You can just define __init__ in the subclass and call super to call the parents’ __init__ methods appropriately:
class SubThing(Thing):
def __init__(self, *args, **kwargs):
super(SubThing, self).__init__(*args, **kwargs)
self.time = datetime.now()
If you’re still on Python 2.x, make sure the base class is a subclass of object, as super won’t work with old-style classes:
class Thing(object):
...