Cloud technology is a network of hosted resources that are accessible through the internet. Cloud…
A fee allocation report provides a detailed view of the time and expenses that have been billed and collected at the matter level. In addition to informing fee allocation, fee allocation reports can form the basis of a firm’s bonus structure for attorneys.
Without analytics, allocating fees accurately and quickly is a big job. But even If you use a reputable LMS like Clio, you may need extra help with fee allocation. Clio’s fee allocation reports “provide an easy look at work done by multiple lawyers on the same matter. They let you see who billed what on a given matter, as a percentage of all work done, and how the fee should be allocated for different attorneys, without having to do any manual calculations or cross-referencing. You can filter report results by billed time or billed time collected upon.” (Source)
Clio’s fee allocation reports are available only to Elite subscribers (Source), so some firms will need additional support with fee allocation. But even Elite subscribers may wish to streamline this report.
Fortunately, there’s an easy way to do that! LawKPIs’s fee allocation report integrates with data from QuickBooks, Clio and many other LMS providers to make it easier to get the metrics for this vital function.
Zero In On Specific Time Periods
Our fee allocation report best answers the question “What did we bill last month?” relative to what was collected. Fee allocation is set per invoice and automatically calculates based on the rules you’ve set globally and per matter. (Source) The best news? LawKPIs allows you to set different percentages for different attorneys for every matter. Expenses are always paid first and then the amount is allocated based on the percentages specified.
In one report, you’ll be able to immediately see the sum of:
Billed flat fees
Total hours billed
Total billed time entries
Total expenses for the entire case (no matter who entered the expenses)
Total fees collected based on the percentage of work completed
Write offs, credit notes and partial payments