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Billing Practices Reform

Billing Practices Reform. Software. Choose and purchase a billing software package Comparison chart: http://www.americanbar.org/content/dam/aba/migrated/tech/ltrc/charts/pmtbchart.authcheckdam.pdf. I chose TimeSolv Legal Flexible options for accurate and easy billing

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Billing Practices Reform

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  1. Billing Practices Reform

  2. Software • Choose and purchase a billing software package • Comparison chart:http://www.americanbar.org/content/dam/aba/migrated/tech/ltrc/charts/pmtbchart.authcheckdam.pdf

  3. I chose TimeSolv Legal • Flexible options for accurate and easy billing • Compatible with other software • Comprehensive accounting and management • Mobile device compatible (iPhone, Blackberry, Windows Mobile, Palm) • $29 per user per month with annual plan (includes set-up and training)

  4. Training is key • Older Attorneys need to become comfortable with the system • Attorneys will be encouraged to use the timing features to capture billable time as they work • Automatically captures time spent on phone calls and email

  5. Results • More billed hours from accurate time keeping • Frees up legal assistant to do more productive tasks • Promotes better communication with clients • Better management of client trust accounts and more immediate cash flow

  6. Invoices and Communication • Create a custom invoice that is: • Professional • Attractive • Accurate • Detailed

  7. Invoices will be sent out every two weeks • Keeps clients engaged • Bills are smaller because of the shorter time period • We realize sooner if a client will not pay bills and stop doing work for that client

  8. Result • Happier clients • Higher collection rate on billed hours • Better cash flow • Enhanced professional image

  9. Fee Structure • Move towards flat rates wherever it’s possible • Simpler legal issues get a flat rate • Consumer clients • Some business clients, depending on the job • Avoid contingency fees when possible

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