A legal billable invoicing expert isn't necessarily one specific title, but rather someone with deep knowledge in two key areas: legal billing and invoicing.
Legal Billing Expertise:
- Understanding of Time Tracking: Proficient in how legal staff track billable hours, and mentor on how to increase productivity.
- Fee Structures: Familiarity with various fee structures used in legal services, such as hourly rates, retainers, and flat fees.
- Ethical Billing Practices: Fully cooperate with the ethical guidelines surrounding legal billing, including ensuring transparency.
- Knowledge of Legal Software: Very familiar with several legal practice management software (CLIO) used for time tracking and billing, as well as know the in and outs of numerous corporate client billing portals.
- IOLTA Account Management: Keep detailed transactions, maintain a clear record of all deposits, withdrawals, and transfers into and out of the IOLTA account. Maintain accurate, separate client ledgers for each client, tracking their specific funds deposited.
Invoicing Expertise:
- Invoice Creation and Formatting: Customize clear, concise, and professional invoices complying with client billing guidelines.
- Compliance with E-Billing Standards: They understand the standards for electronic billing (e-billing) used by many legal institutions. As well as corporate billing guidelines, for example Petco, Liberty, Sedgwick, LSS, Needles, Legal Tracker, Tractor Supply Company, Macy's, Hartford Healthcare, Walmart, etc...
- Collections and Follow-Up: Knowledge of best practices for collecting payments from clients and following up on outstanding invoices.
- Appeal Process: Most corporations use billing portals for firms to upload monthly invoices to. At times, they decline billable time or may knock your time down. It is very important to have experience with the appeal process to successfully appeal and obtain all your firms invoiced amounts.
You need a trusted, efficient, and experienced legal billing specialist in order to ensure the law firm is making maximum profits!