The trend of charging fixed fees for services has been growing in recent years. Fixed fees are a great way to ensure that your clients always pay the amount quoted. This can also simplify your billing process and reduce the chances of misunderstanding or overcharging.
However, it is important to remember that although fixed fees are great for clients, they may not be so great for you. Ensuring you measure time spent is vital. This will help:
To assess how much labor is put into a flat fee effort and whether it was profitable.
To show the client the work done in relation to the flat fee activity.
LeanLaw offers intuitive fixed or flat fee billing in three modes:
Traditional fixed fee. One fee for a specified task. Expenses and a time log can be added to the invoice.
Hybrid fixed fee. This option allows for both a flat rate item and hourly billing to be added for work that may not be in the scope of the fixed fee matter.
Reoccurring fixed fee. This mode allows for a fixed fee to be billed on a monthly basis. It also includes an option for time overage. If you exceed the amount of time allocated for the monthly fixed fee, the platform then allows for hourly billing to commence for the overage.
Navigate to LeanLaw to learn how to add a fixed fee.