By Michael Morse | September 1, 2009
This is the title of a new ABA book. I copied a couple of sections that I think are pertinent to those of us investing or at least thinking about investing in new technology.
Smart Technology Can Positively Shift the Time Bucket
“A basic premise to consider when making any technology expense — whether for a replacement computer, a new laser printer, a shiny new smartphone or a practice management system — should always be whether it positively shifts the “time bucket.” What is a time bucket? Simply put, regardless of whether a firm tends to bill by the hour, bills flat fees, does contingent billing, does some other kind of project/”not to exceed” kind of billing, there are only so many potential billable hours in any given day.”
Spending Money in a Tight Economy May Seem Irrational at First
“The challenge is overcoming the inertia of human nature. When times are tough and discretionary business cash is tight as a drum, who spends money on new technology? Don’t those funds go to satisfy more primal needs like wages and rent? This is where lawyers who are both courageous and smart will hold back their instinctive “bunker mentality” and apply the “time bucket” analysis. If the projected return on the technology expense will positively shift the bucket to a higher percentage of billable time, exceeding in a predictable, calculable period of time, the cost of the technology, the expenditure not only makes sense, but is economically necessary. The converse also being true, a purchase that would negatively shift the time bucket should be avoided.”
To order a copy of this book, click here.
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