In a report earlier this year, Smokeball CEO Hunter Steele noted that changes in communication style, document creation, and the complexity of billing requirements have created an environment that requires practice management tools very different from 20 years ago.
Hunter and Smokeball US President Ruchie Chadha will delve deeper into this topic in a free CLE session for TECHSHOW attendees: Solving the Small Law Settlement Problem.
Attendees will learn why they might be billing only a fraction of their time, why accurate time tracking is just as important for law firms with fixed fees and contingent liabilities as it is for those who bill hourly, and how they can get an average of two additional billable hours per Day. This CLE will continue to be presented live Wednesday, March 10th from 12:00 PM to 12:30 PM EST.
In addition to our CLE presentation, we offer TECHSHOW participants four additional exclusive learning opportunities:
- Two on-demand tech tokens: “How automatic time recording increases your profitability – no matter how you calculate”, presented by Senior Account Manager Alison Lupel, and “Strengthening communication and collaboration in your law firm”, presented by training director Javier Rodriguez- Martin
- Two ways to see Smokeball in action and participate in live Q&A with our microdemos: one focusing on Smokeball for personal injury attorneys and one focusing on Smokeball for family law. Check your TECHSHOW schedule for more details!
In the meantime, read an excerpt from Hunter Steele’s report, “The Small Firm Billing Problem,” and download the full report to learn more.
Several large-scale studies have shown that fee recipients in small law firms bill an average of only 2.02 hours per day. When I first read one of these studies, I dismissed the statistics as a kind of marketing ploy. Lawyers always talk about meeting payroll goals and filling out timesheets, and the majority I speak to work more than 10 hours a day. The studies must be wrong, was my assessment.
After the second and third reports said the same thing, I decided to immerse myself in myself. I set out to understand two things. First of all, is that true? And if it is true, why is it and, more importantly, what is being done about it? Is there really a minor billing problem for law firms?
The deeper I delved into this topic, the more people I spoke to, the more data was collected from thousands of small regular earners, the more intrigued and passionate I became. Fast forward two years and it’s now not just my own obsession, but the obsession of the entire team at Smokeball.
It seems that there was a clear problem. Small law firms and their staff play a very important role in our communities, but on average they only billed 25-30% of their day. How can they provide great service, get great results, employ people, and build a great business when there is a fundamental problem with the unit economy of what they do?
We look forward to seeing you on March 10th to further discuss this issue!