We’ll explain the features and functionality to be on the lookout for, as well as best practices for evaluating systems. We wrote this guide to help those in the legal field evaluate accounting software. In addition, software can arrange invoices based on the time logged. Goals for total annual billable hours can be recorded and compared to the actual hours worked for evaluation. Time can be broken down into date, activity and billable or nonbillable criteria. Because law firms often bill as a function of time, work time and schedules should be highly organized to produce detailed reports for the inquisitive client. Legal accounting software is an essential part of an attorney’s practice management system, and frequently revolves around projects and time logs. Can sync calendar with email and create tasks, set reminders and view scheduling conflicts directly from email.
Manage your caseload with a tool that stores information like deadlines, events, documents, notes, action items, billing and payments. Also referred to as “legal CRM.” Project scheduling
Since client relationships are so important, a quality legal accounting solution will contain contact management capabilities, recording information for clients and related parties. Some systems include a client portal, which allows clients to securely submit files and make payments for services rendered. Some systems can be set up to alert firms and clients when bills are past due and automatically calculate a late fee to add to the invoice. Customization options allow law firms to personalize invoices with the firm’s logo and client information. Invoices can be sent through the mail or electronically over email and paid via credit card, electronic funds transfer or a secure payment gateway. Generate invoices based on the billable time logged by attorneys. Some systems can pull data from other applications, such as calendars or document management, to fill in gaps in billable time. Also includes stopwatch timers, which can be set up to record billable time based on the fee arrangement. This feature often includes support for flat-fee, task-based, split, contingency and retainer billing. Most law firms bill hourly, so the ability to track the time spent on projects and bill accordingly is crucial.
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