Legal Billing Fee Structure
Powerful legal billing software with all the features successful lawyers need: billing, invoicing and time tracking.
LegalTrek Billing Groups lets you set hourly rates for your work. You can predefine different rates for various billing positions in your firm, or set the same for all positions. Set a standard Billing Group, a specific Billing Group for a special client, or a specific Billing Group for some of the client’s matters.
Categorize your standardized legal work with flat charge types. Set the type name, internal code, price amount, currency and enable your fee earners to select the proper type when they record their work. The LegalTrek flat charge types leave no room for error.
Packages help you manage the legal charges of your most recurring clients. To set a package, simply define a pre-paid price, start-end dates, as well as a cycle where the package arrangement repeats. Additionally, you can relate packages to specific legal products (flat-fee based) or the number of hours of your service (hourly based). You can tie package arrangements to a single matter, or apply it to all client matters until depleted.
LegalTrek law practice management software works with all currencies thanks to the built-in billing features. This means you can use one base currency to quote your rates and prices (like dollar or euro, for example), and invoice in another (e.g. local) currency. If your firm has several international offices, you can set a base working currency for each of your locations. In addition, if needed – you can tie currencies per clients and matters. All currencies you quote and work with are automatically calculated and exchanged in the designated invoicing currency. Everyday we automatically retrieve exchange rates from your trusted source.
Escrow and Trust accounting in LegalTrek is a great way to monitor and control your Law Firm’s expenses that you incur working with different clients, on different projects. It gives you full overview of fund balances in different accounts, as well as the cash in hands in a single currency, or not. Decide if incurred expense will be taken from the Escrow and Trust funds, or if you will invoice it separately. Be instantly notified when your Escrow and Trust funds run low and react accordingly.
Retainer accounting in LegalTrek is a great way to manage retainers received from clients for a certain project. Have full overview of retainer balances across various projects. Decide when you want to use funds from retainers – in certain matters or only for specific charges. Be instantly notified when your Retainer funds low and react accordingly.
This is a simple method where you charge your clients a fixed price for a project. With LegalTrek it is easy to monitor fixed fee charges and invoice them automatically. Finally, produce a comprehensive work report to show to your clients and account for the work you have done for them.
Use CAP fees to avoid risks of overcharging clients . With LegalTrek you can put a CAP on fees for a matter or a client, and automatically get notified once the amount of work nears the CAP value. Decide if you want to stop your fee earners from adding more work and charges after the CAP is reached. The LegalTrek “Force CAP” feature lets you put a hard stop to adding more work, while you choose to add more value to clients and keep the same fee limit.
With LegalTrek you can use Success fee, if you wish to tie your reward to a specific goal. Base your success fee on a percentage from a transaction, a recovery value or set a fixed amount as a reward.
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