![]() The system can automatically generate reports on information such as outstanding balances and client inactivity. The software protects against accounting mistakes and automatically records paper trails in case of an audit. IOLTA, which helps raise money for legal aid for those in poverty via interest earned on client funds, entails special accounting requirements that you can manage with your software. Interest on Lawyer Trust Accounts (IOLTA) Accounting ![]() Users can record invoices and payments and maintain account balances for all clients.Īutomatically prepares IRS filings on the basis of information stored in the system.Īllows users to manage trust accounts for clients and even author checks within the system. General Ledger Functionality Client account balances Other systems allow for electronic fund transfer (EFT) payments via automated clearing house (ACH) processing as well as PayPal gateways. Some systems allow users to accept credit card payments. Sends automatic notices when clients’ retainer fees are getting low. Some systems can also calculate late fees automatically. Bills can be delivered via email, or electronically in Legal Electronic Data Exchange Standard (LEDES) format.Īllows users to customize invoices with their firm’s logo.Īutomatically notifies clients when bills are past due. Users can also define their own codes.Īllows users to track expenses associated with clients’ accounts.Īllows the system to report on gaps in your billable time.īill Preparation and Payment Functionality Client invoicingĪutomatically generates client invoices based on the billable time recorded in the system. Users can set timers to track each minute of billable time.Īllows users to assign activity codes to billable time, including the codes established by the American Bar Association (ABA). Primarily used by larger firms.ĭraws on calendar data, documents and tasks to fill in gaps in your billable time. Multiple fee schedules/billing arrangementsĪllows users to bill time in hourly, contingency, transactional, user-defined, flat fee (monthly, annual or user-defined), retainer fee and split fee increments.Īllows users to bill by timekeeper level: e.g., individual attorney, partner, associate, practice area type and client levels. In some systems, calendar information can be used to fill in gaps in billable time. Events created in your calendar can automatically feed into calculations of billable hours. The guys over at software advice have done a great job summarizing features, so I’ll share what they wrote.Ĭalendar may be included, or software may integrate with a calendar application (e.g., Microsoft Outlook). Once you’ve decided if you need time and billing software vs practice management, you’ll want to take a good look at the feature set. If you find yourself with complex needs requiring a more inclusive functionality set practice management suites might be the way to go.īuyers Guide for Legal Billing Software – Feature Set If you need case management, document management or contact management functionality in addition to time tracking and billing, you should investigate practice management suites.Įxamine the casework you do most often. One thing you’ll need to decide early on is whether you need a simple solution for legal billing or a more comprehensive solution for practice management. Legal Billing Software Stand Alone vs Practice Management Suites Legal billing software often integrates with case management systems and larger accounting platforms in order to keep a holistic picture of who’s man-hours are contributing to which cases and where a firm has yet to reconcile debts.” These billing systems are optimized for the law profession and incorporate features like time tracking, invoicing, and some accounting capabilities. “Legal billing software ensures lawyers and law firms collect payment for their time and effort. The audience that will read this has a good idea what time and billing software is. This is our buyers guide for legal billing software. We’ve compiled some data from relevant sites that review software as well as tried to identify key questions you can ask to make sure you get the right fit. How do you know which is the best fit for the needs of your firm? The answer really depends upon your needs and the features that you will use most. Most firms use time and billing software to make it easier. Sometimes the hassle of keeping track of billable hours and creating invoices for clients can be a time suck and hurt profitability. This is literally the case for many attorneys as they bill hourly.
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