Timeslips has the ability to calculate and manage a typical contingency fee arrangement: Costs are billed to the client and once the case is decided, a percentage is awarded the attorney. Here is the process:
- In the “Client Information” section, set “Arrangement 1” as follows:
a: Fees: Contingency flat fee
b: Costs: Based on slips
c: At the bottom of the screen, set Hold time charges to “On all bills” to supress any time entries
d: Save the client - On the “Funds” tab, make sure that the funds account is set to automatically pay new charges and style on bill is “Detail”
- When billing is complete, click the “Edit…” button on “Arrangement 1” page
- Change the “Status” to say “Final Bill”
- Click “Amount Calculator” and enter:
– The judgment amount
– Percentage to charge
– Amount (enter the correct amount if rounding is an issue) - Change “Hold time charges” to “OFF”
- Click OK and save the client
- Enter a “Payment to Account” for the entire amount of the award
- Generate the client’s bill:
a: The charges will be paid for the client’s funds account
b: Costs will be removed from the contingency payment
c: Remainder will appear as a balance in the client funds (to be sent to client)