Bill 4 Time Blog

Are you overpaid? It’s an assumption your clients frequently make. They see your hourly rates, the large dollar amounts on their invoices and they pause. It’s an easy assumption to make. In reality, it’s actually the opposite. A large majority of attorneys are overworked and underpaid. Many simply aren’t receiving the revenue they actually deserve. Your clients don’t see the full picture They don’t see the large amounts of time, effort and resources you pour…
Will you let them help you? Your employees want to send you an avalanche of fresh leads, new clients and more revenue. They’re eager and willing to send you more business than you can handle. They want to see your firm grow. They’re willing to do this and more for you. There’s just one simple condition they’d like you to meet for them. It’s reasonable, fair and appropriate. They want the credit. Many partners take…
Do they really deserve the credit? Junior partners, associates and paralegals – do they really deserve origination credit for the business they bring to the firm? It seems obvious, doesn’t it? We all know the answer we’re supposed to give. So why is it a problem? Origination credit is one of the most urgent compensation problems law firms are facing today. Law firm origination credit shouldn’t be a problem, but it is It may sound…
Give me the credit for your hard work. This is the situation associates and paralegals run into. They bring new clients to the firm. Then, before they can receive credit for their hard work, the origination credit is ferreted away by a senior partner at the firm. It’s a bitter pill to swallow. Origination credit schemes are, to quote Jim Cotterman, “the single most important determinative factor in partner compensation.” Many firms don’t know how…
Why was the new KPI dashboard added to the Bill4Time platform? The new KPI dashboard builds upon our Bill4Time legacy dashboard, which focused on quick access and at-a-glance metrics. Based on user feedback, we learned that our clients really appreciated having at-a-glance totals. As we developed the new dashboard, we focused on bringing key information and business insights to the surface, so that users could quickly see the information they needed, when they needed it.…
We’re not paying for that. It’s 2016 and BigLaw firm Cravath, Swaine & Moore has decided to increase the salaries of their first-year associates from $160,000 to $180,000. Eighth-year associate salaries were increased to $315,000. What caused this? Cravath associates brought the issue of base salaries up at a town hall meeting. It was reasonable. Associates were struggling to keep up with student loans and the high cost of living in a large city like…
How do you transition from the compensation model you have now, to a compensation model that’s best for your firm? What are the specific implementation steps you’ll need to follow to ensure the transition is a success? It starts with understanding. A successful compensation model transition isn’t accidental Many large firms make a common yet understandable mistake. Firm leadership decides to make radical changes –  without meeting the necessary prerequisites first. It’s typically harmful. These…
Is compensation a problem? Jordan Furlong, international legal analyst at Law21 feels compensation, specifically lawyer compensation systems, are hurting firms. Is he right? When you hear what he has to say it certainly seems like he’s on to something. Are lawyers incentivized to work against their firms? Here’s what Furlong has to say about traditional compensation systems. “Law firms incentivize their lawyers to act in ways that are counter-productive to lawyers’ happiness, clients’ satisfaction,…
Firms are starved for value. If you’re like most legal professionals, you’re hunting for value (especially when you attend legal conferences). The definition of value varies from professional to professional, but the expectation is still there. You need results. Maybe you’re looking for a way to automate repetitive functions in your practice. Or, you’re looking for a way to improve your firm’s productivity, utilization and realization rates. It’s a paradox. Your needs are unique…
The Bill4Time product team releases new and enhanced features, system improvements, and bug fixes several times per week.� Organized by month, the Release Notes blog series will highlight all the changes we’ve implemented, so you can easily stay up-to-date on what’s new. If you have a question, feedback, or an idea – please leave a comment below! Introducing our new … Firm Metrics Dashboard! “What gets measured, gets managed.” Now you can visualize data entered into the…