Using Your Legal Billing Software to Maintain Advance Retainer Deposits
If you’re like most attorneys we talk to, you obtain one advance retainer deposit when you are first hired and finish the engagement with an overdue balance.
Attorneys focus on delivery of professional services, which is the heart of law as a noble profession. But, do you have a business plan for success, including strategic use of law office billing software?
It’s important to think about the advance retainer deposit as an opportunity for conversation between you and your client. Using Easy Soft’s legal billing software in conjunction with our trust accounting software, you will have the legal software tools to replicate the same process for each client and increase your bottom line.
First, when you are hired by a new client or for a new matter with a repeat client, use our escrow software to enter the amount of the first advance retainer deposit. Each time you use our lawyer billing software, you will see the balance of the advance retainer deposit as of the last check written against it. You will also see how much unbilled time is accumulating against the remaining deposit through our legal billing software.
If your retainer agreement contains a clause for clients to maintain a minimum advance retainer deposit at all times, as soon as you see the unbilled work growing towards that minimum deposit amount, use our attorney billing software to generate a client letter requesting an additional deposit. These steps are simplified through our law office billing software.
Making a request for an additional deposit is not a negative; it is an invitation for dialogue. When using attorney billing software, at these junctures of requests for additional deposits, you and your client can talk about work completed to date, pending, and anticipated. You can talk about the goals for the matter and what legal costs are appropriate relative to the value of the project.
If you should experience an overdue account, Easy Soft’s law office billing software offers features like calculation of interest on overdue accounts, batch processing, and template cover letters. Whether in advance or after-the-fact, your team at Easy Soft is here to assist you with your legal software needs and technical support.
Just think of how much we’ll save you on the costs of an Office Manager!