There can be cases where an attorney and their client agree on a payment schedule where the client pays a set fee each month. An attorney has the option to set up the Matter for Hourly billing and merely create a Flat Fee time entry each month. For more information on how to do that, Click HERE.
But what if the attorney wants to set the Matter as a Fixed Fee case for their accounting reports and still bill a set amount each month? Fortunately, there is a way to do this as well.
Let's say hypothetically that an attorney takes on such a Matter and makes an agreement with Client A that they will pay $1,000 per month in fees. The attorney and client also agree that the Matter will take at least a year to complete.
- When the attorney creates the Matter, they would set it as a Fixed Fee and make the amount to be billed $12,000 - for 12 months at $1,000 per month.
- When the time comes to invoice Client A for the first monthly payment, the attorney would double click on the matter > on the matter details page > click billing section > click Invoice tab to create the first invoice by clicking on Create Invoice button.
- This brings up the Add Invoice screen. There the full amount of the Fixed Fee will be represented in the amount to be billed.
- However, that Fixed Fee field can be changed to the amount you want. In our scenario with Client A, the attorney would change the amount to $1,000 then Click Generate to create the invoice.
- This will generate an invoice for the agreed-upon monthly fee.
- Additionally, the Matter will now show the remaining $11,000 yet to be paid as an Unbilled Balance. Each month, the attorney will repeat the process until the Matter concludes.