the best way to keep track of contingency matters? I'd like to know
what we're really making per hour on them.
Put the matter on hold.
This allows you to accumulate all of its fee and cost activity yet
defer "billing" until you've entered all of its
transactions. If your contingency agreement with your client includes
costs, use status code I (hold fees and costs). If, on the other
hand, the agreement covers just fees, use status code F (to hold fees only).
- Enter your fee activity
at the billing rate that you would charge if you could, perhaps your
- At the conclusion of
the case, after all fees (and costs, if relevant) have been entered,
go to Transactions/Fees/List Alter, enter the client and matter codes
and click on Options/Automatic distribution of write-ups and
write-downs. In the "new billable" box, enter the amount of
the settlement that you can attribute to fees. Do not click the
"adjust hours" box. Then click "redistribute."
This process writes up or down (depending on whether or not the value
of time work exceeded the your share of the settlement) every time
entry assigned to the matter. It does this by changing each
transaction's "billable" amount while leaving the
"actual" value of each individual entry unchanged. As a
result, you can determine, timekeeper by timekeeper, the
profitability of the matter.
- Take the case off of hold.
- Run the billing
generator. This will create a fee receivable precisely equal to your share.
- Enter a payment to pay