Top 5 Things to Know About Legal Finance Companies

14 Jul

Top 5 Things to Know About Legal Finance Companies



Important Factors in Legal Finances Companies

A legal billing software makes sure lawyers and law firms get the right payment for their time and efforts put in. According to the law firm billing software rules, the LEGAL BILLING SOFTWARE is designed to fit this profession and include features such as invoicing, time tracking and a couple of accounting skills. For instance, Harvard Law School case management systems is integrated with greater accounting platforms. This is for the purpose of keeping statistics of the time being used in handling the cases and areas where the firm still has debts.

FAQ Regarding a Law Firm Billing Software

In regards to a Law Firm Billing Software and billing software systems;

  • What software does the firm support?
  • Who services the account of the clients?
  • Can other people access the data provided by the client?

A client should be given reassurance, for instance by being told that he or she will have a team of professionals working on the account. The team should be well versed in the accounting field and bookkeeping. Furthermore, the team of professionals should be under the supervision of Senior Reviewers who have a couple of years of experience.

How Secure Are Your Client’s Financial Information?

In addition, the financial information of the clients should be kept secure and have safe encrypt-ions and channels to allow transfer of data. In order for the data files to be retrieved, the software should have at least two categories of passwords that have to be rightfully entered. In this regard, no one will have access to the data without the company’s permission and only users given authority by the client are allowed access.

Despite achieving professionalism and having the right skills to help clients in their areas of need, Law Firm Billing Software cannot be used without collecting the legal fees. There are several procedures that can be used to consider the billing charges or fees. According to the Tennessee State Courts, there are several factors to be considered.

Factors to Consider Regarding Billing Charges or Fees

The first one is, the labor and time put in and the level of difficulty of the questions and skill to perform the legal service. Secondly is the amount that is usually charged for the same services provided and also whether the agreement is in written form. More so, the time limitations put in place by the client or the situation at hand should also be considered and the professionalism, reputation and skills of the lawyer or lawyers carrying out the task.

The chances of a particular task preluding any other employment by the lawyer should also not be ignored. When handling the law billing matters, the period of the relationship between the lawyer and the client is a perfect consideration. The lawyer might have also made previous advertisements regarding the charges and can therefore not work contrary to them. Lastly, the firm should always be prepared to justify the fee standards placed on each case.

When determining the amount to be charged, the scope of the case should be analyzed and whether there will be need for an additional fee for the jury trial and the probation violations. The fees might be refundable or non-refundable based on the type of case. If it is refundable, the earned and unearned potions must be kept in separate accounts. As a lawyer, make sure you clearly specify the expenses that are not part of the fees.

In some instances, a client may be required to pay an hourly billing when it is hard to determine the period that will be required to complete the case. The client should therefore agree to pay an initial amount which might be refunded or not. The charges increments may include a tenth for one hour and should also be included in the agreement.

According to the Director of State Courts there are a couple of malpractices that need to be avoided such as the data entry errors in regard to payment and having poor relations with the clients. New clients should be explained to the fee arrangements set by the law firm and continuous communication should be done in regard to the same. Lawyers should be vigilant in taking one only one side of the transaction.

Clients should be billed at least on a monthly basis if there are hourly charges being made, unless some other form of agreement is being used. Having the client billed at the end of the case should be avoided unless a total cost has already been set. In order to have good relations with the client it is advisable to occasionally send a zero balance bill and still assure the client that the case is being handled well.


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