How do you account for billable hours?

Billable hours are the amount of time spent working on business projects that can be charged to a client according to an agreed upon hourly rate. How to Track Billable Hours Set Your Hourly Rate. Determine an Invoicing Schedule. Create a Time Log. Track Your Hours by Project. Calculate Your Total Hours. Click to see full answer. Likewise, people ask, how do you calculate billable hours?Calculating billable hours is straightforward: you take how much you’ve worked and multiply it by your hourly rate. But, the complications arise when you charge different fees to different clients, or when you have a diverse team doing differently paid work, and you need to factor in all those different rates.Likewise, what is considered billable time? Billable hours are the amounts of an employee’s work time that can be charged to a client. Employers charge clients at sometimes varying rates for different employees. So, for example, breaks, personal time, vacation time and meetings about unrelated matters are not billable. Moreover, do you get paid for billable hours? The Basics of Billable Hours In a solo practice, the attorney would pay expenses and keep the rest of the money as compensation for the hour of work. Associates are paid a salary, which isn’t dependent on how many hours they work. Associates don’t get overtime.How many billable hours is normal?According to the National Association for Law Placement, the average number of billable hours required from a first-year associate is 1,892 hours for the latest year listed, which is 2016. But the average number of billable hours required for first-year associates at firms with more than 700 attorneys is 1,930 hours.