This approach is rapidly becoming an industry requirement, as many large corporations or insurance carriers are demanding increased accountability from outside counsel firms. Insurance companies have set standards for repetitive types of legal cases, i.e. automobile accidents, slip and fall, etc. How much time should be allowed for discovery, reading a letter, or completing a deposition? Task-based time recording requires the timekeeper to enter time by task / activity code so that the various elements of the case can be measured by category and compared against national standards. Task-based time recording has now become an important requirement for many law firms. Task-based budgeting and billing also allows the firm to offer its clients improved reporting on work performed. Budgets can be established with the clients at the initiation of a new case, and invoices can detail or summarize the time and fees allocated to each of the various categories on a matter.
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