Many firms have opted out of, or greatly reduced the number of clients that are being billed an hourly rate and are now offering "Alternate Fee Arrangements" for services. Does this mean that you no longer need to track your hours for AFA's? What's the use of tracking those hours when your fee is already set?
Even if you are receiving a flat rate for services, you will still want to track your hours for one or more of the following reasons:
- Was the flat fee profitable? Without tracking your hours, it will be hard to tell
- What firm members are most productive and have produced the most profit?
- What do you show your clients when they want to see how you spent time on their case?