Find Out How Much You’re Overbilling Your Clients
Ask someone how much they worked last week, and they will probably overestimate the number by 5–10%, according to a study published by the Bureau of Labor Statistics. And the more someone thinks they worked, the greater their overestimate is likely to be, says the Economix blog at the New York Times. Humans (well, American humans, at least) have really inaccurate memories when it comes to the time they spend working, in other words. We aren’t nearly as busy as we think we are, according to sociologist John Robinson, even if we feel like we are working all the time. Lawyers are even worse when it comes to remembering billable time. Viewabill , a service that allows clients to see what their lawyers bill in real time, says that waiting until the end of the month to record your time means you are probably overbilling your clients by about 23% . Delayed Billing Adds Inaccuracy — And Cost That number comes from Viewabill’s aggregated data. By comparing timely entries to delayed entr