Purpose & Benefit: Fixed fees offer predictability for both you and your clients. And where there is predictability, it leaves less room for any potential disputes once the bills roll out. TimeSolv has created the right legal project management tools to help you work with fixed fee billing. Especially with our phase and task planning, you can ensure your fixed fee matters are profitable for your business.
There are a number of ways in which you can create a fixed fee bill:
1. Create a fixed fee bill on the Time Entry page (useful for applying fixed fee bill to a single time entry)
2. Create a flexible billing template and enter in fixed fee amount in the draft invoice (useful for applying fixed fee bill to a multiple time entries)
- To do this, you need to create a new billing template to display only description and amount, select Settings under Invoices tab.
- Click on Flexible Billing Templates tab.
- Click on copy of Flexible Billing Template.
- Re-name the flexible billing template as Fixed Fee, or anything you wish.
- Click on the Time tab and check the boxes for the information you want to be displayed on the invoice and click update.
- This template will need to be assigned to the client/matter before you create invoice or you can create the draft, click on the AMOUNT and edit the template on the edit draft settings.
3. To use a fixed fee billable milestone in a matter/project plan.
- Click on Clients & Matters under Clients tab.
- Click on the relevant matter name.
- Under the Invoice Settings tab, select Fixed Fee – Time and Expense under the Billing Arrangement field.
- The Billing Event will automatically be chosen as Milestone and cannot be changed when you have selected the billing arrangement as ‘fixed fee – time and expense’.
- Under the Matter Plan tab, click on the New Milestone button.
- Fill in all the details for the new milestone (see here for more details on this), and make sure to select the Type as Billable Milestone.
- Once you have created the new milestone, click on the milestone.
- The Invoice Amount field will now have appeared. Specify the fixed fee invoice amount.
- Click Save.
- Now click on Complete & Generate Invoice link next to the milestone.
- Click OK when the warning message appears.
- Click on Drafts under Invoices to view and send this generated invoice.
- Below you can see an example of the generated invoice having been listed.
- If you click on the magnifying icon next to the listed draft invoice, you can view a preview of the draft invoice and can see the Fixed Fee amount listed.