Time and Billing

Time by Ping, a company whose product is designed to help lawyers capture time automatically, this week announced that it has rebranded the company as Laurel as it expands beyond the legal industry into serving customers in all fields of professional services, including accounting and consulting.
The company, which last year raised $36.5 million in Series B financing, said it
Continue Reading As It Expands Into Other Verticals, Time by Ping Rebrands As Laurel

I often consult with lawyers setting up a new solo or small firm practice. There are many items involved in setting up any new business – like applying for an employer identification number (EIN) and deciding on the best entity to use for the business.
But there are also aspects of setting up a law practice unique to the legal
Continue Reading What Technology Do I Need to Set Up a Solo or Small Firm Practice?

The term “billable hour” has long been a topic of discussion in the legal community. However, for such a simple term, it can be used in different ways. The most obvious answer is that hourly billing and the lawyer’s hourly billing rate is the method, likely still the predominant method, of determining how much clients pay their lawyers. The lawyers
Continue Reading The Billable Hour Today

The folks at Helm360 have been putting their knowledge as a full-service IT company to another use of late, developing products that build on their experience implementing technology solutions for  legal and professional services firms. 
I wrote about one of these products in May, Termi, an AI-enabled chatbot that aims to solve the problems of slow tech adoption and
Continue Reading New Tool from Helm360 Automates Firms’ Testing of Elite 3E Implementations to Save Time and Cost

All too often, we think of the legal market, especially for law firms, as being composed of BigLaw or at least lawyers that bill by the hour.
 
The truth is, though, that today’s legal marketplace is composed of various segments. These segments have business models and goals that are so different that they might as well be thought of
Continue Reading The Legal Market: Continued Diversification and Segmentation

Today Lexis is releasing the 2022  CounselLink  Enterprise Management Trends Report. When it was established in 2013 the report included six key metrics. In recognition of the increasingly global legal market, the study now includes a  seventh metric which covers hourly billing rates for Partners in countries located outside the US. The insights in this year’s trends report are
Continue Reading Lexis 2022 CounselLink Report: Partner Rates and Panel Consolidation Continue to Rise

Lawmatics, a company whose product provides client relationship management (CRM), client intake and marketing automation for attorneys, is now adding timekeeping and billing tools, with the goal of offering law firms a comprehensive platform with everything they need to manage their administrative sides.
The company also is adding new electronic payment capabilities through a partnership with Gravity Legal,
Continue Reading CRM Platform Lawmatics Expands with Time and Billing Features; Adds E-Payments through Gravity Legal

In September, the private equity firm Lightyear Capital LLC, through a newly formed company called ProfitSolv, made two notable acquisitions of legal technology companies: Rocket Matter, the cloud-based practice management company, and TimeSolv, a provider of cloud-based legal billing and timekeeping software.
In acquiring Rocket Matter, ProfitSolv also got the payment processing company LexCharge, which Rocket
Continue Reading Time and Billing Software TimeSolv Now Integrates with LexCharge for Payments