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Percentage of Completion Billing
L.A.W.S./Pro provides lawyers the ability to invoice a fixed
fee incrementally to a client based on the percentage of total services rendered. The percentage of the
fixed fee to be invoiced to the client is associated with the Matter Type.
Utilize the Percentage of Completion Billing as Follows:
Matter Type: Enter the desired Percentage of Billing Associated with each Matter Type.
(Setup - Supplemental - Matter Type Menu Bars). The "1st" Pct of Completion" represents the
percentage of the matters fixed fee to be billed on the first invoice to the client. The 2nd through
5th percent represents the percents to be billed on the subsequent invoices.
Matter Information: Enter the agreed upon TOTAL fixed fee through Matter Setup. Make sure
that the assigned Matter Type contains the appropriate percentage billing information.
Firm Preferences: If desired, the firm may enter an explanation into the system which will be noted
on each percentage of completion invoice. (Setup - Firm - Firm Preferences Menu Bars) The explanation may include variables specific to the matter being billed such
as: $$INSTALLMENT: Installment Number $$CURDOLLAR: Installment Charge $$CURPCT: Installment Percent $$TOTINSTALL: Total Number of Payments $$TOTDOLLAR: Total Charge $$DOLLARBAL: Remaining Balance A sample paragraph could consist of the following: This bill represents incremental billing of the agreed upon fee of $$TOTDOLLAR in $$TOTINSTALL payments. This invoice is for the $$INSTALLMENT payment of $$CURPCT % totaling $$CURDOLLAR. The balance remaining after this invoice is $$DOLLARBAL. When printed on the bill it would look something like this: This bill represents incremental billing of the agreed upon fee of $5,000.00 in 3 payments. This invoice is for the 1st payment of 50 % totaling $2,500.00. The balance remaining after this invoice is $2,500.00. Invoice Generation: When a fixed fee assigned to a matter is invoiced, L.A.W.S./Pro checks the matter type to see if percentage billing applies. If not, the total fixed fee is billed to the client as before. If percentages are assigned, L.A.W.S./Pro evaluates the clients prior billing history to determine the number of previous invoices. It then assigns the current invoice the appropriate percentage. For example: If the matter had never been billed, the first percentage of the matters fixed fee would be invoiced to the client. If the matter had been billed once previously, the 2nd percentage of the matters fixed fee would be invoiced, etc. If, based on the number of prior bills, the system concluded that the entire fixed fee amount had been invoiced to the client, the client would be billed for the actual value of un-billed WIP. If L.A.W.S./Pro computes a percentage of completion fee, it checks, and prints the billing explanation stored in the firm preferences. |
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