However, since the economic downturn of 2008, realization rates have fallen to as low as 81.1% for the largest law firms, and 83.9% for mid-sized firms, according to a recent Georgetown University Law Center and Thomson Reuters Peer Monitor study.
Billing Best Practices
This isn’t just speculative.
Automated solutions have arrived to ease the time burden of timekeeping while providing clients with clearer, more accurate invoices. Simply charging more for services has been shown to be ineffective. The true goal should be to increase realization and collection rates through reasonable and transparent billing.
This article was first published in Law Practice Today on 9/16/2019.