10.1.24 — Billable Hour Check In

October 1, 2024–the first business day of the month, so you know what time it is: #billablehour check in.

My all-in goal as partner is 2400 hours (200 per month). This includes billable client time and investment time—time I spend developing myself, my clients, my firm, and my career generally.

I had a big month in September, so I head into Q4 ahead of target.

Although, technically, I just need to hit 165 each month for the rest of the year, I know I’ll want to slow down around Thanksgiving, Christmas, and the New Year.

So, I’m going to keep my goal at 200 for October, building up an even greater buffer for the holidays.

When I look at this month’s calendar, I see:

22 full billing days—days I hope to bill at least 8 hours, likely more.

I also see 3 half days—days I’ll work less than 8 hours due to other commitments (or on Saturdays when I’m doing some pro bono and other investment time).

200 hours divided by 23.5 billing days = 8.5 hours on full days and 4.3 hours on half days.

A fairly normal and even reasonable expectation as I kick off Q4.

On days I bill more, I’ll take off time from the next day, or spread it out over the rest of the week or the rest of the month.

Or, I’ll keep my goal the same, trying to continue to bank hours as I prepare for the holidays.

On days I bill less, I’ll add more time to the next day, the rest of the week, or the rest of the month.

Or, I’ll ride it out, knowing I can hit 165 hours this month and still stay on track.

Increasingly, I’m on matters with alternative fee arrangements. I welcome that, and I love that my firm encourages us to think creatively about client relationships and making them sustainable in both directions.

But: I still have to track and enter my time for my firm’s metrics, no matter when and how our clients pay us.

So, this is my system.

It helps me know where I stand, so I can plan for days off, take advantage of slow times, and knock on doors when I need to pick things back up.

And a note about being a first-year partner. Everyone told me, consistently, my billable work would drop this year.

It has—by a lot, for various reasons, including being a partner.

But, I’m still on track for the all-in target of 2400 because I’ve intentionally invested in myself, my professional brand, business development, and other opportunities.

And, of course, there is a correlated drop in collections this first year as partner. That’s okay. The rates clients are paying for my work has increased substantively this year, meaning I can work fewer hours and still collect a decent amount.

I’m also maintaining a track record of managing matters, and getting some credit for doing that, too. So, the foundation of what’s to come is there and I have a story and hours to back it up.

All of this is part of the marathon of building a book of business—of being an income partner with her eye on making equity.

♥️🔥✌🏻