Total chargeable time for each timekeeper. Comparison to a goal or target is beneficial. Total non-chargeable time for each timekeeper. Segregation of time by major categories is beneficial. Examples of major categories include firm management, associate recruiting, pro bono work, etc.
Some basic information is necessary to inform the attorney of accumulated time charges.
This report also should be sequenced by billing lawyer, with subtotals printed for each partner's cases. Control of Billing Variances. Simply defined, a billing variance is the difference between the value of time worked at standard rates as compared to the fees billed for that time. The more meaningful figure is the realization percentage which is calculated by dividing the fees billed by the standard time value. When clients ask us to analyze their financial performance to identify underlying problems and recommend solutions, this is one of the key figures we develop.