Wednesday Wisdom: Billing Versatility-Contingency Billing with Rocket Matter
Rocket Matter users have always been able to manage matters on an hourly, flat fee or contingency basis. This week, we will explore creating a contingency based matter and changing over to contingency, should the need arise with an existing hourly matter.
To create a new contingency based matter, follow these simple steps:
*From your user or matter dashboard, click Add Matter on the menu to the right of the screen and enter the client and the matter name. On the following screen, select Bill On A Contingency Basis in the upper left corner.
*Click on I Want To Set Custom Rates, directly to the right of the previous selection. In this window, you are given the option to set custom rates for this specific matter. Set these billing rates to zero, for all those involved with this particular matter.
You are now able to track all your time across this matter, and to bill for costs and expenses, which can be invoiced and collected before the completion of the matter. In order to convert an hourly matter over to contingency at any point, simply follow these steps:
*From the matter dashboard, click Edit Matter, in the upper left part of the screen.
*Click Bill On A Contingency Basis and make sure to set the hourly rates for those involved with this matter at zero, by clicking on I Want To Set Custom Rates. Your new settings will take effect the day of the change.
*Don’t forget to close out all the current hourly billing related to the matter by invoicing it prior to converting the matter to contingency.
That’s it. Rocket Matter makes managing your practice easier and more enjoyable. Don’t currently use Rocket Matter? Sign up here before June 10 and get 25% off your first 3 months of service!
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