Billings in legal matter management refer to the process of tracking and managing the financial aspects of legal matters within a law firm or legal department. It involves the systematic recording, monitoring, and billing of legal services provided to clients or internal stakeholders.
What are billings?
Introduced in v1.140, AdvoLogix Matter Management (AMM) manages your matter fees and expenses as billings with support for splitting the fees among recognized billing parties. AMM now includes a dedicated object to manage all of your billings. Using billings, your users will be able to easily manage and generate fees and expenses among your billable parties within a matter.
What are the different types of billings?
- Time
- Expense
- Matter Fee Arrangement
- Administrative Fee
- Other Fee
The first three types of billings are automatically generated when users enter any time or expense or whenever a fee is charged using Matter Fee Arrangement (as One Time or on Recurrence).
How are billings generated?
Billings can be created in multiple ways. AdvoLogix automatically generates your billings when a user enters new time or expense. Your users can manually add a new billing using the Billing Preview⚡tab.
What are billing parties?
The Billing Parties refer to the parties involved in a legal matter who are responsible for generating, reviewing, and managing the billing and financial aspects of the legal services provided.
How are billing parties managed?
Managing billings parties effectively is crucial for controlling legal costs, ensuring transparency in billing practices, and maintaining financial oversight in legal matter management. To manage your billing parties, you can use the new Manage Billing Parties lightning component that can be placed on a matter record page. For more details, follow this link.
How to split billings among different billing parties?
AdvoLogix manages your billings automatically based on your configured billing parties within the matter. Using the allocated split percentage, the billings will automatically be split among the parties.
Once billing parties are added or modified, the billings split will only affect newly entered fees or expenses for the matter.