LeanLaw is excited to unveil our new fixed fee functionality, designed to enhance your fixed fee billing processes and provide clearer insights into your profitability. Here’s a detailed look at the new features and how they can benefit your practice:
Tracking Time Against Fixed Fees
You can now track time against fixed fees with greater precision. Simply select a client and matter and choose the “Fixed Fee” billing type to target time to a specific fixed fee. This functionality is available from:
The Calendar page
The Timers view
The Time Entries page
Viewing Fixed Fee Time While Invoicing
We’ve improved visibility into your fixed fee time in the invoices process:
Fixed fee hours are now displayed on the "Ready to Bill" page, providing a clear view of the time worked against fixed fees for individual matters
Enhanced Fixed Fee Reporting
Our reporting capabilities have been expanded to include fixed fee details on the following reports:
Productivity Reports: View fixed fee hours and the value of that fixed fee time while looking at your favorite LeanLaw productivity reports.
Fixed Fee Profitability Report: This crucial report now shows all fixed fees, regardless of matter type. It displays fixed fee charges, hours worked, value of the fixed fee time worked, and the profitability difference, helping you evaluate and adjust your billing strategies as needed.You can drill down into reports at the matter level and even at the individual fixed fee level for a granular understanding of profitability.
Recurring and Completion-Based Fixed Fees
LeanLaw now supports both recurring and completion-based fixed fees. If you have a fixed fee intended to be completed by a certain date, or a fixed fee that renews on a schedule, you can use date based fixed fees.
Additionally, you can now mark fixed fees as complete once the work is done:
Incomplete fixed fees will not appear in the billing stage until they are marked complete.
Ongoing work can still be tracked, but it will only be available for billing once completed.
Performance Improvements
We’ve made several enhancements across the platform to improve performance and user experience with fixed fees, ensuring a more streamlined workflow.
Thank you for choosing LeanLaw. We hope these new features significantly enhance your fixed fee management and profitability insights. For any questions or support, please contact our team.