Client billing is very often a practice, case and client-specific aspect to the running of a law firm, but one that is subject to many industry-specific requirements and regulations. It is also one of the primary areas of malpractice concern for both lawyers and their clients.
The way in which you bill clients should seamlessly integrate into the overall workflow and ecosystem of your practice – a task easily done by automating and personalizing features within a legal practice management software. By doing so, you not only avoid the perils of malpractice, you create an efficient experience for clients at the closing of your case and optimize your current workflow.
Time-tracking is an integral part of any business, for workflow metrics and time management. This is especially important for lawyers when time is, literally, money. The correlation between efficient time tracking and billing can have dynamic effects on both your workflow and return as it is estimated that law firms lose between 10 and 30% of their billable time by recording it after the fact.
Firms and cases vary in this regard between three main types of billing: hourly, contingency, and flat-fee. By using a standard billing template, inaccuracy and inconveniences are no longer a worry. Clio provides an in-the-moment solution and allows you to select the rate of time-based billing necessary per client or cases to accurately track your time, and avoid affiliated administrative and malpractice issues.
Tip: Clio also provides Time Rounding features, which enables you to easily round up periods of time allotted to tasks, and automates the final amount shown on your bill. Effortless, accurate and efficient.
Customizable Bill Templates
Customizable bill templates and themes are also an integral feature to the overall billing of a client given the degrees of unique fields that may be necessary for commercial, regulatory and reference needs.
Integrate a highly customizable and accurate billing system into your practice to aesthetically alter the layout, look and feel of bills your clients receive, and all the regulatory required and area-specific information such as tax, currency, and trust account details. With 72 customizable fields and 150+ customizations, such as:
- Law Firm Branding: logo, firm name, address
- Invoice Customization: header, title, details, footer
- Client Specific Details: personal information, matter tables
- Client Account Summary: Statement of account and account details
- Payment Profile: currency, grace period, discounts, interest notes
- Additional customizations: page set-up, localisations, taxes, remittance slip
Although features pertaining to the billing of clients is integral to a case – many fail to do so correctly. The risk of mismanaging client funds is a primary concern for ethical lawyers. As a common malpractice area and pain point for lawyers, client accounting errors are avoidable by maintaining a simple infrastructure of clear record keeping in line with industry and localised standards.
Clio’s client accounting software labels and tracks funds in client accounts, while our legal billing guides your record-keeping and maintains your clients’ accounts records,preventing malpractice errors.
Record advance fees and payments in client accounts. Transfer funds to operating accounts, mark your clients’ invoices as paid, and streamline your monthly billing process .
For a more in-depth view of how to streamline your billing from the intake of a client, catch our on-demand webinar on the benefits of creating a seamless workflow, including numerous billing and time-saving tips, in “From Intake to Invoice”.