Cost Effectiveness Through Time Recording
With the constant pressures forced upon legal firms to provide a quality professional service and to run a profitable business, it is essential that you use the best tools available to help you meet these challenges. At Meridian we know that our system will prove invaluable in showing you which areas of your business are profitable or unprofitable, neglected, or where remedial action is necessary.
Efficiency of earners departments, types of work or branches is easily provided, supplying all of the information required at your fingertips to organise and manage your firm. Reports available within the system will show how the fees income produced compare to operational costs. Ask yourself:
- How well are you controlling our work in progress
- Are the correct fees being charged, and if not, why not ?
- Are fee notes being prepared and sent out on completion of the work ?
- Where is the firm regarding profitability ?
- Are some fee earners taking longer to do work than others ?
- Are there jobs that solicitors cannot afford to be doing that other un-qualified staff members can afford to do ?
- Are the right people doing the right work ?
All these questions can be answered by evaluating and analysing the information entered onto our time recording system. Fee earner productivity and profitability are available at the touch of a button, at any time during the month or year, giving you a current and up to date analysis.
Standard functionality in our time management software includes:
- Graphical trend analysis of fees / WIP
- Non Productive time evaluation
- Fee Earner Budgets for both time & bills
- Variable Private Client Rates
- Pre- defined Legal Aid Rates
- Pre-defined CDS Rates
- Time valued at Cost & Charge
- Warning prompt for selection of incorrect rates for work type or court
- Work In Progress Monitoring
- Work In Progress Movement Analysis
- Time Apportionment on Billing of Costs, Profit and Fees
- External time input (Import)
- Automatic Time Posting from Case Management – letters, attendance notes etc…
- Fee Earner Productivity Profitability
Missing Time Sheet Analysis Time Sheet / Budget Analysis
- Three Internal Time Clocks – time yourself performing tasks
- Draft Billing enabling selection of time entries and disbursements