Recover the forgotten billable hours of your law firm
Imagine having a tool that would help you remember every single billable minute of past workdays and save you ~75% of your current time-tracking efforts.
Your benefits:
- Increased Revenue per Lawyer & Profit per Equity Partner
- Save ~75% of your time spent on timekeeping
- Get times into your system faster & more up-to-date
“For law firms, the Memtime annual license pays for itself after just a few hours of recovered time.“
Arne Reimann
CEO, Memtime
You are losing billable hours
Timekeeping discipline in law firms is certainly above average - but with billing at 6-minute intervals, it's simply not humanly possible to remember every minute in emails, documents, phone calls, or web research. According to the study 'Time is money', only 36-67% of billable hours are assigned correctly.
Problems:
- 6-minute intervals require too much precision to estimate.
- Many short activities are forgotten every day (e.g. emails).
- Often, you know the matter, but the narrative is hard to recall.
Solution:
- With a timeline to recall every single billable activity, law firms can significantly increase their Revenue per Employee.
Manual tracking is wasting time
Profit-oriented lawyers know times cannot be estimated with the accuracy they require - so many have tried start/stop timers. This type of ongoing time tracking (incl. narratives) costs most lawyers at least 20-40 minutes per day. The biggest problem, however, is the continuous interruption of focus work.
Problems:
- Tracking throughout the day is interrupting your workflow.
- Using start/stop timers right will cost at least 20-40 min/day.
- As soon as you really focus, you forget about timers anyway.
Solution:
- Employees do not only remember their hours faster and more accurate - they do so in one short session at the end of the day.
Do you get the hours on time?
Speed matters - whether it's about getting paid faster or about resource planning. However, most law firms don't have a problem with billing. Instead, they do not have an accurate daily insight into their utilization and profitability - and thus a compromised data basis for tactical profit-related decisions.
Problems:
- Many employees fail to submit their time sheets on a daily basis.
- So there is no reliable daily insight into capacity utilization.
- Some matters suddenly exceed budget cap or time frame.
Solution:
- By reducing effort for employees & integrating with your existing software, you get times into your system on the same day.
Calculate how many hours you could recover
Memtime's tracking recovers hours for you that would otherwise have been forgotten.
1
What’s your monthly potential?
Enter your data to calculate
Ø hourly rate x hours x persons
How many employees?
Average hourly rate?
2
How much time can you utilize?
Enter your data to calculate
What % of the time is billable?
Time employees actually work on projects?
%
3
How accurate is your time tracking?
Enter your data to calculate
How many persons track times...
…daily?
…every 2-3 days?
…once a week?
…less than once a week?
Results (mth)
You are losing 78 hours a month of which you could regain 72 with Memtime.
Conclusion
Invest €216 per year to increase your annual potential revenue by €86,400.
4
How is this calculated?
Your entries
Overall hours
=
174
Potential revenue
=
€17,400
Time tracking accuracy
=
36 %
Billable hours (mth)
=
122
Target revenue (mth)
=
€12,200
Results (mth)
Your monthly time tracking…
...now...
with Memtime
Time tracking accuracy
36 %
95%
Billable hours assigned to the right projects
44
116
Billable hours forgotten or assigned to the wrong projects
78
6
Conclusion
If you use Memtime
monthly
yearly
Your regained hours
72
864
Revenue, if you bill these hours
€7,200
€86,400
Your investment in Memtime
€22
€216
Have questions about the calculator?
Seamless integration with your law firm software
Want us to connect your software? Contact us! Integrations just take us a few days.
Schedule a 15-min demo - and see how it works
Free yourself from time tracking for 14 days
Our 14-day free trial remains free of charge. And your head remains free from time tracking. All you do is install Memtime and sit back.
You'll be surprised what it records for you in the background - while you focus on what really matters.
You'll be surprised what it records for you in the background - while you focus on what really matters.