The Need for Speed: Why Achieving High Time Velocity Is Increasingly the Key to Law Firm Competitiveness

Does your firm have high time velocity? In this article Mark Garnish, development director at Tikit, explains what it is and argues that it has become central to law firm success.

What exactly is high time velocity? It comprises these elements:

  • The time gap between when an activity is actually worked and then subsequently recorded
  • The time gap between when an activity is worked and then submitted to the billing system  
  • The time gap between doing the work and then sending the bill to the client

Clearly the quicker these activities take place, the sooner the firm gets cash in the door for work done. High velocity is at the heart of turning great legal performances into great business results. But there’s even more to it than that.

How Quickly Lawyers Record Time

For one thing, any delay between an activity and it being recorded impacts both the volume of time recorded and more importantly the accuracy.

The fact is, the more time that passes since we do something, the more we struggle to recall with precision what we did. Recalling all of the details of a phone call made first thing in the morning is harder at the end of the day than it is when we actually made the call. It is even harder at the end of the week.

The default action for many will be to under record time, rather than risk a glaring error. The net result is that time gets lost, and that can make all of the difference in terms of profitability.

The solution is to make time recording as easy and as intuitive as possible, improving the likelihood that all billable time is recorded. Less time gets lost and more time gets billed.

Delivering Transparent Accuracy

If lawyers are unsure of how much time they’ve spent on a matter, they’re right to be conservative. General counsels have never subjected legal bills to more scrutiny than they do now. Inaccuracies, should they arise, can undermine a client’s confidence and trust in the firm and present opportunities for a bill to be challenged.

Conversely, being seen as transparent, accurate, and able to provide detailed breakdowns to general counsel at the press of a button, reinforces a strong and lasting relationship with clients.

Firms should seek out systems that provide this capability and integrate the time recording activity with invoice generation. It increases the speed of payment and reassures the client that you are an efficient firm.


Tikit is one of the largest suppliers of technology solutions & services to legal & accountancy firms, and is part of BT Group. Tikit's client list totals more than 1,450 firms globally, including 90 of the UK's top 100 law firms, 250 US law firms, 12 of the top 20 European law firms and 18 of the UK's top 50 accountancy firms. Click here for more information.

Return to Forefront main page »
Thomson Reuters Elite Headquarters
800 Corporate Pointe, Suite 150, Culver City, CA 90230
© 2015 Thomson Reuters
Thomson Reuters