There sure is! Type /timestamp on and 'Global Timestamp' will be enabled. This will put the timestamp next to each message.
The format of the time can be edited via ALT+O > IRC > Messages. The characters it supports are described in the help file, see /help Time and Date Identifiers.
An example of a timestamp might be: [hh:nn:ss tt] which would return, for example, [06:47:33 pm] if the time was 6.47 in the evening. Hope that helps!
Regards,