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With increasing competition in many areas of legal services and the pressure to provide value for money for fees paid, it has never been more important to keep costs under control and carefully measured. Ensuring that all time spent on a client is recharged in an accurate and timely manner, along with recoverable expenses, can make a big difference to the profitability of the client and the overall profitability of the firm.
Sage Timeslips is a Windows PC based project time and expense management solution. It integrates with other systems but can function as a standalone system, giving you more insight and control over how time is spent in your business. Sage Timeslips is a global leader in Time Tracking and has been purchased by thousands of businesses worldwide.
Irenicon Limited (www.irenicon.co.uk) was founded in 1980 to provide specialised employment law advice and Employment Tribunal and Appeal Tribunal representation. Their clients are a mix of multi-national and medium sized businesses and their consultants provide expert legal advice for any employment law requirements, guiding them through the minefield of ever-changing employment legislation, most recently, with changes to retirement age and agency worker regulations
Like many businesses in legal services, Irenicon Limited have been subjected to the economic downturn. However, they have built their business on their reputation, recommendations and by keeping their fee rates competitive.
Even in a small firm it can be difficult to ensure that all hours and expenses are faithfully recorded. And it is important that clients are billed timely and accurately so that queries on fees are eliminated or reduced and cash-flow maintained. That’s why, eleven years ago, Irenicon Limited decided investigate time and expenses recording solutions.
They visited exhibitions, read reviews and spoke to their contacts in the legal profession for advice and were recommended to speak to Deepak Sareen Associates who demonstrated Sage Timeslips. The demonstration showed them that Timeslips had all the functionality they required without any bespoking of the solution.
The subsequent implementation went smoothly and as expected the system soon paid for itself through bills going out on time and having fewer queries to deal with on invoices.
In a business where it is important to record not just face-to-face meeting time, but lengthy phone conversations as well, it can be difficult to ensure that all time spent on a client project is recorded accurately. Using Timeslips makes it easy to record time spent on a clients work and if anyone forgets to complete their time recording, system alerts can quickly remind users that they are late with their entries.