One problem with using generic billing software is that it may not support the way you do business. Rather than trying to improvise a solution, use dedicated attorney time and billing software like CosmoLex that can handle all your billing needs.
Hourly Rates – The billable hour is the classic legal billing system. All anyone has to do is pick the matter, pick the task and indicate the hours performed. The system automatically bills that person’s default rate. You can set up as many as eight rates for each employee under the timekeeper screen, as well as setting custom billing for a particular matter. Easy to use billing software for lawyers ensures that all billable hours are entered so you don’t accidentally find yourself doing pro bono work.
Fixed Fee – Many law firms are moving away from the billable hour towards the fixed fee. Clients prefer it since they know how much they will owe on a case going in. Attorneys are learning to see the advantages in that they can secure more predictable income. Fixed fee billing is ideal for simple cases in fields such as bankruptcy or divorce, and is finding a foothold in nearly every legal field. You can still track hours and expenses, giving you the ability to compare the work done to the fees charged. As you become more efficient you can reap greater profits, or lower your fees to be more competitive.
Contingency – Fields such as personal injury hinge on contingency fees. Pursue the case and when the judgment is awarded, the legal billing and accounting software easily calculates the firm’s share. As with fixed fees you can track hours and expenses to ensure your contingency fees are covering your operating expenses.
Your firm can easily combine all of these billing models, for example using fixed fees for most cases but adding hourly rates for matters that require unusual amounts of work or that incur hours or expenses past a certain limit.
This kind of attention to the features needed by law firms is why CosmoLex is set to become one of the most popular law practice management software products you can find. Subscribe to CosmoLex free to find out how easy your billing can become.