Many solo and small firm attorneys perform 100% of their firm’s billable and even non-billable work, regardless of the task. This not only limits the attorney’s capability to provide more and greater value, but it creates a diminishing rate of return on the attorney’s time and value to his or her clients. A recent survey of law firms by LexisNexis revealed a thirty-three percent discrepancy between overall hours worked and hours billed. That wouldn’t be so bad if the 33% were hours spent on business development and generating new clients, but that is not the case. A full one-third of the work day is lost to performing non-substantive legal tasks such as research, document review, and a host of other lower value tasks. The keys to maximizing your value to clients – and to raising your bottom line – are analysis and leverage. Know what you are doing, why you are doing it, and continuously ask should someone other than me be doing it so that I can be doing something more valuable.
Virtual Paralegals Can Help!
For the solo and small firm that doesn’t have or need a full-time paralegal, delegating the less substantive tasks to a virtual paralegal will free up more of your time to perform higher value tasks and focus on generating more revenue. Many attorneys believe they are saving money by doing the task themselves or that they couldn’t afford to pay an on-demand paralegal.
But consider this:
If you are doing every task yourself, even if you bill 75% of your time (well above the average attorney), you are still losing 25% of your billable opportunity. Let’s assume a 40-hour work week and your billable rate is $250 per hour. Multiply $250 per hour by the 10 hours you are losing – it costs you $2,500 per week to do it all yourself. If you hired an on-demand paralegal for the same 10 hours and it costs you $1,000 to allow you to bill the other 25% of your time, you will have made $1,500 extra – a 15% increase in revenue to your practice – just by delegating non-substantive legal tasks to a virtual paralegal.
Don’t believe it – try it. Virtual Paralegal Services has assembled a team of senior paralegals, each an expert in practice areas such as corporate, securities and blue sky, or contract administration. You can trust that VPS will be able to expertly handle the routine and research intensive tasks that steal the higher value you could be providing your clients.