Fee arrangements, also known as billing arrangements or fee structures or alternative fee arrangements, are crucial elements in legal and business transactions that outline the financial aspects of a legal case or professional engagement. We are thrilled to introduce a diverse range of fee structures that cater to the unique needs of your legal engagements. From traditional hourly billing to innovative alternative fee arrangements, we provide you with a comprehensive toolkit to tailor your financial arrangements precisely as you require. Whether you prefer hourly fees, flat fees, or contingency fees, our platform offers the flexibility and versatility to accommodate your preferences seamlessly.
What is a Fee Arrangement?
Fee Arrangements expedite the process of creating a new matter fee arrangement. Fee arrangements are pre-configured and contain all the details required to implement it for any matter within your organization.
AdvoLogix offers the following fee arrangement (record) types that can be set up for individual matters:
- Fixed Fee - This type of fee arrangement offers the client and the service provider an agreed upon predetermined, flat fee for a specific legal matter. Unlike hourly billing where charges can vary based on time spent, a fixed fee arrangement sets a definite cost for the entire matter, regardless of the actual time invested.
- Contingency Fee - In this type of fee arrangement, the client pays no upfront fees or retainer. Instead, the compensation is contingent upon the successful outcome of the matter. If the client wins or receives a settlement, then the parties (representatives or plaintiffs) are entitled to a percentage of the awarded amount, typically agreed upon in advance.
Each fee arrangement can be expanded with features that are categorized as a:
- Code - Refers to your organization's defined UTBMS codes.
- Role - Refers to your organization's defined roles.
Multiple features can be added to a fee arrangement. Each feature is configured with an associated Cost and Price and allows you to apply a Unit Cap when a time or an expense is added using the fee arrangement.