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Quite a lot of the billing arrangements in India are still on a lump sum basis, especially cap marks, PE and M&A, where the fee is a really thin slice of the transaction value. Even if it is an hourly billing arrangement, your partner will make large haircuts to whatever the associate has filled in the timesheets, as your client should not have to pay for your inefficiencies.
That being said, most firms do have timesheet system in place. It would be more convenient for the associates if the firm just asked them to maintain timesheets for assignments which are have a time spent billing arrangement. But again, making associates' lives easier is nowhere on the agenda of law firms. Plus, those timesheets are a good way to track how you are spending your day, and most partners love to have that level of control over their associates' lives.
Don't let this deter you, in a few months, you'll know how to game the system.
The hours spent are also analyzed to see the recovery rates. Helps in how to negotiate the client for subsequent jobs. Also helps in proper staffing patterns. Any more templatisation etc, apart from the obvious efficiency etc. The management does need to know if you're finishing 3 hours job in 3 or 2 or 5 because it determines your ability and evaluate you. Sure, the circumstances under which work is done are also considered while evaluating, to prevent any unusual thing to create a wrong impact. And it's not measure of control on your day as you may consider.