Following are the steps to manage a contingency matter in LeanLaw. The whole process starts with creating a fixed fee matter in Leanlaw and finishes with a trust ledger report and you and your client's payments.
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1. Create the client and a fixed fee matter in LeanLaw. Price that fixed fee at $1
2. Track your time and expenses as you would any other matter. Of course, time tracking is only valuable to monitor how much time went into the matter or if at some point your hours need to be presented to the courts for a judiciary summary.
3. When the settlement is completed, and you receive monies on behalf of the client, use LeanLaw Trust Deposit tool to establish the trust account and deposit the money.
4. In LeanLaw, head to the matter from the Matters tab. Select the Fixed Fee tab and edit the fixed fee amount to your portion of the settlement.
5. In LeanLaw, produce your invoice with the fixed fee and the expenses. Once the invoice is sent to QuickBooks, pay that invoice using LeanLaw Trust Payment Tool.
6. Move the money from the trust bank account to the operating account via your preferred method, either by check or bank transfer.
7. To produce the settlement check for the client, head to QuickBooks. Select the "+" icon in the upper right corner of the QuickBooks interface and choose check from the menu.
8. In the check creation menu, ensure that you have selected who should receive the check, the correct trust bank account from which the funds will be drawn, selected the correct trust liability account, and that you have properly noted the description of the check.
9. Produce a trust statement from the trust ledger in QuickBooks. From the Accounting section of QuickBooks, identify the trust account ledger. Use the down arrow to the right of the "view register" button and select "Run Report" from the menu.