ensure accurate billing practices in keeping with being careful stewards of a client’s trust and investment in legal counsel.
“[The unbilled time capture] is a passive time capture capability that tracks attorneys’ tasks as they complete their work within the Firm Manager platform. It then alerts the attorney of potentially billable work, even if the attorney forgets to set his or her timer,” wrote David Houlihan, Esq., principle analyst, Blue Hill Research in a post titled The Diamonds I Found at LegalTech New York 2014. “It is a relatively minor feature but has the potential to be extremely valuable. It is not uncommon for attorneys to forget to track time as they switch between matters. As often as not, that means lost billable revenue.”
Previously, LexisNexis conducted a “billable hours” survey which found a wide disparity between the hours small law firm attorneys work and the number of hours billed. On average, firms reported 33% or one-third of their time was un-billable. Solo- and duo-law firms had gaps – as much as 40% of their time worked was attributed as un-billable. Law firms with 3-5 attorneys and 6-10 attorneys reported gaps of 24% and 26%, respectively.“The money finder feature in the Firm Manager platform solves a major challenge facing attorneys in small law firms, in both getting the work done for their clients, and tracking their time for doing it,” said attorney Christopher T. Anderson, senior product manager for the Firm Manager team. “This utility catches billable time that otherwise could have fallen through the cracks which not only pays for itself, but helps independent attorneys drive small law firm profitability.” The Firm Manager team is providing a special offer to ABA TECHSHOW attendees that visit booth #300 and sign up to trial the product: We’ll pay your bill for 90 days. For attorneys and legal professionals who are not present at the show, the team offers a standard 30-day free trial to new users who register online. A short 10-minute video demonstration is available for viewing online anytime. About LexisNexis Legal & Professional LexisNexis® Legal & Professional 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 Legal & Professional 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 or departments 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.
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