Law Office Management Chapter 8-14 – Flashcards

Unlock all answers in this set

Unlock answers
question
What are the four essential elements of the billing process?
answer
Communication, Documentation, Regular and Frequent Billing, and Descriptive Bills
question
What is the most important aspect of the billing process?
answer
Communication
question
This begins at inital client interview and continues throughout the attorney client relationship until the final bill is paid and the relationship is terminated
answer
Comunication
question
Documenting all communication concerning fees and billing matters is important particurally if there is a fee dispute
answer
Documentation
question
Billing should be frequent and regular. Monthly billing is the most common method of billing, clients prefer small monthly bills rather than large, infrequent bills
answer
Regular and Frequent Billing
question
Bills should describe the services rendered in a brief concise manner
answer
Descriptive bills
question
Charging a client for services rendered in one large block of time rather than itemizing the tasks performed
answer
Block Billing
question
A bill prepared for an attorney's review and consideration for adjustement before a final bill is prepared
answer
Preliminary Bill
question
A form used by an attorney to increase or decrease a clients bill as appropriate
answer
Fee adjustement Memorandum
question
What eight factors are considered by the ABA to determine a reasonable fee?
answer
TOCATPET
question
Charging a client intrest on past due accounts is generally acceptable, however some states require a client's consent to charge intrest, as a rule intrest is rarley collected
answer
Intrest Charging
question
LAwyers often extend creedit to their clients, credits are extended to people who generally extended to people who generally have the ability to pay
answer
Credit and Credit Cards
question
computrized billing systems, software packages are used
answer
Billing system
question
When a percentage of the bill is given to the orginating or supervising attorney as compensation
answer
Fee Allocation
question
A utility program that allows data to be transfered to a billing program by copier or telephone system for recovery of costs
answer
Cost Recovery System
question
The percentage of the total amount billed by a time keeper that is actually received by the law firm as income
answer
Realization Rate
question
What factors affect the relazation rate?
answer
Nonbillable time, write ups, write downs, and write offs.
question
An increase in the amount owed because of a premium
answer
Write up
question
An decrease in the amount owed because of a discount
answer
Write down
question
A credit for the total amount
answer
Write off
question
What are the goals of a firms billing process?
answer
First is to make Profit, Second is to give back to the community
question
What does a firms profitibility depend on?
answer
How you handle your resources aka the people who work for you
question
A letter summarizing the scope of representation and the fee agreement between a lawyer and a client
answer
Engagement Letter
question
What is considered when a firm projects income?
answer
Rent, Office Expenses, and Sallary
question
How do you calculate an expense percentage?
answer
Various expenses divided by full income gives you this
question
What is the most common billing method?
answer
Monthly
question
What does a firm consider when projecting income?
answer
A firm considers the amount of time worked for existing clients and other variables to determine from new clients
question
What is the purpose of a trust account?
answer
Purpose is serrogation of cash, keeping cash seperate of the clients and the law firms
question
Holds the clients money in trust so that law firms money does not interfere with clients money
answer
Trust Funds
question
What is funded by IOLTA?
answer
IOLTA funds legal services for indifent people through the funding of legal aid programs ...
question
Using other clients funds until check clears the bandk
answer
Check kiting
question
What is the purpose of a docket control system?
answer
Keep all dates in one setting
question
A system that allows a law firm to schedule court hearings, depositions,m and other appearances and keep track of document due dates, filling deadlines, appoitments, and statue of limitations
answer
Docket Control System
question
What does a docket control system consist of?
answer
A calander that contains the schedule of each attorney
question
A calander that contains hearings and deposition dates for each attorney in a law firm
answer
Master Calander
question
An individual calander that contains the same information as the master calander but also includes appoitment dates, follow up dates, deadlines so that the legal team will have enough time to prepare and complete the project on time
answer
Personal calander
question
A system that is the method of controlling document dates and deadlines so that the legal team will have enough time to prepare and complete the project on time
answer
Tickler System
question
What is considered when requiring the number of reminder dates in a tickler system?
answer
You must first determine the due date
question
How frequently should files be reviewd?
answer
Monthly
question
Whose responsibility is file maintance?
answer
Paralegals responsibility
question
How are files categorized?
answer
Function, Subject, Topic, Subtopic
question
Refers to wether a document or information is needed on a day to day basis
answer
Operational value
question
Refers to wether a document or information is covered by statue of limitation
answer
Legal value
question
Refers to whether a document or information has technical or procedural importance
answer
Technical value
question
What is the U.S. Legal system based upon?
answer
Both written and case law
question
How are laws categorized?
answer
Cvil or Criminal
question
Rules created by an individual cour tthat apply in the court only
answer
Primary Authority
question
Anything other than primay authority that aids a court in reaching its decision
answer
Secondary Authority
question
A printed copy of judicial opinion that is distrubuted soon after a decision is rendered
answer
A slip opinion
question
The process of storing information photographucally
answer
Microform
question
Sheets of film on which documents are photographed
answer
MicroFiche
question
Film on which documents are photographhed
answer
Microfilm
question
A datavbase of laws compiled by a publisher who charges customers to use it, axcess to full text legal documents
answer
Online Legal Database
question
Also known as brief banks are copies of work previously completed that may be used again for use of a guide to complete other projects
answer
Knowledge bank
question
Software created exlusivley by a law firm
answer
Custom software
question
Created by software companies who market and distrubute the software through the public
answer
Off the shelf software
question
Software bundled in one package called office suites
answer
Bundled software
question
A software application that can be purhased to enhance the features of another software applicstion
answer
Add on Software
question
A unique name that identifies an organization of the internet site
answer
Domain name
question
What was the internet origninally designed for?
answer
A countrys communication network in case of a nucleur attack
question
This is not the internet, it is one of the protocols that operate the internet
answer
World Wide Web
question
What are the goals of a system?
answer
Maxamize productivity, minimize waste, conserve resources, reduce errors, and produce high quality work
question
What is the purpose of a system?
answer
The purpose is to stramalize a task so that team mebers of a legal team do not do unecessary work, wast resources, or make mistakes
question
A large system, the elements include technology, economy, and govermental laws and regulations
answer
Macrosystem
question
A firms methodology for reaching its goals
answer
Microsystem
question
A system with a microsystem. This system must operate with substantive and administrative microsystems
answer
Minisystem
question
A system relating to the management of a firm
answer
Substantive Microsystem
question
A system providing legal services to a client
answer
Administrative Microsystem
question
What are the four stages if devolpement?
answer
Anylyze, Synethize, Organize, Finalize
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New