LeanLaw's Completion Based Fixed Fee feature is a modern approach to legal billing, designed to improve profitability, accuracy, and workflow efficiency. Unlike traditional fixed-fee structures that rely on arbitrary deadlines, this feature allows firms to mark fees as complete based on actual work completion. This ensures precise revenue recognition, eliminates unnecessary manual tracking, and provides real-time financial insights.
Key Benefits of Completion Based Fixed Fee
Better Profitability Insights: Firms can evaluate if fixed fees reflect actual effort, making it easier to refine pricing strategies.
Accurate Financial Tracking: Revenue recognition is based on real work completion, preventing discrepancies caused by arbitrary deadlines.
Streamlined Workflows: Automatic tracking reduces administrative work, allowing legal professionals to focus on clients.
Data-Driven Decisions: Firms can analyze historical data to optimize fee structures and ensure sustainable pricing.
Seamless Integration: Works effortlessly within LeanLaw’s interface for an intuitive user experience.
How Completion Based Fixed Fees Drive Efficiency
Tracking time against fixed fees isn’t just about organization—it’s about making informed business decisions, adjusting pricing when needed, and selecting the right cases to maximize efficiency and profitability.
1. Greater Visibility for Smarter Business Outcomes
Mark fixed fees as complete when the work is done—not by arbitrary dates—for accurate timeline tracking.
Analyze profitability across cases, timekeepers, and clients to align performance with revenue goals.
2. Optimized Workflows for Time Savings
Automatically track fixed fee time, eliminating manual entry.
Identify unbilled fees, ensuring faster and more accurate billing.
Provide clients with transparent invoices that clearly outline work performed.
Real-World Application
Imagine a law firm handling a business acquisition case on a fixed-fee basis. Instead of relying on an arbitrary due date for revenue recognition, the firm marks milestones like contract drafting and due diligence as complete. This ensures accurate financial tracking and aligns billing with actual work performed.
Why It Matters for Your Firm
Legal professionals need billing solutions that reflect their actual work. The Completion Based Fixed Fee feature allows firms to optimize financial tracking, improve forecasting, and ensure transparency in pricing.
Learn more about the difference between Completion Based Fixed Fees and Fixed Fees here!
Start Using Completion Based Fixed Fees Today
LeanLaw’s Completion Based Fixed Fee feature is available for all firms starting 2/24/2025, empowering firms to enhance profitability and streamline billing.
To learn more about creating Completion Based Fixed Fees, check out this article!