Time is money. For lawyers who do hourly billing, this idea takes on added importance. Accurate time tracking is vital for all legal professionals, and it becomes even more crucial for solo attorneys responsible for managing their entire practice. Diligently monitoring the time dedicated to various matters allows for appropriate billing and the identification of areas where valuable hours might be lost. The impact of poor billing practices on lawyers can be significant. The most obvious effect is reduced cash flow, which can have a negative impact on the practice's ability to pay its bills and meet payroll. Another negative consequence of poor billing practices is decreased client satisfaction, which can result in fewer referrals and even a loss of clients.
This is why time-capturing is important because it allows lawyers to bill clients accurately and promptly. Time-capturing also enables a law firm to monitor the time spent on each client, letting them allocate resources effectively and plan for the future. Detailed billing records help clients understand how their bill was calculated in addition to how much they owe for their legal services to date. Billing should be done monthly so the client receives the bill at approximately the same time each month. Improving time-capture will hopefully reduce the delay in creating invoices from the billing records.
Practice management software is the most effective way to capture time and do billing with relative ease. However, these all-in-one systems address multiple aspects of a law firm's needs, including case management, document management, time tracking and billing, client portals and more. Some firms might only require specific features, such as time tracking and billing, and may not need or desire the more extensive functionalities offered by comprehensive practice management software. In such cases, a more focused product that offers time tracking, billing and a selection of additional features at a lower price point may be a better fit for these firms.
Recently, I had the opportunity to explore TimeSolv by ProfitSolv, a cloud-based time tracking and billing software specifically crafted for legal professionals. Promoting itself as a comprehensive solution, TimeSolv claims:
TimeSolv is ranked as the #1 legal billing software for usability, with simple, intuitive features to increase your firm's time, efficiency, and productivity. Online and offline time tracking makes tracking your time easier than ever, and TimeSolv's mobile app allows you to track your time on the go. Create automatic invoices, see how much progress has been made on a task, and share information with clients and employees.
Upon using the software, I found it straightforward and user-friendly, without even referring to any instructions. The intuitive interface allowed me to navigate through various features and functions with relative ease. However, there were a few minor issues that I encountered, which required clearer instructions.
TimeSolv advertises that it’s the market leader in usability by offering user-friendly and intuitive features that streamline the process of managing legal billing services. It is designed to be easily navigated, making the addition of contacts, matters and banking information simple.
Despite these advantages, some users have reported experiencing a learning curve when generating invoices and statements. I agree there were issues that I needed to figure out by trial and error. However, TimeSolv has implemented various resources to address these concerns, including weekly webinars and video training sessions that provide comprehensive guidance on the effective utilization of the platform. Additionally, they offer personalized one-on-one sessions with support staff and multiple other channels of contact for assistance.
One of the most significant benefits of TimeSolv is its ability to accurately track time and expenses. The platform allows users to enter their billable hours and expenses in real time, either through the desktop app or the mobile app. It also integrates with Microsoft 365’s calendar for time entries. This reduces the chances of lost billable hours and ensures accurate billing for clients. TimeSolv allows users to create flexible and customizable invoices with their logo and branding, send them to groups of clients in minutes and accept credit card and ACH payments online with TimeSolvPay. You can also automate retainer replenishment and payment reminders to improve your cash flow.
TimeSolv offers customization, allowing users to tailor the software to their specific needs. Users can customize billing rates, invoice templates and set up various billing arrangements such as flat fees, contingency fees and more. Additionally, TimeSolv integrates with Microsoft 365, LawPay, QuickBooks Online and Desktop and Dropbox, among others.
The reporting features in TimeSolv provide insights into a firm's financial performance. Users can generate reports on time entries, accounts receivable, work-in-progress and more. These reports can be customized and filtered to provide the data needed, allowing firms to make informed business decisions. Reporting is especially important when lawyers’ or associates’ compensation is based on hours billed or collected.
TimeSolv software offers different plans depending on the number of users and features required, typically starting with a base 
price and scaling up with added features or users. According to their website, TimeSolv’s Pro Software Plan costs $29.95 per user per month and includes unlimited clients and matters, unlimited document storage and integrations.
TimeSolv’s Legal Software Plan costs $43.95 per user per month (volume user discounts available). It includes everything in the Pro plan but also offers six options for defining hourly rates and flexible billing options for hourly, consolidated and fixed fees. Additionally, it has conflicts management to easily search for related parties; trust accounting for multiple trust accounts with 100 percent guaranteed retainer payments; LEDES 2000, 1998B, 1998BI, Chubb and Litigation Advisor electronic billing formats; and ABA (American Bar Association) Task and Activity Codes.
Accurate time tracking and billing are crucial for attorneys to manage their practices efficiently and sustain a robust cash flow. Law firms should always consider using a practice management solution that offers an all-in-one system that addresses multiple aspects of a law firm's needs, including case management, document management, time tracking and billing and client portals. Nevertheless, if an attorney seeks a dedicated billing software, TimeSolv by ProfitSolv is a cloud-based application tailored specifically for legal professionals. Offering user-friendly, intuitive features, real-time tracking and billing, customization, integration, in-depth reporting and cost-effective pricing, TimeSolv enables lawyers to optimize their billing processes, minimize unaccounted billable hours and make data-driven decisions based on financial performance. In summary, TimeSolv is an ideal choice for solo practitioners and small law firms seeking a comprehensive and budget-friendly billing solution.
