Today’s firms face more and a lot of different challenges than 20 years ago. Most of you will agree with this having in mind the changes in the market due to technology and clients. One of the biggest pressures comes from clients’ demanding their law firms to offer alternative fee arrangements.

The understanding of modern lawyers’ needs helped and motivated us to create a software, supporting the use of the most common fee types. We believe that automating routine tasks (such as pricing and billing) will help lawyers finish their cases faster, impress their clients and even reduce the staff that’s engaged with the pricing.

Lawyers, move beyond the traditional habits of legal practice!

Depending on the nature of your matter the fee structure may vary. This is why it is crucial for you to have a reliable software to help you manage the most used fee arrangements such as cap, estimate, trust accounting and subscription. We love bragging with our clients’ success and satisfaction, so here’s a few stories of how they’re managing and organizing their pricing:

Jessica James, one of our clients, is a corporate lawyer using capped fees. In many of her cases, she’s setting a maximum amount of the charges. She outlined that she’s working with capped fees because her clients want to be sure that the case will be finished within a certain budget. Wondering how Jessica is managing to complete the matter within the agreed scope? It’s simple – she gets notified every time she’s surpassing the fee.

In some cases, Jessica is also using estimated fee which is helping her get real insights and plan her future charges. Estimate makes it easier for her to forecast the general cost of the matter and then use the gathered information to compare it to the final cost of the case.

Guide to Alternative Fee Arrangements

Download this FREE E-book and learn from those who turned Fee Arrangements into a Competitive Advantage.

Use Trust accounting and subscriptions for a long-lasting relationship with clients!

Another one of our clients, Mitch, is having clients who insist on giving a certain amount of funds to a third party until the case is finished. Using an escrow accounts is a win-win situation for Mitch and his clients because the third party is a guarantee that the agreed terms will be met in order to make the payment.

If you’re dealing with trust accounting (e.g. escrows & retainers), as Mitch, you probably know that the biggest benefit for clients is eliminating the financial uncertainty. We now automated everything he needs to track his trust accounts, including different currencies.

Some of you are probably offering their valuable and loyal clients monthly subscription arrangement. If they regularly need legal services, with subscriptions your clients will be calm and convenient that you’ll solve all their problematic issues. Thus, your clients will perceive you as a reliable partner.

We made it easier for our users to track the legal services they provide for their subscribed clients. They have the flexibility to choose the way they will track their legal services – for limited hours or flat.

Try LegalTrek’s law practice management for managing your alternative fee pricing here!

Send this to friend