Time Recording for Professionals - A Box Set of 6 Essential Modules

Introduction

This box-set consisting of 6 modules is presented by Richard Allen and is aimed at all levels of fee earners, whether undertaking contentious or non-contentious work.

Module 1 Maximising Profitability

This module examines why time recording is vital in achieving financial success with hourly rate billing and the detail needed to support and inform the time spent.

This module will include the following:

• The pros and cons of time recording
• The relationship between time and profit
• Why we have time leakage and how to avoid it
• Time recording best practice and tactics
• Dealing with bad debt

Module 2 Time Based Charging Principles

This module examines the limitations of hourly rate billing, the problems it generates and how value pricing can be the antidote to greater profitability and happier clients.

This module will include the following:

• Understanding the ‘costs-plus’ approach to billing and examining value based alternatives
• Why we have write-offs and how the avoid them
• How price packaging can improve client conversion, safe time and increase profits
• Is it possible to achieve 100% realisation rates with time based billing?

Module 3 Charging and Recovering Your Hourly Rate

This module examines the background to hourly rates, recent development and what the future holds in store, as well as how to calculate and justify the hourly rates being charged.

This module will include the following:

• The background to hourly rate charging and how to calculate hourly rates for maximum revenue
• How the Guideline Hourly Rates work and how much weight do they carry
• The key factors governing contentious and non-contentious hourly rates
• Hourly rate differentiation between experience and different work
• Up-to-date case law that you should know

Module 4 Scoping and Documenting Hourly Rate Charges

This module examines the best practice in scoping out work and how to document the arrangement with your client, including guidance on fee estimates and fee challenges.

This module will include:

• How to approach scoping work and presenting fee-range pricing proposals
• The ‘holy trinity’ which should be included in your engagement documents
• Drafting client friendly narratives and the graphic representation
• Current guidance and case law on fee estimates

Module 5 Client Challenges to Hourly Rate Billing

This module examines tactics and best practice when a client challenges time based charges, how to address initial contact with the client, understanding the client’s concerns and how to negotiate a beneficial outcome.

This module will include the following:

• What to do when a client challenges your fees
• Avoiding difficult client conversations and discounts on your time
• Understanding your invoice and the consequences for an assessment of your charges
• Is the indemnity principle still valid and its relationship to hourly rate and other charging alternatives

Module 6 Management Information & Technology

This module examines how technology can be used across time recording, practice management systems, management information and as a pricing tool, to free up vital fee-earning and partner time, maintain consistency across your business and provide oversight and learning.

This module will include the following:

• Using technology to get the most out of hourly rate billing, pricing and profitability
• Understanding your gross profit margin
• Measuring what success looks like
• The importance of your pricing policy and consistent pricing

This webinar was recorded on 20th September 2022