Legal billing software can be used to help members of the legal community to collect fees for their services. Law firm billing software helps legal workers to make accurate payments. Check out the following information so you know how to make sure your clients want to pay you.
How to Make Sure Your Clients Want to Pay You
Payment Methods for Lawyers
• Flat Fees. A flat fee is normally charged for routine or simple cases. Routine cases are typically charged a flat fee because this is the type of work that an attorney or firm commonly performs.
• Contingency Fees. Lawyers take on some cases through a contingency fee. In other words, they will not get any money unless they win a case for their client. They will usually decide on the percentage of earnings before they start the case.
• Hourly Rates. Some attorneys charge clients by the hour for their service.
• Referral Fees. An attorney will also charge a referral fee which happens when a lawyer refers a client to another attorney or firm. The referring attorney will usually receive a portion of payment for making the referral.
• Retainer Fees. Retainer fees are usually charged as a one-time payment that can be used to cover all costs associated with a client. Sometimes the money will run out and a client will have to pay more.
• Statutory Fees. Statute fees are typically set by state statutes or by a court. These fees are typically associated with routine civil proceedings such as bankruptcy. Director of State Courts can sometimes set statutory fees for attorneys or firms.
Knowing these fees will help a lawyer to understand the best way to get paid for their services.
How to Get your Money From Clients Without Hassle
Next, you should have them sign some paperwork that clearly outlines your payment methods. You should also bill your clients quickly, bill them often and do it within a formal or professional manner. Another key point to ensuring that you get paid, is to make sure that your clients have the money to pay you. If you charge by the hour except payments upfront as you go. The point is to make sure that your clients have the means to cover the services that you provide. Law firm billing software makes this process easier.
Payment should only be done through a credit or debit card. Avoid checks as much as possible. Only take cash when it is convenient or practical to do so. Some clients do not have the ability to make payments electronically. Cash payments can be quick and easy; just make sure that you give out receipts and keep accurate records. You can also show them the recommended fees from the Director of State courts. Legal billing software can be set up to provide receipts for this kind of payment method.
By the way you can use a promissory note to receive payments. This will protect you from clients who somehow cannot pay you on the agreed price that you set forth. If a client comes up short they will have to give up something of value that they own in return. This might not be the most practical thing to do. However, it can help a firm or lawyer to get the money they deserve. A person can perjury themselves by signing a promissory note and then mislead the courts if they decide not to pay.
All law firms and lawyers must keep accurate and organized records. If not, it will be hard for you to bill your clients on time and correctly. Above all else, make sure that you provide the best service possible. Helping clients to win a case will usually motivate them to pay you on time.