Your motivation to track time against a flat fee matter is two-fold:
- To assess how much labor is put into a flat fee effort and whether it was profitable.
- To show the client the work done in relation to the flat fee activity.
You can also add time to a flat fee matter that isn’t in the scope of the work but still pertains to the matter. An invoice could ultimately show.
- The flat fee and its description.
- The hours put into the flat fee.
- Any hourly work in addition to the flat fee.
LeanLaw offers intuitive fixed or flat fee billing in three modes:
- Traditional fixed fee.
- Hybrid fixed fee. This option allows for both a flat rate item and hourly billing to be added for work that may not be in the scope of the fixed fee matter.
- Reoccurring fixed fee. This mode allows for a fixed fee to be billed on a monthly basis. It also includes an option for time overage. If you exceed the amount of time allocated for the monthly fixed fee, the platform then allows for hourly billing to commence for the overage.