Are You Cash Rich But Time Poor? - Leading Women Lawyers

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Are You Cash Rich But Time Poor?

Time is one of today’s most valuable assets. Busy professionals are often referred to as being cash rich but time poor – with no time to really enjoy and savior the fruits of their hard work. Work life balance (or lack of it) is a major discussion point. Many lawyers are in danger of burnout before they even achieve anything like their true potential. For many women lawyers there is the additional pressure of caring for children or elderly relatives.

But therein lies the rub. The biggest myth (and where most time management systems fail) is the idea that you can somehow postpone or slow the tick tock of the clock. Successful time management is not about managing time but successfully managing yourself. The greatest skill for any lawyer is knowing, not only what to do to manage themselves and therefore their time profitably, but also how to do it to maximum effect.

Have you come across the concept that by increasing your billable hours by just 30 minutes a day at a charge out rate of £200 per hour, then you could make a difference of £24,000 a year? Many firms still bill hours in 6 minute blocks and have billable hour targets for their lawyers. That would mean billing just 5 extra blocks a day. It sounds simple doesn’t it?

However as we all know, to our cost not all the time you spend in the office can be attributed to a client.

Action points:

From my experience as a manager I know that many lawyers learn the skill of prioritisation but surprisingly few are able to accurately estimate how long it will take them to complete a task. Practice estimating how long it will take to do a task – then see how long it actually takes and keep a note for future reference.
Understand and work to your strengths. Do you have a tendency to get lost in the problem and overcomplicate issues? Sometimes we forget that clients come to us for practical and workable solutions and may not appreciate a dry academic approach.
Does the procrastination demon sit on your shoulder encouraging you to do the easy quick jobs rather than settling down to the time bomb of a file that is waiting to explode at the edge of your desk? Learn how you think - how you process information and make decisions. Work to your strengths. Grit your teeth and resolve to rid yourself of your “time bomb files” as soon as possible.
Understand your other self-sabotaging techniques. Catching yourself doing them is the first step in eliminating them!
Analyse your workload priorities in terms of your fee earning potential. Keep in mind the cost of your time versus your secretary’s/ trainees. Avoid at all costs those activities that cannot be justified at your hourly rate.

To be continued in the next newsletter...

Jane Wintringham

Leading Women Lawyers, Develop4choice, 20 Thornfield Road, West Park, Leeds LS16 5AR, United Kingdom
Tel 0113 305 3604 | Email: info@leadingwomenlawyers.co.uk