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The Pandemic Effect: The Outsourced Transcription Provider as a Resource The pandemic, and its subsequent lockdown, hit many law firms hard. As a result, this has made firms reevaluate business continuity planning, and to look at what efficiencies can be made to improve the bottom line. As a sole practitioner it is even harder: not only do you have to provide great service to your clients; you also need to spend time nurturing your business, to make it thrive and grow.
An Immediate Fix One aspect that has been in deliberation for many years is fee earners typing their own documents and emails. Consider the following: Did you know that a Grade A Solicitor (at £409 per hour) who spends two hours typing their own documents/emails could lose their firm (after the deduction of transcription costs) up to £570.30 in chargeable time? Similarly, a Grade D Solicitor (at £138 per hour) could lose their firm up to £163.80.*
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Dictation versus Typing
for specialist equipment or software licenses. They also provide a great business continuity solution to enable law firms to access typing support that expands (or contracts) with your firm’s specific needs on a pay-as-you-go basis.
The simple fact is we can all speak considerably faster than we can type: “The average person types between 38 and 40 words per minute” i; and a “good rate of speech [for dictation purposes] ranges between 140 -160 words per minute” i i.
Testing the Theory
These statistics show that simply dictating a document/email, is approximately four times more cost effective than typing. Add to this formatting and editing, this cost saving could stretch further.
Some of the more established transcription companies have smartphone apps that allow you to dictate direct from your mobile phone allowing you to trial without purchasing any equipment.
Taking typing out of the mix allows practices more time to concentrate on increasing chargeable hours, whilst leaving more time to deal with WIP, release valuable lock up, social media or marketing.
Why not take five minute of your time to investigate? *Based upon court approved rates for London. Typing costs deducted using OutSec’s standard rate.
You will find that outsourcing your typing needs are considerably cheaper than direct employment (i.e. salaries, NI contributions, leave, unproductive time, sickness absence etc.). Outsourced transcription also enables fee earners to work remotely and dictate on the go, without the need
Citations: i https://www.livechatinc.com/typing-speedtest/#/ ii https://clearly-speaking.com/what-is-the-idealrate-of-speech/
