Author: ericbennetlawt1972

25 Jul

5 Better Ways to Structure Legal Fees

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Why It Is Important

It is extremely important to properly structure your legal fees to avoid preventable issues, such as perjury. That is common since it is so easy to make a mistake when recording legal fees. There are variety of ways in which these legal fee plans can be structured and there are benefits to each of them. Continue reading in order to determine for yourself which one is best for your particular situation. Consultation fees are a common way to deal with it in which the attorney charges an upfront cost. In personal injury lawyers, they often use contingency fees which means that you get a percentage of what the client is rewarded. There are also flat fees and of course, hourly rates. Hourly rates is most common type of of legal fee structure. All of this can get confusing, especially because you might have to deal with several client who are all using a different plan. Another reason it is so important to properly structure your legal fees is to keep everything in order. Every lawyer hates dealing with time recordings and transferring all that information to whatever structure their client is requiring them to use. A LEGAL BILLING SOFTWARE could help with this.

 

The Solution To Structuring Legal Fees

What exactly is a LEGAL BILLING SOFTWARE? It is a technology that has completely revolutionized the legal field because it makes it so much easier and more efficient to deal with organizing legal fees. This will help with your accounting Law and make things go more smoothly and quickly in regards to earning money. You will not have to worry that you made a mistake or recorded something incorrectly now that this software exists. It is the perfect solution. This is a great option for attorneys who want to save time and money and become more organized in their life and job. This type of software also works great for firms because it allow more than one attorney to use it at a time and they can all be under different rates and plan structures. That is why LEGAL BILLING SOFTWARE options are such an amazing choice for people who work in the legal industry.

 

The Ways To Structure Your Fees

There are several different ways you can structure your legal fees in order to get the best results in your job. Which one you choose will depend on what type of work you do, but there is an option for every field that will be fair for the attorney and the client. Some of these factor include the amount of time required for each project, your experience in law, and your reputation with working with other people. It is important to carefully evaluate all the different options before you choose something that will work for you. Here are the top five ways to structure your legal fees:

  • Charge a flat fee. This is usually the best option if the case is very straightforward and simple.
  • Charge an hourly rate. This is most common arraignment to have because some cases require vast amounts of work. Sometimes the hourly rates will depend on the time of work involved. These set ups usually benefit from a LAW FIRM BILLING SOFTWARE.
  • Charge a Retainer Fees. These fees are usually based on the attorney’s hourly rate and are a set fee. This is typically used in on call situations.
  • Charge a Statutory Fee. These fees are set by the court and are common in bankruptcy and probate cases.
  • Charge a consultation fee. This refers to the first hour meeting that you meet with the client. This will be used to determine if the lawyer is a good fit for you.

 

The Best Success

The greatest results usually occur when a LAW FIRM BILLING SOFTWARE is used. There are options that will be able to accommodate all the legal fee structures that were outlined above. They will not only save you money in the end, but they will also cut back on all that tedious work of penciling in your schedule and how long you spend doing what. That is the worst part of legal work and this software is a great way to skip that step entirely. It will keep you better organized and you no longer have to worry about making mistakes. All of these are part of the Fundamentals of Law Practice and will lead you toward greater success in the future.

 

24 Jul

11 Legal Billing Guidelines

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Lawyers are like everyone else that works for a living; they want to get paid for what they do. Many lawyers earn their money by being part of a law firm that represents a set group of clients. Other lawyers earn their money on a case by case basis. Then, there are lawyers who earn their income by working for a government agency. There are different ways for lawyers to make their cash and the following information will describe what they are.

 

Guidelines for the Different Billing Methods by Lawyers

There are four basic ways that lawyers use to earn their income. These methods include charging hourly rates, billing clients for a set fee, charging a contingency fee and acting as a retainer for a client. Many legal agencies and independent attorneys also use law firm billing software which will help them to automatically figure out how to charge a client for their services. Below is an explanation about how these services work.

 

Hourly Services

A firm or single attorney can charge their clients by the hour. The average cost to hire a lawyer on at an hourly rate is between $200 and $400 dollars. Some small-town attorneys will typically charge about $100 per hour, while a big city attorney (New York or Los Angeles) could charge as much as $800 – $1000 per hour. Attorneys that charge an hourly rate will only bill clients for the amount of hours they work on a case. Keep in mind that the fee that hourly attorney’s charge will also go toward paying their support staff which includes legal secretaries and paralegals.

Set Fee Rates

Some attorneys and lawyers will charge clients a set or flat free rate for their service. The rate will be established off the type of service that a lawyer provides. Flat fee rates usually reflect the hourly rate that it would take a lawyer to perform a specific legal action. In some cases, the rate could be cheaper and in other cases it could be higher than a flat fee rate. Law firm billing software can also be used by attorneys to help them to figure out the amount they would charge for any legal service.

 

Contingency Rates

Lawyers can also work on contingency for a client. This simply means that a lawyer will take a specific percentage of the monetary value of a case, if they win. Lawyers who work on contingency typically do not accept or deal with cases they cannot win. The percentage that they take is about 33%. However, they can charge lower or higher percentage rates.

 

Retainer Rates

Lawyers can also work on contingency for a client. In other words, they are given a routine payment to be available for a client when they need legal assistance. Legal billing software can be used to calculate this payment as well. Retainer fees help to ensure that an attorney or firm has a steady source of residual income.

Law Firm Software

There are different types of law firm software. Each of these applications are designed to help lawyers to accurately charge clients for services. They are also designed to keep track of a firm’s or attorney’s earnings over a period of time. Legal billing software can even be set up to automatically charge clients when a payment is due. There are plenty of software billing programs for attorneys. Some of these programs include:

 

  • FreshBooks
  • PracticePanther Legal Software
  • Zola Suite
  • AbacusLaw
  • CosmoLex

 

Each of these programs can be set up to help lawyers to focus on serving their clients as opposed to wasting a lot of their time dealing with billing issues. Most law firms use automated software programs to keep track of client billing. This is especially true for large firms and attorneys who have a large list of clients.

Advanced Diploma in Legal Project Management is a field of education major for attorneys. This course can be completed at colleges such as the University of Georgia or Cornell Law School. They not only train lawyers within these great institutions of learning, they also help a person to become a paralegal as well. Lawyers who are educated within a law school will also gain knowledge about legal billing guidelines and law firm billing software. This way they can effectively charge their clients and keep track of their earnings throughout the course of their careers.

 

23 Jul

3 Ways to Increase Transparency in Legal Billing

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What’s One Finance Issue Your Clients Are Afraid Of?

A main reason why people might not enjoy working with attorneys is that they are afraid of being overcharged. Many have no idea of how exactly these charges are generated, and may feel cheated. Therefore, it is important for lawyers to come up with ways to make their billing process more transparent. If you understand how the total amount of money that you are charged was calculated, you will pay without any hitch.

The Problem

The problem comes when you cannot tell how the attorney reached to the total bill that you are charged. Many solo practitioners as well as firms get involved in fees disputes on a regular basis, especially if they don’t have a system that documents the time and expenses. Clients are usually blindsided when they receive a bill that they were not expecting. Most of them question the time entries, arguing that there is some form of exaggeration. Others will demand a discount, saying they will be regular customers. A lawyer should come up with ways to increase the transparency of the billing process in order to avoid these issues.

The following are ways in which lawyers can utilize to make billing process clearer.

  1. Use a Legal Billing Software

This is the best way to increase transparency when it comes to legal billing. A legal billing software is an application that makes it easy for lawyers to track and record the time they have spent working for specific clients. The software allows for precise time capturing via any computing device eliminating the need to worry about being at the office physically to carry out the task. Thus, there will be minimal errors when it comes to entries in the billing process. For big firms, there is Law Firm Billing Software that work the same as the aforementioned. The use of the two application has many benefits to the firm. They include:

  • Reduce pressure on bills

The software captures time contemporaneously. Therefore, it reduces the need for the lawyers to spend a lot of time reconstructing the activities of the day related to a particular case. Thus, there will be less or no errors such as over or double billing arising from inaccurate time entries. The software smoothens the process of billing, thereby reducing the pressure that comes with creating the invoice on the last minute.

  • Encourages ethical conduct

Using Legal Billing Software encourages ethical conduct. Lawyers are known to have higher betting rates as compared to other professionals. The main concern clients have is avoiding high legal charges. Attorneys have the responsibility to make the billing clear and understandable to clients. This will reduce the number of disputes that arises when it comes to legal charges. A Law Firm Billing Software that is cloud-based provide transparency and allow task based detailed explanations that is forwarded to the client to eliminate the feeling that they are being overcharged. The software monitors time entries and at the same time eliminate irregularities that may cause disputes. The software can present the charges in any currency, meaning it can be used in different parts of the world.

  • Improve law firm revenues

The firm will attract many clients due to increased transparency that comes with using technology in the billing process. There will be less errors in the financial transaction, thus no money will be lost. The firm will grow due to increased revenue.

  1. Clear Policies

It is important for an attorney to help clients understand the policies of the law firm around everything. This include how late payments is handled and all processes of legal billing. This will help build trust and the client will not have any complaint when presented with the bill. There will be no disputes and you will attract more customers either from referrals or return clients. The transparency will be on its highest point.

  1. Announce Changes

If you plan to make changes regarding how you will handle a particular task, notify your client beforehand. The majority of the people do not like surprises. Any small change may not go well with them. Letting them know in advance will make them feel comfortable and believe that you have their best interest.

 

One of the essentials for the law office is to have transparency, especially in the billing process. Attorneys are required to charge clients as per the numbers of hours they have spent working on their cases. For better results, a paralegal should be hired to be dealing with legal billing. A firm that is transparent attracts many more customers.

 

22 Jul

5 Tips for Creating Better Invoices

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Harvard Law School case management makes skillful use of legal billing software. Even the Director of State Courts entrusts billing software to send invoices securely. Law firm billing software is also relied upon for research management and citation at Yale.

 

Automation is Key

As an entrepreneur today, nearly anything that can be automated should be. Having a system that helps you stay on top of your cash flow is essential as a business owner. It can be critical to send your invoices in a timely manner, this ensures you get paid on time and business continues as usual. Your most regular clients should have their own invoice template ready to be sent.

Law firm billing software can help you:

  • Keep track of who has paid and who has not through notifications
  • Make sure you’re sending the invoice to the correct recipient each time
  • Send the correct number of invoices

 

Some invoicing mistakes are sending too many invoices and sending it to the wrong person. Legal billing software helps guarantee that this mistake will not be made. If you’re consistently receiving late payments from a particular client, reach out to them and see if roles at the company have changed. In some cases, you’ll need to forward your invoice to a newly positioned individual. Try to whittle your invoice down to one person if possible. When an invoice is sent to more than one person, it may be assumed that the other individual will take care of it and it’s left on the back burner.

 

Confirm Invoice with a Written Quote

To help ensure that your client expects your invoice and is satisfied with it, use a written quote. For example, agreements made by phone should have a follow-up email sent.

This confirms the verbal agreement and makes it easy to understand what is to be expected. Do your due diligence and make sure you’ve made it as simple as possible to understand your agreement

 

Set Appropriate Payment Terms

Create short payment terms to increase the likelihood of getting paid on time. Set up 30 day payment terms and you may be surprised to find that many clients will pay you sooner. In some cases you may have to accept longer payment terms such as net 45 or net 60. Find the best payment terms that will work for you and your client.

Keep in mind that on average, most debtors are two weeks late in their payments. If it is absolutely critical for you to receive payment in 30 days, reduce your payment terms to get paid sooner. You could even add incentives for early payment and late charges to your terms.

 

Use Polished and Polite Words

There are times when invoices do not get paid simply because they do not provide clear instructions. Instead of paying for the invoice right away, the client may tend to lower the invoice as a priority. Be sure that the wording on your invoice is clear, concise, and very polite. Invoices that are readily understood get paid faster. Make it simple to understand what your clients are being billed for.

Using professional law firm billing software will help you use appropriate wording. Write out the full name of your product or service instead of using internal information such as a SKU. Make sure your logo is on your invoice so your company can be easily recognized. Your company’s logo on your documentation is a mark of professionalism. Legal billing software can help you add this touch of respectability.

 

Send Invoices Quickly

One reason why some business owners are paid late is because they are slow in sending out invoices. Use law firm billing software to send your invoices as soon as possible, giving your client ample time to review the invoice and pay you. When you’ve completed your end of the agreement, it is time to send the invoice.

If you complete the work on a Tuesday, why wait until Thursday to send an invoice? This is wasted time and contributes to you not getting paid on time. Help your clients pay you on time by staying fresh on their mind and not waiting long periods to send an invoice. If you complete the work sooner than expected, send the invoice sooner than expected.

 

21 Jul

How to Avoid a Challenge to Your Legal Fees

Legal billing software will help you ensure that you are entangled in accounting law issues, and you may ask your paralegal to use the South Dakota Odyssey case management program for your firm. You may purchase law firm billing software that will help you get work done, and you will synchronize all your work in one place where it may be stored and secured. This article explains how you may make use of legal billing software to ensure you are not losing money.

 

Keeping Perfect Records

You must have perfect records if you plan to fight against claims against your billing, and you may use law firm billing software to do all of the following:

  • Log hours
  • Note what the hours were used for
  • Bill your clients
  • Generate notifications
  • Save all documentation

 

There are many people who are using legal billing software because they want to protect their records, and there are many others who have no other place to keep their records. You may offer everyone in your office a copy of the program, and they will go to work ensuring that every little thing they do is chronicled. You will find that you have an exhaustive record of what goes on in your office, and you cannot be challenged because you have records to back up what you have billed for.

 

The Calendar

The calendar that you have in your program will help you notate when you are meeting with clients, when you are in court and what you have scheduled for the day. You may compare the calendar to your activities, and you will show clearly what you have done every day. Lawyers who do not have a record of their work may be challenged because there is no proof of their work, and a solo lawyer may be challenged easily if they do not have anyone to corroborate their work.

 

The Billing Program

You may bill your clients in increments to ensure that you are not surprising your clients with large bills. You are not leaving any time to adjust the bills, and you cannot be accused to changing the bills to ensure that you are paid more. You cannot be challenged if you are giving out bills quickly, and your clients are more likely to remember exactly what you have done. They cannot challenge you if they know that you did all the things on your invoice.

 

The Setup

You may purchase billing software that will help you record all the things you have done, and you may hold a seminar that helps your staff learn how the use the program. Everyone will know what they are looking at what they log in, and your secretary will be able to handle your billing. You may pass off work to others in the office, and all of you may log into the same system to ensure work has been done properly.

 

Online Meetings

There are many different people who must come to online meetings because that will help them log and remember the exact time they met with you. You will have an electronic record of the meetings you have had with clients, and you may record these meetings if you need. You will protect the recordings in your program because it uses a secure server, and you may pass on these records to your clients at any time. You will find that your clients are far more aware of what you do when this program is used.

 

Automatic Records

You may produce records for your clients at any time, and you may print or send them to anyone in your address book. It is important that you can provide your clients with the records they ask for, and it is even more important that you have spoken to your clients about where you keep your records. You will reduce the risk of a challenge if you have let your clients know that you are open and transparent about your work. They are more likely to trust you, and you will have a chance to resolve any issues that may arise before they turn into a challenge to your personal integrity.

You will avoid many problems with billing when you are using billing software. You may create invoices and send notifications to your clients at any time using this software. You will save money and time, and you will be beyond reproach.

 

20 Jul

11 Tips to Organize Your Bookkeeping

Why Is Bookkeeping Important

Bookkeeping is a very important part of a successful business and it provides an accurate account of your daily operations. There is a lot of daily functions while operating a business and the bookkeeping is handled by an accountant. Good business records will allow a business owner to focus on other important aspects of their business. More importantly, maintaining quality records for the IRS and your customers. Your employees expect to be paid on time and with accuracy through your bookkeeping practices. You owe it to your business, employees, and other affiliates to have adequate bookkeeping. Need help with your bookkeeping? Law firm billing software can give you an easy solution to your record keeping. The University of Georgia specializes in bookkeeping and legal billing software training and information.

 

Why Organizing Your Bookkeeping Is Important

Accuracy is the top reason for the need for organized bookkeeping. The better your record keeping the more functional your business will become over time. Organized record keeping can help can help you focus on the growth of your small business. Bookkeeping will help your business get off at a great start. Furthermore, your account should tailor a system that is easy for you to maintain and operate. As a business owner it is very important to have full access to your records. It is the best way of keeping track of your income for your business. Seasoned business owners know the importance of keeping adequate records. Again, legal billing software can help you with your bookkeeping starting today.

A Few Tips To Keep Your Books In Order

Law firm billing software is an easy way to get things organized fast. It is important for you to keep your filing system practical and up to date for easy maintenance on your books. A chronological or alphabetical filing system is available for business owners to use. Organize your records on a daily, weekly, or monthly basis depending on client services. When you need access to client records you can depend on law firm billing software to provide the reliability and accuracy their users need. Electronic documentation is highly preferred in a technological society. You may also want to keep a hard copy of your files for backup records. How you name your files will also make all the difference in your bookkeeping. The name or color scheme that you choose for your files will help you locate them right away. Cloud storage offers a free database for you to store your business records for future references.

How To Organize Your Records

  • loans
  • currency
  • – personal expenses
  • – assets
  • – account receivable
  • – inventory
  • – real estate
  • – personal finances
  • – business expenses
  • – cash on hand
  • – liability accounts

 

Additional Ways To Organize Your Records

Legal software is a sufficient document management system. It is also very important to have a basic knowledge of your bookkeeping system and accounting. You’ll be able to distinguish between your business needs and other expenses. You can fully outsource your record keeping needs or hire an accountant.

 

Remember keeping your records current is also very important. You want to ensure that if, you need to retrieve a document the information is as accurate as possible. Your records should be updated often. Don’t stuff your business documents in an old shoe box by incorporating a reliable record keeping system. Organized bookkeeping will also help you determine if, there is a problem with mismanagement of your company services or finances.

 

19 Jul

A Guide to Legal Bookkeeping Software

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Legal billing software will help you create a bookkeeping platform that may be used by a paralegal and every attorney in the office. Law firm billing software will help you work with everyone from the director of state courts to the paralegals in your office. It is quite important to have a bookkeeping program that will prevent you from missing payments, and you will have all the information you need to file your taxes, bill your clients and maintain cash flow. This article explains how legal billing software will keep your business running.

 

#1: Maintaining A Proper Ledger

Law firm billing software allows you to do a number of things that are too difficult to do on your own. Completing this work by-hand takes too much time, and you will find that the ledger you keep changes automatically when you send information to the program. You may not realize how simple it is to check your ledger when you are using a computer program, and you may do all of the following:

 

  • Print reports
  • Check the ledger
  • Send bills
  • Send notifications

 

#2: Billing Clients

Billing clients is important for business as you must have cash flow coming in every day. There are quite a few different people who are not paying bills because they are not receiving notifications, and you will find that the bills you send to your clients may be sent in the manner they prefer. A clients who wishes to receive a paper copy may take their paper copy in the mail, or you may send them an email notification to make their payments. You are free to set up text message alerts to your clients, and you will find that clients pay their bills more often than not on-time.

 

#3: Printing Reports

Printing reports is quite important as you must have reports that show who is paying, how much cash flow you have and how you will organize your fiscal year. You need reports to ensure that you have information on your new year, and you may file your taxes with these reports. You will save yourself quite a lot of time, and you will ensure that you have paperwork you may refer to in the future if you need.

 

#4: Completing Taxes

Your law firm must file a tax return every year, and the return you complete must be submitted to the government as soon as possible. You will find that the taxes you have completed must be submitted in a manner that is consistent with the way you should submit your taxes, and you will notice how simple it is to keep your taxes in-order during the course of the year. You may submit quarterly tax payments for your business, and you may collect tax information that is to be used.

 

#5: Payroll

You may create payroll checks for your firm using this software, and you may send the payments out without any trouble. You will not write or sign checks because that takes too much time, and you will avoid problems with payroll because it takes time to reconcile. You may ask the program to do the work for you, and you will find that the program prevents any trouble with vacation days, sick days and benefits. Payroll is the most-important part of every week, and you may create a number of payments to your employees that will be greatly appreciated when they leave on Friday.

 

#6: Benefits

Benefits for your business may be created and managed through your legal billing software, and you will find that you may send in payments to your partners when needed. You may draw money from paychecks for benefits programs, and you will learn quickly that the program does this work faster than you could do it on your own. There are many people who are searching for a better way to manage benefits, and you will have a bookkeeping program that does everything you need.

The bookkeeping software you use will help you manage your law firm no matter what cases you are handling. You will create a bookkeeping plan that will help you manage the perjury case that is on the docket, and you may bring in many partner lawyers where needed. You may take payments from the court when they are paying for legal services, and you will find that there are a number of people who need this program to do the accounting work for them.

 

18 Jul

5 Features Every Legal Billing Software Should Have

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LAW FIRM BILLING SOFTWARE has evolved into a time and money saving phenomenon for the people that practice law. The software programs are geared to assist the attorneys by easing their heavy and tedious workload of filing data for the clients’ cases. This releases the attorney from:

  • * Misplacement of information that pertains to a specific client case.
  • * Keeping track of the Interest on Lawyers Trust Accounts or IOLTA accountings and expenses.
  • * Management of various documents, sorting, filing, and getting rid of the accumulation of loose paper documents sitting in the file cabinets.
  • * The software can be purchased for a small firm of ten or a large firm with 40 plus employees.

 

The LEGAL BILLING SOFTWARE has a program that can access Android devices, iPads, iPhones, laptops and the everlasting desktop computers.

  • *The billable minutes and hours will be collected in real-time.
  • *The invoices can be prepared with the hourly, contingency or flat rate. More than one invoice can be generated with one simple click.
  • * The software program can keep track and help the lawyer balance the Trust Accounts.
  • * Send and receive delicate and private messages through the clients’ portal.
  • * Schedule meetings, log in Docket times, while you’re on the go.

 

How is Time Tracking Important?

Regardless of the long hours and attention to detail of a client’s case, or in and out of the office an attorney should be paid. Their research may involve, investigators, copies of paperwork that has to be paid for, or special courier services.

A reliable and proven Time Tracking system can close the gap of losing more than 30 percent of the lawyers billable hours.

 

What are the Advantages of Online Invoicing?

This feature keeps everyone involved in a case honest because the billable hours are calculated in real-time. In this busy century trying to remember the amount of time to the minute, hour or services rendered can sound like perjury when quoted. Paying is not a problem or the currency that is used. Payments can be made by debit, credit cards and integrate with other accounting systems.

 

The software user-friendly templates to place the company’s’ logo on the invoice and make their online stationery their own. Consumers pay online invoices quicker because all the information is right in front of the client. The secure payment system through the clients’ portal is protection for the clients’ and law firms information.

 

How to use the Document Management System

The LEGAL BILLING SOFTWARE document management system saves time cataloging the various documents a single case can incur. Going paperless and storing the documents into files using the cloud services are being eco-friendly to our environment. Using a document management system across all forms of electronic devices gives you the upper hand in securing the document instead of losing it.

 

The IOLTA Account can be Controlled

The LAW FIRM BILLING SOFTWARE can aid attorneys’ to resist the pitfalls of the accessible Interest on Lawyers Trust Accounts or IOLTA account.

The software aids the balancing the IOLTA accounts. It’s in compliance with the state laws, keeps the spending of clients’ assets under control. The trust ledger, clients’ ledger, and bank balance must agree.

 

What is the Legal Information Institute?

The is a free public service from a nonprofit organization. The service is offered by the prestigious Cornell Law School.

The service to access legal information such as the US Supreme Court Opinions, or the US Code of Federal Regulations at the website www.law.cornell.edu. This service can be accessed through the Law Firm Billing Software.

The international and national sources, treaties and United Nations information, accommodate more than 30 million visitors annually.

17 Jul

A Guide to Litigation Financing

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A Guide Litigation Financing Using Legal Billing Software

Legal billing software will help you with litigation financing, and the law firm billing software will help you offer a financial plan to your clients that is beneficial to you both. This article will show you how you may create a financing plan that your clients may accept, and you will help them pay for your services in a timely manner. You may create a situation where all your clients are capable of paying for your services, and you will avoid problems with your billing situation.

 

#1: How Do You Advertise Financing?

You must advertise financing for your firm, and you will find that many clients come to your office because they believe that you are willing to work with them. There are many different ways for you to help the clients pay for the services you have offered. You may show them a financing plan that helps your clients begin work at once. You are paid your retainer through a financing plan that gives you the money, and there are many different people who take advantage of the plan.

 

#2: The Financing Plan Pays You First

The financing company you use through your legal billing software will help you set up a lump payment to your law firm before you begin working with your clients. You may use the differentiated case tracking program to ensure that you are dealing in the proper currency. This may be an issue when you have international clients, and you may ensure that all your currencies are converted properly when you take payments. Public access to court electronic records will help you learn how much has been charged in your area, and the law firm billing software will help you organize all the payments you have received.

 

#3: Payment Options

You may use your payments to create cash flow in the office, and you may use a number of different payments every day to help your firm operate. The legal billing software will help you calculate the payments you should receive, and you will learn that there is a large amount of cash coming in every month. You will organize your weekly cash flow using the program, and you will feel more comfortable about money.

 

#4: Online Payment Services

You may use online payment services that will help you ensure that you are receive the payments you deserve, and you will avoid problems with your clients who do not want to send paper checks. The online payment portal that will help your clients make payments, and they will send in payments using a number of payment options that you have chosen. This is the simplest way for you to ask your clients to pay, and you will remove the two parties from the financial situation. They are using your financing, and you are taking their payments.

 

#5: Use A Company You Are Comfortable With

You must use a company you are comfortable with to finance your clients, and they will have money to pay for your services no matter how long the case lasts. There are many different people who will find that the financing company is helpful in bringing as many clients as possible. You will have a partner in the financing business who can help you when you have many new clients who cannot pay, and they will offer you a number of different payment options. You may offer no interest financing for a certain period of time, and you may tell your clients that they do not owe any payments for the first year. This is an arrangement that serves both parties, and it takes you out of the business of spending all your time on accounting.

 

#6: The Design Of The Program

The program has been designed to work with a law firm so that you are not bogged down in the financing world. You need not spend all your time at your desk with the financing and payments that you have taken, and you will notice that there are a number of people who will pay your law firm without any trouble.

There are quite a few people who are searching for a way to pay for legal services, and you cannot send all your customers out the door because they cannot pay. You will avoid the trouble of managing accounting when you use a financing company, and they will provide loans to you and your clients that ensure you are able to get your work done in a timely manner.

 

16 Jul

5 Myths about Legal Financing

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When it comes to Legal financing there are 5 very important myths to know. In this article I will address each of the 5 myths. This article will give you a better understanding of the legal financial system.

 

  • 1) Loans and legal financing are the same.

This is a very big myth most people tend to believe. At first glance a loan and legal financing do look like they work in the same way but this is not the case at all. When someone takes out a loan they are required to pay the money back on time, with interest, and etc. This is mandatory and often results in very high personal debt. If unable to pay back the loan you often are required to set up monthly payments through law firm billing software which helps lighten the stress of the situation but drags out the process even longer. This can cause even more stress for the client. A legal financial agreement does not require you to pay the requested amount unless you win the lawsuit. It is an agreement set in place to allow a clean cut from the client and representative. If the case is won and the advance does need to be paid it is important to know that it will not be reported to the credit bureaus because it is not considered to be a debt.

 

  • 2) Legal financiers take advantage of clients.

When clients seek legal financing through site like legal services corporation it often means they do not have enough money to finance themselves. This means that they are often stressed and make rash decisions in order to obtain the amount of money needed. Many people believe that legal financials systems were created to trick people in their time of need. They believe it plays on a persons weakness at the time which is money. Legal financing provides a way when there may not have been one. If the client is unable to pay the advance law firm billing software and legal billing software is used to help set up payments and make everything as easy and as less stressful as possible so you don’t feel mentally beat up at the end of it all.

 

  • 3) Legal financing adds pressure.

The legal process can often take a very long time. From cases lasting anywhere from a few months to a few years long one could get impatient. Most people do not seek legal financing because they believe they will be forced to comply with the demands the financer request. These demand could include settling the case earlier than the client was comfortable with. However this is just another common myth about legal financing. It is actually known that the clients case is never touched by the legal financer. They have nothing to do with the case in fact it’s the lawyer who helps settle upon decisions.

 

  • 4) Legal financiers answer to no one.

The legal financing system has a big reputation for stepping out of line. This means their regulations are down to a minimal but this is another myth to be proven very wrong. Today there are a great number of business practice policies for legal financing. ALFA is an association put in place to regulate and promote great legal financing practice in the United Stated of America. They are put in place to be sure you don’t feel pressured which can lead to things like stress or even as sever as perjury during your case.

 

  • 5) Legal funding is a big scam.

People are very quick to believe that legal financing is actually a huge scam. Many people are warned by their lawyers to watch out and not fall for any fake lenders trying to play on their weakness. When the client is actually reached out to by an actual legal financing firm they often pass by the lender believing it is one of the scams they were told to look out for. Not understanding how it works and that there is law firm billing software was created to make things easier, the client passes up the opportunity to receive help during their legal process.

In conclusion, there are many myths about legal financing that just aren’t true. These myths are easily proven wrong and should be taken into consideration when looking for legal financial help. Legal financing and legal billing software were made to help and support the client during their legal process.

 

16 Jul

5 Myths about Legal Financing

LAW-FIRM-BILLING-SOFTWARE-17

When it comes to Legal financing there are 5 very important myths to know. In this article I will address each of the 5 myths. This article will give you a better understanding of the legal financial system.

 

  • 1) Loans and legal financing are the same.

This is a very big myth most people tend to believe. At first glance a loan and legal financing do look like they work in the same way but this is not the case at all. When someone takes out a loan they are required to pay the money back on time, with interest, and etc. This is mandatory and often results in very high personal debt. If unable to pay back the loan you often are required to set up monthly payments through law firm billing software which helps lighten the stress of the situation but drags out the process even longer. This can cause even more stress for the client. A legal financial agreement does not require you to pay the requested amount unless you win the lawsuit. It is an agreement set in place to allow a clean cut from the client and representative. If the case is won and the advance does need to be paid it is important to know that it will not be reported to the credit bureaus because it is not considered to be a debt.

 

  • 2) Legal financiers take advantage of clients.

When clients seek legal financing through site like legal services corporation it often means they do not have enough money to finance themselves. This means that they are often stressed and make rash decisions in order to obtain the amount of money needed. Many people believe that legal financials systems were created to trick people in their time of need. They believe it plays on a persons weakness at the time which is money. Legal financing provides a way when there may not have been one. If the client is unable to pay the advance law firm billing software and legal billing software is used to help set up payments and make everything as easy and as less stressful as possible so you don’t feel mentally beat up at the end of it all.

 

  • 3) Legal financing adds pressure.

The legal process can often take a very long time. From cases lasting anywhere from a few months to a few years long one could get impatient. Most people do not seek legal financing because they believe they will be forced to comply with the demands the financer request. These demand could include settling the case earlier than the client was comfortable with. However this is just another common myth about legal financing. It is actually known that the clients case is never touched by the legal financer. They have nothing to do with the case in fact it’s the lawyer who helps settle upon decisions.

 

  • 4) Legal financiers answer to no one.

The legal financing system has a big reputation for stepping out of line. This means their regulations are down to a minimal but this is another myth to be proven very wrong. Today there are a great number of business practice policies for legal financing. ALFA is an association put in place to regulate and promote great legal financing practice in the United Stated of America. They are put in place to be sure you don’t feel pressured which can lead to things like stress or even as sever as perjury during your case.

 

  • 5) Legal funding is a big scam.

People are very quick to believe that legal financing is actually a huge scam. Many people are warned by their lawyers to watch out and not fall for any fake lenders trying to play on their weakness. When the client is actually reached out to by an actual legal financing firm they often pass by the lender believing it is one of the scams they were told to look out for. Not understanding how it works and that there is law firm billing software was created to make things easier, the client passes up the opportunity to receive help during their legal process.

In conclusion, there are many myths about legal financing that just aren’t true. These myths are easily proven wrong and should be taken into consideration when looking for legal financial help. Legal financing and legal billing software were made to help and support the client during their legal process.