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For example, if 32 hours of billable time are recorded in a fixed 40-hour week, the utilization rate would then be 32 / 40 = 80%. Note that with this second method it is possible to have a utilization rate that exceeds 100%. If 50 hours of billable time are recorded in a fixed 40-hour week, then the utilization rate would be 50 / 40 = 125%.
In most cases, this is done every 5 minutes. At the end of the month, the samples are sorted from highest to lowest, and the top 5% (which equal to approximately 36 hours of a 30-day billing cycle) of data is thrown away. The next highest measurement becomes the billable use for the entire month.
A weight function is a mathematical device used when performing a sum, integral, or average to give some elements more "weight" or influence on the result than other elements in the same set. The result of this application of a weight function is a weighted sum or weighted average.
Legal experts told BI that the value of a lawyer's individual hour is likely to increase as firms use AI tools to automate grunt work.
This means that you would need to work just over 397 hours at a $33.44 hourly rate to pay back the average hospital bill. That’s nearly 400 hours just to pay off the bill, or almost 10 weeks of ...
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In statistics and applications of statistics, normalization can have a range of meanings. [1] In the simplest cases, normalization of ratings means adjusting values measured on different scales to a notionally common scale, often prior to averaging.
The kind of intentional overbilling a former Kirkland & Ellis lawyer recently admitted is rare, experts say. But when it does occur, it can be seen as another consequence of law firms ...