Category: :aw Firm Billing Information

17 Sep

How to Ethically Bill and Collect Fees

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How Do You Ethically Bill And Collect Your Fees?

Legal billing software is an excellent resource you may use at any time, and you will find that it gives you many options to organize your business. There are many people who are hoping to run their law firms in a much better way, and this article explains how you may use law firm billing software to your advantage. You may handle money, accounting and other resources through one program. The Legal Information Institute recommends this, and they are happy to see their disciples make these wise choices.

#1: How Do You Organize Bills?

You must bill all your clients for the time you have spent with them, and they must receive an invoice that will be quite detailed. Using the legal billing software will ensure that your have all the proper information in their account, and you will feel much more confident knowing that you may use this information to your advantage. You may scan each account to see how much has been done, and you will learn how to give your clients equal time.

#2: How Do You Send Bills?

You may send bills to your clients any time you like if you are using your time wisely, and you will find that there are many bills that may go out every day. You may send bills to an email address, and you may send notifications to your clients through many means. They will be pleased to pay you when they are given proper notice, and this will be much more professional than sending a random letter in the mail.

#3: The Billing Procedure

You will bill your clients for their time, and they will pay you based on what they see. They will pay you through the online program that has been created by the legal billing software, and they will pay you much more quickly as a result. It is much easier to use the law firm billing software to get the proper results. Someone who is billing often must give their clients an online place to pay that saves everyone time.

#4: Improving Cash Flow

The cash flow that you have in your office improves the moment you are using this information, and you will find that the program lets you track who has paid and who has not. There are many different things that you may do to increase cash flow which may include billing clients who were once pro bono, or you may send second or third notifications to ensure they will pay. It is important that you have checked on the clients who have not paid yet, and you may send them a gentle reminder through this program.

#5: The Program Helps With Accountants

You must send all your information to an accountant or program, and you will find that you may send the exact information you have when you are using this program. It is much easier for you to send all your reports and documents suing the secure server, and you will find that your finances are organized much more quickly. You have an accountant who will use these documents to give you services, and they will ensure that you are receiving proper services based on the information you have provided. It is important that you have taken the time to enter everything into the program to help your clients understand what is going on.

#6: Tax Time

You have taxes that you must file every year, and it is important that your taxes are filed properly before the end of the year. Someone who has not filed their taxes yet must pull all their information from the program, and they will find that they may start the beginnings of a return if they need. The program organizes all the different parts of the ledger for the tax return, and the reports may be printed easily once you are ready to prepare the return.

There are many people who need a billing program that will help them manage their law firm, and you will find that you have a number of new options if you are willing to use the proper software. You wil bill your clients ethically, and you will avoid problems that you have had in the past. You will keep your information in one secure place for further use, and you will avoid any miscalculations. Your clients will pay more readily, and you will feel as though you have been given the best financial services for your practice.

16 Sep

6 Tips to Keeping Track of Fees for Different Legal Clients

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6 Tips to Keeping Track of Fees for Different Legal Clients

As a lawyer, you need to get paid for your time and effort with clients. It is important that you take excellent record of your time with clients. You also want to have a clear and concise billing method in place so your clients know what you have billed them for and for how much time. There are several ways that you can make your law billing needs easy and affordable. Let’s take a look at some easy ways for you to help getting paid in the practice of law.

Law Software

Law Firm Billing Software is probably one of the best and easiest ways to bill your law clients. The software has been set up to for your lawyer billing needs. Most of the Legal Billing software has been created while consulting lawyers. This way the details and short cuts are geared directly towards lawyers use. There are several Law Firm Billing Software programs out there on the market. You want to do your research and buy the highest rated Legal Billing Software. Why make your life more complicated by having a difficult billing system. Buy a Law Firm Billing Software today and start making getting paid easier. Here are some of the reasons why software is the way to go.

-send directly to the client

-an assistant can keep track for you

-you can have a copy of the fees for yourself and your client

-it is does not take up room in the office because everything is stored in the computer.

Assistant

Another great way to keep track of what your clients owe you is by having an assistant. You can actually have the assistant use the law firm billing software and make her job easy as well. You will have to be in communication with your assistant so that all the proper hours are recorded as well as legal expenses. By having an assistant, you can tell her what needs to be done so you can focus on the more important details of your job. If you can find a legal assistant who has a Legal Assistant Certificate, this assistant will be more qualified than someone who does not have the certificate.DIY

You can always buy a notebook and write down the client expenses and hours used. This can look unprofessional and take up to much of your time. If you just deal with one or two clients at a time, this might be something possible for you. There a few lawyers that deal with the Tennessee state courts that are able to accomplish doing their own tracking of fees for their clients.

Outsource

You can always outsource keeping track of your fees for your different legal clients. You will be involved with this somewhat. Buy by having someone else take control of the overall process gives you one less thing to focus on. You can hand over receipts and other details to the outsource to put together.

Laptop

By having a laptop with you at all times, you can simply write out client fees in a program like excel or word. If you can get into the habit of just jotting down all the expenses incurred by different clients. You can simply open a file for each client and keep track of every expense.

Files

You can always do thing the old fashion way and keep paper files. You might want to have your paralegal specialist help you with this part. Keeping good paper record sometimes can be easier than the computer if you are used to the old way of doing things. You have no risk of losing the information when you do paper filing of client fees.

keeping track of the fees that you need to bill your clients is extremely important. Getting paid is what keep you in business. Having the easiest way to keep track of your client’s fees is what with help you do your job better. It is best to do what is comfortable for you.

15 Sep

Managing Accounts in Legal Billing Softwares

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Top Strategies for More Effectively Managing Your Accounts in the First Place – LEGAL BILLING SOFTWARE,Currency, Mac Productivity, Paralegal Specialist Schedule, and More

• Go Electronic.
• Reduce Those Payment Terms.
• Maintain Many a Healthy Work Relationship.
• Provide Multiple Payment Methods.
• Consider Whether to Hire an Accounting Company.
• Set the Clearest Credit Policies.
• Make Collections Your Last Resort.

LAW FIRM BILLING SOFTWARE and More

LAW FIRM BILLING SOFTWARE can help you meet each of these goals in the timeliest manner. It can also help you to responsibly keep track of everything you need to do for your law business, whether it be big or small; size or busyness do not matter, but you must have a strategy, and that’s where this kind of software kicks into gear, making all things more efficient and precise – not to mention cost-effective. You never want to lose or misplace those highly sensitive payroll records, now, do you? I would think and hope not.

LEGAL BILLING SOFTWARE 101

It’s made with you in mind. It gives you thousands of small, in-built applications that will help you to manage the information for all of your accounts as effectively as possible. It offers countless labelization and categorization strategies and tools to help you not miss a single file, document or piece of relevant information. Just imagine: You’re working on a top secret legal court case in which there is much at stake, and you are on the verge of winning your argument and setting that client free, until you suddenly miss the last crucial bit of information – the one piece of evidence that is going to bring this case home once and for all; if this is you, then please do not continue to make this crucial mistake, and simply invest in a good quality of product – a legal software of this form. You will not regret your purchase but will thank God, with every last breath, that you made it just in time.

Needs

Whether you need trust accounting, time sensitive information management, control locks on certain files and admin. records, a timeline organizer fo every file, person, record or event by date and current relevancy, or simply a basic stopwatch with an alarm clock that tells you it’s time to get back in the room in two minutes, these special software programs can save your life – perhaps even literally. Anyways, when you count the cost of the initial investment, you realize that it is really you who is winning in the end; you’re not putting down half as much money as you are getting back from saving time and efforts in the long run, both of which cost you money anyways.

Save
Has it not been said, many a time, that time is money and money is time? Thus, if you waste one, you waste the other. What if, however, you manage to save yourself a significant chunk of both each day? Would that not be a large saving with dividends that bear thousands in the long run? This is just my opinion, of course, but I would sure think so. Consider it: That is all I am saying; after all, what could there possibly to lose?

Abacus Law

From Abacus Data Systems, it’s a top choice among many offered out there today – especially when it comes to managing accounts. This one is also the best all around. It ranks at five stars in nearly every online review and holds its own on countless other levels. It will keep all your information in one place in five minutes or less; its built-in system and settings are both likewise the easiest to configure, play around with, maneuver and enjoy for the long haul. Those clients will certainly be happy you used it, and that’s an understatement: They’ll be ecstatic when you win.

LEGAL BILLING SOFTWARE

Did you know that using this sort of software can also enhance your thinking and creativity skills combined? It’s no less true that the software’s many functions will allow you to come up with new ideas and uses for it that you never thought before, thereby increasing your ability to think on your feet as well. Plus, you can come up with new sorts of arguments and their relevant proving points while you conjure up every possible way to get that Uncle Rio out of jail for sneaking $50 to his abuelita in Mexico. All joking aside, this software opens doors and makes free thinking possible.
13 Sep

5 Tips to Track Your Legal Profits and Debts

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5 Tips to Manage Your Finances

Law firms need to manage their finances just like any business. How well they are able to successfully do so can greatly impact the viability of the law firm. These five tips can greatly help your ability to track your law firm’s profits and debts and help to more effectively manage your business than you might otherwise be able to.

A law firm billing program is not only a great way to bill clients but also can be used as an analytical tool for keeping track of cases. Many cases require that the law firm receives retainers and potentially escrow balances on behalf of their clients that they have a legal obligation to keep track of and not intermingle with the funds of the law firm. Escrow funds are effectively debts for the law firm. Using a law firm billing software can make this process easy to monitor and help to avoid potential legal repercussions associated with improperly holding customers funds.

Using Your Billing Software to Make Appropriate Decisions

Law firms that have useful billing software in place can better allocate their resources and earn better profits. They can easily monitor billable hours by employee and can help the law firm to determine which employees are effective and which aren’t, so that the law firm can take corrective measures and work to improve on their profits. Law firms can help to identify which customers help the law firm to make more money and can help with the selection of customers.

Getting a Legal Billing Software in Place

A legal billing software is a critical tool that lets law firms accumulate billable hours and effectively charge hours to their clients. Individual employees will record and document the time that they spend on each legal case and will allow them to send information to their clients on how much time they spent and how much they are going to be charging them as a result of their work. Billable hours are the golden standard for charging most clients, other than those who are being charged on a pro bono basis, and a good legal billing software is essential for earning money.

Hiring a Certified Public Accountant

A certified public accountant can help to make sure that your accounting records are recorded in accordance with the applicable accounting law and can help to make sure that the financial information that is put in the hands of management is accurate. Accurate financial records can help to make sure that the law firm makes appropriate decisions in financial matters such as hiring, allocating resources, and managing profits. Certified public accountants can also look for instances of fraud, help to file income tax returns and take advantage of appropriate tax deductions, and provide consulting on financial matters to law firms, all of which can help to track and improve on your legal profits and debts.

Taking Finances Seriously by Reviewing Results

Law firms who are interested in preparing financial matters in a more organized way should put in place processes to manage and review their financial results. Doing so can greatly improve on their process of not only earning better returns but also in increasing compliance with loans and debts that the law firm may have. Benchmarking results to studies on legal forms issued by the University of Georgia and by the UF LAW TO SURVEY LEGAL PROFESSION s can help your organization to understand how effectively the firm is doing. Results are often exported directly from the law firm billing software directly to reports that management uses to compare results and find areas for improvement. The management of a law firm can be made easier with these benchmarking tools. Taking the time to understand the reports that are generated from your software can lead to better overall results for your firm and allow corrective measures to be taken in a more timely manner.

Reviewing the Implementation of Your System

Once you have a legal billing software in place, a method for monitoring client and firm results, and hire a Certified Public Accountant, you will need to review the implementation of the system to make sure that the system is effectively designed and implemented. Continual improvement is important for every business and law firms can more effectively do so when you review how effectively your legal billing software is designed and what the returns of your business.

Tracking your legal profits and debts can help your law firm to become more profitable and successful over the long term and help with your legal and moral obligations. Keeping track of legal profits is easier with the right billing software and can help your law firm to grow and prosper.

12 Sep

How to Maximize Your Profits as a Solo Practitioner

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Be an Independent Practitioner and Make Money Doing It 

Challenges Faced

Striking out on your own in the law profession can be a daunting task. Any unforeseen disaster falls solely upon you and no one else. You are responsible for, not only your firms future, but the future of your clients cases. Meeting deadlines and doing it with a smile can be a draining experience. This is why keeping organized is perhaps the most important skill to master when you are your own boss. Software such as the South Dakota Odyssey Case Management suite can be of extreme benefit.

The Age of Information

Today’s world wide web is a far cry away from what it was a few years ago. Social media provides a host of new challenges and opportunities for anyone interested in making a profit. Services such as Facebook and Google Plus offer landing pages for the internet savvy entrepreneur. Video sharing sites like Youtube offer a platform to broadcast the message you want your potential clients to hear.

A wise man once said success in business relied on three things: location, location, location. With how massive the internet has become, that location is now entirely reliant on how much your brand gets noticed.

A few ways to get your name out there are:

  • Start a blog
  • Build a website
  • Start a youtube channel focused on your practice areas
  • Get on twitter
  • Collaborate with other law professionals in your area
  • Befriend a judge or two
  • Attend legal events
  • Run ads online and locally

Saving Money

As a one man army you need to be as efficient with your time and resources as possible. Worry about the essentials for the law office first and build from there. Budget early and budget often. There’s nothing worse then thinking you have enough money to get lab work done and find yourself in the red. Constant analysis of profit to loss is something that, once mastered, will pay off greatly. Legal billing software is available to help you organize and maintain a high standard for your office.

What is Law Firm Billing Software?

Law firm billing software is a program or group of programs that organize and help manage your time and money. Time tracking helps let you know when the clients bill is due. A general ledger is there to show your profit to loss ratio and any expenses or assets that your firm comes upon. Bill preparation is a quick and simple way to offer your client an easy way to pay, many programs have invoice support.

Office work has become almost entirely electronic. As long as you possess the right law firm billing software for your office you won’t be left behind.

Beware of Future Client Problems 

As a solo practitioner be cautious of the urge to take on bad clients or good clients with bad cases. It may seem like you are receiving more work but such matters usually end up wasting time. Resources should be better spent searching for good clients which will boost your pocket book as well as your morale. Bad clients are ones that posses obvious perjury risks.

Millennials and You

The new generation of youth are more tech savvy then any other generation in history. Setting up Legal billing software would be a breeze for any millennial out there. However, these youngsters are still as rambunctious as any other youth. It’s your duty to make sure they get the best legal defense possible when mistakes are made. With new technology at your disposal you have no excuse. Remember, I believe in you and so does your city. Make us proud.

9 Sep

How to Keep Track of Different Prices for a Case

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Why Legal Firms Should Use Legal Billing Software

Having a top-notch case management software program for law firms is crucial to staying on top of billing and organizing financial records. It can make all of the difference in getting paid on time or not. Time and billing administration is a required task for all working in the legal trade industry regardless of how big or small the firm is. Law firm billing software works on many levels to assist with the organization of client and billing invoicing which fosters better time management. Legal billing software has built-in operations that allow one to easily track all cost and expenses that ecru in legal cases and matters. Today’s innovative software for the legal industry makes the distribution of currency between law firms and clients run smoothly without a lot less effort.

Some Features and Functions of Law Software:

The following list describes some of the many functions that billing software accomplishes for those in the legal industry.
•Tracks billable time and generates reports and statistics for invoicing purposes.
•Creates client invoicing from the recorded tracked time and sends electronically through email or prints for mail distribution.
•Gives deadline notifications
•Allows one-click billing so what is owed can be paid faster.
•Offers a mobile app so you can use the program from any device any time of the day.
•Compatible with other frequently used programs like Quick Books, Microsoft Outlook, Digital Assistance or Microsoft Word.
•Prepares IRS mandates and has a check writing capability.
•Differentiates cost per category such as attorney fees, liens, reductions and other marketing expenditures.
•Blocks time spent on cases with ABA-approved invoicing codes
•Get alerted when clients view and pay invoices that were sent.
•Offers a client portal where attorneys can delegate tasks, share files and send messages.
• Is able to import contacts, issues, case information, capital expenditures, notes, tasks, and time entries.

Keeping Track Of the Various Costs Involved With Ease

Using legal software can easily help you keep track of different prices with each case. Law programs offer a time box where when you begin work you click the start time and write a description in the box under it. The clock keeps track of the time and it can be paused for any breaks. It also uploads a date. Each time you work on a case and you use the time tracker this information is generated into a report for that client and kept for use in one place for when the invoicing is ready to be done. The software comes with an app that can be used on any device so one can keep track of time and expenses as they happen in the field. Legal billing software is designed to keep track of every aspect of a case including prices, attorney fees and many other expenses through the optimization of customized codes. Using this data, one can easily refer to the detailed expense report that explains all of the different costs involved.

About Odyssey Case Management

Odyssey Case Manager is the premier leader among legal case management software. It has the ability to function in a multi-faceted case capacity and is versatile to local and jurisdictional stipulations. Odyssey offers real security when it comes to ultra-sensitive court information and filings. Odyssey software merges the latest technology with ease in functionality. One can control entire case histories, work on documents and manage capital and other capital transactions. There many advantages to using Odyssey within a court system or a firm. All aspects of court matters can quickly and easily accessed and managed. Advanced tools allow all reports and forms to be utilized and financial transactions can be appropriated. Search data fast using many different criteria. Thousands of people in the legal field use Law firm billing software for streamlining their practices and improving efficiency. Time and money are greatly saved due to the software’s innovative features and most programs offer technical assistance managers that can be easily reached for any questions or unforeseen circumstances. Many states are using Odyssey Case Management including South Dakota. South Dakota Odyssey Case Management can be utilized on the state’s official judicial website.
8 Sep

3 Ways to Make Your Legal Fees Reasonable Yet Beneficial

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Essential Tips on How to Avoid Legal Billing Client Confrontation

Clients have become more cost-conscious than ever on their legal bills. This is because they are able to access a lot in information about legal billing, thanks to the internet. As a result, many clients now concentrate on how to rationalize legal costs. In order to maintain their reputation and remain competitive, law firms should be keen when dealing their customers and especially on financial matters.

It is important to note that simple billing mistakes can actually depict the tension beneath even the most experienced lawyers. It can as well distort the good relationship between a client and the law firm.

 

Evade billing disagreements

 

Here are some important tips on how to avoid legal billing disagreements with clients:

  • Budget for the project together
  • Prior communication on emerging costs
  • Keep accurate and reader-oriented records
  • Incorporate technology and educate the team

 

Budgeting together

 

Clients always come with a lot of expectations to the attorneys. It will, therefore, be important to analyze the scope and cost associated with each aspect of the project together. This helps to manage the set expectations and eliminate conflict when the bill is finally presented.

 

Prior communication on emerging costs

 

Avoid surprising the client with unexpected costs. No company wants a shocking large invoice. A bill that is larger than expected is an indication of miscalculated scope and risks. It portrays incompetence on the service provider. Legal entities should avoid this by simply keeping the client up to date on progress and latest happenings.

 

Keeping accurate and reader-oriented records

 

Comprehensive records will always help to eliminate disagreements. Desist from sending vague or general bills to your client. Make the bills itemized and more specific. This helps the client to establish how much he/she has to spend on each aspect of the case. The document to send to a client as a bill must be free from mistakes. The billing attorneys should remain more careful since many consumers have opted to hire auditing firms to monitor their invoices. Double checking the document before handing it over to a client is the perfect solution.

 

Incorporate technology into your operations

 

There are several software solutions in the market that can save a law firm from such misunderstandings. Some of these software solutions have been designed to perform time tracking, task coding and have the ability to analyze the encoded date to give special fee arrangements as well as alternative billing agreements.

Law Firms should also employ qualified legal administrative assistants. The assistants should have a legal assistant certificate, from a recognized legal information institute. The administrators should also have basic knowledge of law firm billing software solutions. They should be trained to understand how the firm’s billing system works. This will enable them to generate logical invoices which are error free.

 

Law firm billing software solutions

 

Some of the most popular law firm billing software companies include; Bill4Time, Ebillity, Freshbooks, PCLaw, and Cosmolex. Some of these software solutions are server-based while others are cloud based. For the server-based software, you have to install it into your computer server where all users can access. This requires an IT expert and the consumer pays once for each licensed user. Cloud-based software, on the other hand, requires a company to pay a monthly fee for each of the users.

Bill4Time, Ebillity, and Freshbooks have been confirmed to be the best for use as legal billing software. These legal billing software solutions have been created to eliminate confrontation between law firms and their customers.

 

Handling difficult clients

 

It is vital to note that there are clients who are naturally difficult to handle. One must, therefore, be prepared on how to deal with this category of clients. In order to maintain a good attorney-client relationship when handling such people, a lawyer must focus on aspects that will create a solution and not more problems.

Strive to offer the best service to the client, understand his/her billing policy, communicate effectively and send accurate invoices. The client will definitely feel your concern towards his/her problem. The least your customer will be left to is collaboration.

From a practical standpoint, it is important to make your client understand that changes in scope have got a direct effect on budget and time. In one of the Harvard law school case management journal, it is emphasized that accountability is key when it comes company-client relationship. Legal entities should, therefore, move with speed to adopt law firm billing software solutions which will help them to accurately monitor and account for each aspect of their projects. This will eliminate their billing errors.

 

7 Sep

5 Ways a Legal Billing Software Can Help Your Practice Grow

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Legal Billing Software: Growing Legal Practice:

 

 

Legal Billing Software can certainly help your law practice grow and prosper. Legal billing software can help a law practice run the office in an efficient and more organized fashion.

 

Legal Billing Software can help a practice in a variety of ways such as:

 

*Improve Accounts Payable & Receivable.

*Keep track of Trust accounts.

*Organize payroll and billing invoices.

*Store and update Financial statements.

*Better organize emails.

 

Legal Billing Software can help manage important cases, store calendars as well as important attorney-client communications. Generally speaking, Legal Billing Software can ultimately save time, money and it can help increase overall in house productivity.

 

Digital For Small and Big Firms

 

Much of the billing software for legal purposes is Cloud based. Therefore, a cloud based platform provides a simple and easy to understand solutions for both small and large law firms. Managing important cases and meeting specific deadlines is certainly made easier and more manageable by implementing the use of billing software.

 

Software of this kind offers a time tracking feature. A time tracking feature can help the user manage tasks on a daily, weekly and even monthly basis. The accounting as well as billing features are for sure an added bonus to users.

 

Use a Law Firm Billing Software For Easier Billing

 

Law Firm Billing Software can make legal billing a great deal easier. Essentially, Law Firm Billing Software can allow an attorney to work less and earn more money. Office staff can generate several billing ledgers by the simple click of a button. In addition, this type of software can be easily accessed from an office computer, laptop, iPhone and even a tablet.

 

An attractive feature of this software is that it can be accessed from locations away from the office. Therefore, you can access important documents from your home even your car if necessary.

 

Billing Software companies will many times offer a 30 day free trial period for attorneys. Actually, you can easily sign up on line to take advantage of a trial offer for Software related to Legal Billing.

 

South Dakota Odyssey Case Management is a case management system that provides helpful and accurate information to the public. This unique system provides up to date information concerning:

 

*Supreme Court rulings.

*E-Filing guidelines & updates.

*Drug Court & Small Claims Court Information.

 

The Case management system web site also provides information on local programs and services as well as probation updates and information. Essentially, this is a very useful and informational system for not only attorneys but for just about anyone.

 

Accounting Law pertains to the American Institute of Certified Public Accountants. Certain standards are set forth for accountants that they are expected to follow. In addition, this type of law can also involve accounting standards as they apply to the Securities and Exchange Commission.

 

Law pertaining to accounting also involves recording and or settling accounts and financial data. In addition, income and expenses must be determined for tax purposes. Finally, income must be reported on a yearly income tax return. Failure to comply with such laws can have serious ramifications.

 

*Law Office Essentials:

 

Essentials for the Law Office can pertain to general rules and regulations for operating an legal firm. Therefore, there may be rules in place that must be followed concerning general code of conduct as well as billing and appointment scheduling and practices. There are essentials required for running an efficient and organized law office. Updating billing software may be one way of keeping operations running effectively.

 

Utilizing an efficient software program is critical when running a busy legal practice. Surprisingly software of this nature is relatively inexpensive. Some companies offer software and packages for under $40.00 per month. It is well worth the initial investment when you receive the benefits from such sophisticated and useful software.

 

6 Sep

3 Ways to Make Your Legal Fees Reasonable Yet Beneficial

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How to Set a Fair Price for Your Legal Fees 

Some law firms and attorneys demand high legal fees which frustrate a client. When the legal fees are unreasonably high, customers tend to look for other law firms or attorneys. However, there are different ways you can make your legal fees reasonable to the client and beneficial to you or your law firm. Hence, most law firms currently use a payment method called Alternative Fee Arrangement (AFA) law firms.
Law firms use legal billing software which can be cloud or server based to make the particular practice of law easier. Examples of legal billing software used are CaseFox, SlickPie, and Intervbill among others. Harvard Law School Case Management system uses specific software that is sufficient for a law firm as it helps in a vast array of responsibilities. Also, firms use the South Dakota Odyssey Case management that provides services making law practice efficient. The UF LAW TO SURVEY LEGAL PROFESSIONS use of case management will soon release results where many lawyers will benefit from the results.
Alternative Fee Arrangement is the agreement made between a client and the law firm whereby the client provides payment to the company based on a structure or a method instead of the hourly billing. Charges depend on the time taken by the lawyer and on how a client understands value compared with what value the client receives. An example is if the work at hand usually takes 3 hours and the client perceives a greater value demanding the lawyer to finish in 1 hour, the work will be priced higher than the ordinary price for the regular 3 hours of work. For efficiency, lawyers use a law firm billing software often Bill4Time software to keep time for the hourly bills.
The charges are always reasonable and fair both to the client and the firm. A lawyer is paid based on the historical billing deals for disbursements and fees in 12 monthly installments with the initial payment made the first month following the AFA start date. The payment invoice is created using the law firm billing software specific to the matter.
There are different types of Alternative Fee Arrangements which include:
• Contingent or success fee
• Fixed or flat fee
• Task or unit-based billing
• Percentage billing
• Retrospective fee based on value
• Statutory or other scheduled fee systems
Moreover, a law firm can pair two types forming a hybrid fee arrangement. This article discusses three main ways embraced by many companies.

Contingent or Success Fee

Under this fee, with a billing software, the desired results are put into the agreement and what fee will not be covered under the fee agreement is stated. In the accord, the lawyer agrees to take a fixed percentage; generally, 30 to 40 %, of the amount finally paid to the client. An example is the contingent fee placed if the client wins a case and money is awarded then the lawyer takes the agreed percentage. The fee is payable if a favorable result is obtained. If the client wins the case, the lawyer is paid the contingent fee in addition to the usual hourly billing fee. This payment is advantageous as it adds money to the reasonable fee for the attorney.

Fixed or Flat Fee

Fixed fee is a fee charged for a predefined service at a flat fee or a fixed or linear rate. The fee is charged for the whole service or part of the service according to the agreement. The service does not depend on the value and time of work. The client deposits the money which will be managed by a law firm billing software on a trust account basis for the services not yet delivered. For example is the contract drafting issue, a contract can be based on a template charging rather than time taken to complete. Therefore a lawyer charges a fixed fee topping up to the standard hourly billing fee.

Percentage Fee

The percentage fee is charged according to the amount of money in question involved in the matter at hand, unlike contingency fee. The fee may be constant or can vary depending on what is encountered during the process. An example is a percentage charged on a real estate being purchased, a percentage of a loan or a bond issue. The percentage fee is paid in addition to the normal negotiated legal fees
Alternative Fee Arrangements step is advantageous because it increases profitability, reduces misunderstandings, provides greater cost credibility, it is confident and transparent.
2 Sep

How a Legal Billing Software Will Protect a Client’s Financial Confidentiality

LAW-FIRM-BILLING-SOFTWARE-10

How Will Legal Billing Software Help You Save Money And Protect Clients?

 

Law firm billing software is quite important for your business, and you will find that there are a number of different people who will benefit because you run your business properly. This article explains how you may use legal billing software to save your cash and time. You have many different options when you are working with the Legal Information Institute, currency and billable hours. Someone who has questions about billing may leave it up to the law firm billing software to cover the rest.

 

#1: Billable Hours

 

You have a number of billable hours that you must track when you are working, and you will find that there are a number of different things that you likely did not realize you missed. You cannot keep track of this on paper because it could be lost, and you are much better off loading your hours into the program. You may save all your hours in the legal billing software program, and you will find that you may call up this information for each case.

 

#2: Invoices

 

The invoices you are creating through law firm billing software will be sent to your clients in any way you like, and they will receive notifications over email and text. They will have a place for you to receive payments, and they will give you a number of different payments on-time as opposed to waiting for snail mail. There are many different people who wish to pay online, and the portal you use through the software will make their lives simpler.

 

#3: The Payments

 

You will receive payments through the online portal in a short amount of time after you have set up the portal, and you will find that the program accepts all payments, sends them to the right place and notifies you when you have your payments. You will be aware of all the cash you have received, and you will feel as though you are not spending all your time on payments and reminders.

 

#4: Chronicling Your Work

 

You may chronicle your work for the invoices you have created, and you may print out all the information that explains how you did your work. Your clients may look over the information you have created, and you will feel much better knowing that you have charged for the things you truly completed. There is no question that you have done this work, and you will have a record that may be used if you are challenged.

 

#5: Taxes

 

You must have software that you may use to create reports, and you may use reports that show what you must pay in taxes that year. It is much easier for you to have complete your tax return at the end of the year, and you may submit these documents to your accountant if you like. It is much easier for you to use the tax forms with your accountant at the end of the year, and you will notice that you have everything you need in one place.

 

#6: How Long Do Your Records Last?

 

You may keep your records for many years to come, and you will notice how simple it is to save your money and time when you are searching for old records. The old records may be called up any time you need them, and you will find that explaining your old cases is quite simple. You may print your reports, and you may share them with anyone you like.

 

#7: Sharing Documents

 

You may share documents with anyone you like at any time, and you will feel much more confident sharing because the documents are sent over a secure server. The server will protect your clients,and you will sell them on this service when they need to know. You will avoid any problems that may occur with hackers, and you will notice that you have the security protocols changed any time a new threat occurs. Your host will help you understand if there have been security breaches, and you will have alerts come to your phone or email any time there is an issue.

 

You have every opportunity to ensure that you are billing safely, and your clients will be happy with the manner in which they receive their invoices. You will not lose information that was saved for each case, and you may organize your information in any way you like. The billing software will help you create documentation that shows how you served each client properly.

 

2 Sep

How a Legal Billing Software Will Protect a Client’s Financial Confidentiality

LAW-FIRM-BILLING-SOFTWARE-10

How Will Legal Billing Software Help You Save Money And Protect Clients?

 

Law firm billing software is quite important for your business, and you will find that there are a number of different people who will benefit because you run your business properly. This article explains how you may use legal billing software to save your cash and time. You have many different options when you are working with the Legal Information Institute, currency and billable hours. Someone who has questions about billing may leave it up to the law firm billing software to cover the rest.

 

#1: Billable Hours

 

You have a number of billable hours that you must track when you are working, and you will find that there are a number of different things that you likely did not realize you missed. You cannot keep track of this on paper because it could be lost, and you are much better off loading your hours into the program. You may save all your hours in the legal billing software program, and you will find that you may call up this information for each case.

 

#2: Invoices

 

The invoices you are creating through law firm billing software will be sent to your clients in any way you like, and they will receive notifications over email and text. They will have a place for you to receive payments, and they will give you a number of different payments on-time as opposed to waiting for snail mail. There are many different people who wish to pay online, and the portal you use through the software will make their lives simpler.

 

#3: The Payments

 

You will receive payments through the online portal in a short amount of time after you have set up the portal, and you will find that the program accepts all payments, sends them to the right place and notifies you when you have your payments. You will be aware of all the cash you have received, and you will feel as though you are not spending all your time on payments and reminders.

 

#4: Chronicling Your Work

 

You may chronicle your work for the invoices you have created, and you may print out all the information that explains how you did your work. Your clients may look over the information you have created, and you will feel much better knowing that you have charged for the things you truly completed. There is no question that you have done this work, and you will have a record that may be used if you are challenged.

 

#5: Taxes

 

You must have software that you may use to create reports, and you may use reports that show what you must pay in taxes that year. It is much easier for you to have complete your tax return at the end of the year, and you may submit these documents to your accountant if you like. It is much easier for you to use the tax forms with your accountant at the end of the year, and you will notice that you have everything you need in one place.

 

#6: How Long Do Your Records Last?

 

You may keep your records for many years to come, and you will notice how simple it is to save your money and time when you are searching for old records. The old records may be called up any time you need them, and you will find that explaining your old cases is quite simple. You may print your reports, and you may share them with anyone you like.

 

#7: Sharing Documents

 

You may share documents with anyone you like at any time, and you will feel much more confident sharing because the documents are sent over a secure server. The server will protect your clients,and you will sell them on this service when they need to know. You will avoid any problems that may occur with hackers, and you will notice that you have the security protocols changed any time a new threat occurs. Your host will help you understand if there have been security breaches, and you will have alerts come to your phone or email any time there is an issue.

 

You have every opportunity to ensure that you are billing safely, and your clients will be happy with the manner in which they receive their invoices. You will not lose information that was saved for each case, and you may organize your information in any way you like. The billing software will help you create documentation that shows how you served each client properly.