Wednesday Wisdom: Managing and Invoicing Conditional Flat Fee Matters With Benchmarks
Rocket Matter gives you the ability to comprehensively manage your matters, regardless of how you bill for them. Last week we looked at including flat fee matters in your batch billing, so that you can invoice and collect in cases where you do not receive payment in full up front.
This week, we will look a little more deeply into flat fee matters and show you exactly how you can manage and invoice your conditional flat fee matters. Suppose you have a matter with a benchmark of 90 days and that after the arrival of that date, you will begin billing at a regular hourly rate. Follow these steps and you will be able to simplify billing for even the most complicated matters:
1. Set up an hourly matter as usual, but set the hourly rate to zero.
2. Use the Bill Expense or Time tool to bill 1 unit of time equal to the flat fee due on the matter.
3. When the matter reaches the pre-determined benchmark (in this case, the 90 day mark), run the invoice for the flat fee to close out that balance.
4. From your matter dashboard, click Edit Matter and then I Want To Set Custom Rates. Enter the appropriate new hourly rate and save.
5. Invoice as you normally would each month and be sure to begin tracking all of your time going forward.
Using any benchmark necessary for a particular matter, you can easily convert it over to hourly when the time comes. This flexibility allows you to manage the matter on an ongoing basis, regardless of how you bill for it. Rocket Matter lets you manage your matters dynamically and adapt when needed, without having to close it out and start from scratch. For more information on billing and invoicing, check out our Rocket Matter FAQ section.
If you’re not currently a Rocket Matter user, the best way to learn more about the features and benefits is to view on of our informative online demonstration webinars. Click here to view a list of upcoming demos and get the information you need to make an informed decision about putting Rocket Matter to work in your practice!