See Spot smile. Spot found the letter. It was filed under “Prospect Correspondence.” The letter was to a Client.
It took only 15 minutes to find the letter. Dick bills his time at $150.00 per hour. Jane bills her time at the same rate. Dick & Jane, LLP is politically correct.
Dick and Jane bill Spot’s time at $80.00 per hour. Dick and Jane pay Spot $20.00 per hour. Dick & Jane, LLP is a generous employer.
Dick and Jane do not bill clients for looking for letters. Dick & Jane, LLP is ethically correct.
See Dick Write Off Time. Write Off, Dick, Write Off! See Jane Write Off Time. Write Off, Jane, Write Off!
How much money did the misfiled letter cause Dick and Jane to lose in Write-Off time and Spot’s generous wages?
If Dick, Jane, and Spot each spend 15 minutes every workday looking for documents, and they work only 225 days per year, (that’s 45 weeks), how much do lost documents cost Dick & Jane, LLP each year?
$$ Value of Dick’s lost time per day: 15 minutes lost per day X hourly rate of $150 = $37.50 $$ Value of Jane’s lost time per day: 15 minutes lost per day X hourly rate of $150 = $37.50 $$ Value of Spot’s lost time per day: 15 minutes lost per day X hourly rate of $80 = $20.00 $$ Amount paid to Spot to waste time 15 minutes lost per day X hourly rate of $20 = $5.00 $$ Daily cost of one lost document = $100.00
Over a period of 225 days Dick and Jane lost $22,500 because of annual avoidable hard and soft costs while looking for lost, misplaced, or misfiled documents.
How could they have spent $22,500? CChildren’s college education NNew car 33-week luxury cruise for two SSet of Titanium golf clubs DDown payment on a house BBoat NNew office furniture
Why Use a Document Management System? 1. Find documents faster 2. Link them to contact and case records 3. Store them in a place for all to share 4. Go “Green” and “Paper-Less” by scanning them 5. Send documents electronically 6. Use less physical storage space
Why Time Matters? Emulates your present filing methods Documents are easily identified Not program dependent Easy to learn Accepts all kinds of files Compatible with scanning operations Everyone has access Built-in Version Control
Document Management is part of a Suite of interrelated law office technologies that can be implemented (or not) selectively according to the office’s needs and priorities.
How much? A four person office: FFirst station = $905 33 additional stations = $1,575 IImplementation and training = $500 Total Cost = $2,980* *10% Conference discount on software
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