While most time and billing solutions, continue to add features that span the gamut of practice management tools, Time Solv offers law firms a very focus, profit driven tool for timekeeping. So much so, that you are only billed for the actual timekeepers who use the application.
The structure of the application’s time recording tools are built with a philosophy of TimeSolv’s Six Pillars of Profitability:
- Motivated Employees
- Get Paid Faster
- Happy Customers
- Fixed Fee Billing
TimeSolv has two distinct market advantages. The first, they were in the cloud long before most providers. Founded in 1999, the organization was originally owned by Thomson Reuters, then transitioned to a privately held firm in 2006. The second, is because of the length of time in the marketplace, they have witnessed the changing needs of law firm users and their motivational behaviors as they related to timekeeping. From this deep understanding, each pillar is reflected in the application’s workflow and settings.
Once the setup of the application is complete timekeepers can power through records automatically routed to them from many users; support staff, secretaries, paralegals or associates themselves. When invoices are ready for review, business managers are prompted to begin the approval process.
One of my favorite efficiency tools in TimeSolv, is what I like to call their ‘Text Expander for Billing’. Program shorthand codes, for billing descriptions, enter a few letters and expand the text into a full billing item. Standard ABA and LEDES codes are also built in. Speed invoicing up even more by setting standard rates for each code or task.
Gamification is nothing new, because it works. Few people aren’t satisfied by achieving a milestone or goal. Administrators can set targets for employees, which can be matched to the firm’s billable hour requirements, or bonus targets.
The one word that changes everything. You can have hundreds of meetings, and talk about goals, but if there is no accountability, few have the drive to follow through with their commitments. Create lock-out dates for associates to enter their time. To finally put an end to timekeepers chasing down associates, fire-drill billing cycles and late or partial invoice cycles. The TimeSolv team calls the post-lockout time records an ‘Associate’s Walk of Shame’.
Multi-level time approvals and 31 different reports including a Missing Time Report make visibility into problem areas much easier to find than the traditional guessing game.
You get what you tolerate. Late invoice issuing means, late payment tolerance. While the billing cycle isn’t everyone’s favorite thing, the pattern of which and how you bill sets a precedent with clients on how you’d like to get paid. Haphazardly timed invoices and incomplete descriptions are an invitation not to pay on time. Ease of timekeeping, the review process and accountability instill a system that employees understand.
A common complaint of law firm clients is a lack of transparency in the work to be completed. TimeSolv’s baked in project management tools allow firms to set phases and tasks in the type of detail some clients crave. Firms can now truly show the value of their work before they even start a matter, helping to create happy customers. The best part of this feature is you can save phases and tasks as templates to be applied to new matters quickly and easily.
Fixed Fee Billing
Flat fee billing is either loved or hated by the attorneys I speak to. Consumer facing law firms need not bother tracking time, and litigators feel like they would lose money if they offered fixed fee rates. TimeSolv project tools helps both parties achieve greater profit margins, while keeping clients happy.
For flat fee, transactional law firms set a budget of hours that when reached prevents them from losing money on a case. You’d be amazed at how a simple alert can increase your awareness of a problem client before it’s too late. For litigators, demonstrate tremendous value to your clients, or use flat fee billing as your competitive advantage when discussing what a case may cost. In either situation, the lack of a system leaves you vulnerable to problems that rob your law firm of dollars every day.
TimeSolv’s project management present a solution for firms to establish fixed fees they can feel confident will be profitable.
One Last Thing
The cherry on top for those considering a move to TimeSolv is their conversion capability. They’ve taken enormous strides in being able to convert ALL historical data from legacy systems such as Timeslips and migrate that information into TimeSolv, ensuring a smooth transition from a firm’s old system.
Full featured practice management platforms aren’t a fit for every law firm. What works best is often the strongest solution, that solves a very specific problem. If timekeeping is the life-blood that keeps your practice running, you’re tired of chasing associates for their time or need an easy to use solution for your billing process TimeSolv is a breath of fresh air. Only pay for the users who need the application, so you can focus on the client work at hand.
TimeSolv offers a no-obligation free trial that comes with one-on-on training from their billing experts. Start your free trial here.