Costing the business
The concept of cost recovery has been around in law firms for a number of years. Broadly speaking, it involves the recording and recouping of any marginal costs associated with a matter that are not otherwise captured by standard time and disbursements recording.
Case studies have proven time and again that either in terms of recouping costs, or allocating disbursements and expenses correctly, they can very quickly pay for themselves, and from there onwards contribute significantly both to efficiency and to the bottom line.
In this feature article Damian Blackburn, Head of IT talks us through the options that are available, weighing up the pros and cons, concluding with his own decision which saw his firm, Davenport Lyons opt for APS-Billback.