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2010 Practice Management Annual Conference Essentials of Billing in PCLaw ® Presented by: Deborah Schaefer (203)915-9050.

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Presentation on theme: "2010 Practice Management Annual Conference Essentials of Billing in PCLaw ® Presented by: Deborah Schaefer (203)915-9050."— Presentation transcript:

1 2010 Practice Management Annual Conference Essentials of Billing in PCLaw ® Presented by: Deborah Schaefer (203)

2 2010 Practice Management Annual Conference Objectives Pre-billing options and procedures Summarize the pre-billing and billing options Use the billing options and procedures Add time and fee adjustments to an existing invoice Modify expenses and add anticipated disbursements Manually transfer trust at the time of billing Adjust the value of bills after they are posted

3 2010 Practice Management Annual Conference Agenda Billing considerations in matter administration Alternate Billing Arrangements Billable Components Billing Process Create Bills Trust Transfers Electronic Billing Analyzing Practice Performance 3

4 2010 Practice Management Annual Conference Billing Process 1.Engagement Letter 2.Set up Billing Criteria 3.Accumulate Billable Time and Expenses 4.Create the Bills 5.Collect Payments 6.Analyze Performance 4

5 2010 Practice Management Annual Conference Billing System Considerations Practice Area Requirements Management Requirements Standardized Billing Formats Electronic Billing Client Cost considerations Time Increments Retainer Policies Rate Structure 5

6 2010 Practice Management Annual Conference Case Administration Engagement Letter or Fee Agreement –Defines Rates or Fixed Fee –Frequency of Billing Billing parameters –Flat or Fixed Fee –Hourly –Frequency of Billing –Method of Billing –Format of Bill –Means of Delivery or Submission –Retainer Arrangement 6

7 2010 Practice Management Annual Conference Matter Manager – Billing Tab AB C D G E H F

8 2010 Practice Management Annual Conference Matter Manager – Billing Tab A – Billing Frequency – How often Bills to be sent B – Billing Template – Format of the bill C – Task Based Billing – Electronic Billing – Each Billable component will require a valid ABA Task and Explanation Code – Type of Law specified will determine allowable task codes, ie. Lit, Proj, Bank

9 2010 Practice Management Annual Conference Matter Manager – Billing Tab D – Discount – Set amount applied to all fees for this matter E – Quote – F – Automatically Create Disbursement at Billing – Expense Recovery – One Time or Each Bill, Fixed Amount or Percentage of Fees G – Automatically Transfer Retainer from Trust at time of Billing H – Retainer Information – Replenish, Amount and What Type of Account Retainer is Kept (General or Trust)

10 2010 Practice Management Annual Conference Alternate Billing Arrangements Flat Fee Matters Percentage of Settlement, Appraisal, etc. Flat Fee with Limits Then Hourly Fixed Amount each month Payment schedule Variable Hourly Rates Rate Exceptions

11 2010 Practice Management Annual Conference Billable Components What is Billable? Time Fees Expenses Disbursements Non Cash Costs (Soft Costs) Potage, Fax, Fixed Delivery Fees, Long Distance Charges, Travel 11

12 2010 Practice Management Annual Conference Creating Bills Standardize procedure –Timing of Billing –Identify who is responsible to review billing –Method of tracking functions in billing process Manage the Billing Process –Has every case been billed in a timely manner –Has every pre bill been reviewed –Have all final bills been sent 12

13 2010 Practice Management Annual Conference Billing Process Reporting what is eligible to be billed –Work in Process Report –Reports, Client, Work in Progress 13

14 2010 Practice Management Annual Conference Billing Process Pre Bill These Tabs are used to determine what is to be included or excluded from prebill

15 2010 Practice Management Annual Conference PreBill These options identify criteria for exclusion or inclusion on Pre Bill run

16 2010 Practice Management Annual Conference Billing Process Editing billable items –Implications of changing time entries System Settings Auto Track Time reductions – If Checked will create duplicate Never Bill time entry. Maintains the integrity of actual time worked.

17 2010 Practice Management Annual Conference Billing Process Finalize bill Invoice number is assigned at the time of billing

18 2010 Practice Management Annual Conference Billing Process Tabs same as Prebill Trust Transfer parameters for Billing

19 2010 Practice Management Annual Conference Billing Process User has option to change the amount to bill

20 2010 Practice Management Annual Conference Billing Process Based upon selection change will show on different section of Bill.

21 2010 Practice Management Annual Conference Trust Transfers Billing Tab on Matter Manager specifies if Automatic Trust Transfer at Billing Create check at time of Billing Multiple matters on one check or individual checks Physically transfer money Report of what needs to be transferred –Trust Journal – Disbursements only

22 2010 Practice Management Annual Conference Bill Flow Manager

23 2010 Practice Management Annual Conference Electronic Billing Matter must be setup on Billing Tab as Task Based Billing Applicable Tab should be added to Matter Manager for detail information to be entered All time entries must have ABA Task code and ABA explanation code All expense items must have ABA explanation code Bill output should be editor

24 2010 Practice Management Annual Conference Write Up/Write Down After Bill has been created to adjust amounts billed – Change/Write Off Bill These adjustments are identified as Write Offs on all reports Adjustments at the time of Billing are label Adjustments Changes to disbursements require GL Account – Non Reimbursible Client Costs All Write offs require Task Code and Explanation Write Offs cannot be deleted

25 2010 Practice Management Annual Conference Analyzing Billing Performance –Timekeeper utilization –Billable vs. Non Billable –Productivity Profitability –Collections –Write Offs and Adjustments 25

26 2010 Practice Management Annual Conference Performance Reports Time Utilization Analysis – Shows hours entered monthly over a 12 month period by each working lawyer by billable and non-billable time. Lawyer Budgeting - Compares lawyers budgeted hours and dollars to: worked (working lawyer), Billed (fee credit lawyer), collected (collecting lawyer). Comparative Time Analysis - Shows hours, amounts and percentages by task code or type of law for working lawyers. Daily Time Summary – Shows hours entered daily by each working lawyer for both billable and non-billable time. Time Listing – Lists details of time and fees entries sorted by task code or type of law for specified time period. Time Summary – Summarizes time by working lawyer and by type of law or by task code. Task code summary includes breakdown by billable work, non-billable work and write up/down. 26

27 2010 Practice Management Annual Conference Performance Reports Billing By Lawyer – Lists fees billed by type of law for each fee credit lawyer and can be sorted by fee credit lawyer or by type of law. Fee Allocation Summary – Lists the fees billed collected and written off by a lawyer on matters where the lawyer is the responsible lawyer. Billable Time Summary by Working Attorney – Shows a comparison of hours and amounts for the month and year by matter for each working lawyer by responsible lawyer. Unbilled Time and A/R Summary by Working Lawyer – Lists matters with unbilled time and billed but uncollected fees, by client. Matters Opened Summary – Shows the number of matters opened by each lawyer as introducing, responsible, assigned lawyer for on 12 month period. 27

28 2010 Practice Management Annual Conference Profitability Reports Billing Realization – Lists billed hours, billed fees and fee write-offs by matter and calculates the actual billed fees and hourly rate after write-offs. Unbilled Time and A/R Summary by Working Lawyer – Lists matters with unbilled time and billed but uncollected fees, by client. Productivity by Client Report – Ranks clients by criteria specified. Client WIP, Billing and Collection Summary – Lists work-progress, billed amounts, collected amounts and write-off amounts by client. Lawyer WIP, Billing & Collection Summary – Lists a monthly comparison of billable time worked(working lawyer), billed fees (fee credit lawyer), fees collected (responsible lawyer) and fees written off (assigned lawyer). Fees Collected Summary - Shows fees collected for each fee credit and responsible lawyer by month, year & previous year. 28

29 2010 Practice Management Annual Conference Profitability Reports Collection Summary – Lists totals for fees, disbursements and taxes billed, amount collected and A/R by fee credit lawyer. Fee Adjustments – List of all increases and decreases made to fees during billing, as long as the were not entered with the Details button, and shows which user made the changes. Fees Due by Lawyer Report – Lists outstanding invoices by fee credit lawyer. Also, lists fees received, billed or written off during the reporting period. Firm Cash and Fee Summary – Compares hours and fees docketed, fees billed, fees received and fess adjusted for a specific month and year. Billing Realization – Lists billed hours, billed fees and fee write-offs by matter and calculates the actual billed fees and hourly rate after write-offs. 29

30 2010 Practice Management Annual Conference Additional Training Opportunities For additional training opportunities, visit LexisNexis® University, where you may learn more about eLearning, eConsulting, Classroom, Anytime, and Just in Time Training class offerings. Also available are an extensive network of LexisNexis® Certified Independent Consultants (CICs) who offer on-site training, installation, and maintenance of Practice Management software systems.

31 2010 Practice Management Annual Conference Deborah J. Schaefer, CPA One Bradley Road, Suite 201 Woodbridge, Connecticut


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