Phil Wedgewood

 

Well, where Carpe led, others have followed and today the specialist time recording

This is how time recording became legal’s hottest technology pick

Well, where Carpe led, others have followed and today the specialist time recording space is dominated by three global vendors. Their rise has been fuelled by firms’ growing management sophistication; aided by the PMS vendors’ effective surrendering of the time space; and electrified by their own competitive instincts. The standard approach for law firms is increasingly to invest in best-of-breed: a modern accounting system, and a dedicated time capture system to feed it. At the sharp, decision-making end, you have finance directors and managing partners now focused far more on understanding the cost of doing business. It’s not just about the billable hour anymore, and capturing as much time as possible for the client bill; it’s about getting a clear picture of what it actually costs to deliver a piece of work to a client. Without the data you can’t conduct the sort of analysis that will powerfully inform aspects such as pricing, budgeting, WIP management, resourcing, even training. So you

Phil Wedgwood is CEO of time recording market leader Rekoop, and actively consults within the top 250 on how firms can derive greater business value from their time data.