Legal Billing Software Key Terms

Understanding some key elements and available computer programs for law firm billing

Whether your law firm is small or part of a corporation, legal billing software can help you to keep track of the time you spend on client cases, bill clients appropriately, print bills in mass quantity and keep track of payments or past due balances. All of these elements are essential to making sure your law firm is a success, as you can only continue to operate if clients pay their bills.

There are a few terms and program options you should be aware of as you look into the legal billing program that best fits your needs.

 

Accounts receivable

Accounts receivable is the generation of billing records for your company and the management of payments and funds received in regard to those bills. Legal billing software makes an accounts receivable job much easier, as it will often notify the user of past due payments and remaining balances that would otherwise be difficult to track.
Try: Obtain more information on the role of accounts receivable from Wisegeek so that you can better understand the benefits of legal billing software.

Law Technology News (LTN) awards

Law Technology News recognizes several legal billing software programs each year for several reasons, such as best new software and best software for various sized firms. An LTN award means a quality billing program.
Try: Learn more about Law Technology News awards, including past recipients.

Legal electronic data exchange standards (LEDES)

In today's technological age, many law firms are able to provide bills to their clients by electronic transmission. When doing so, the legal electronic data exchange standards must be followed. The LEDES Oversight Committee creates and maintains open standard data formats for electronic transmissions.
Try: Learn more about LEDES on the Legal Electronic Data Exchange Standard website.

Tabs3

Tabs3 is the number one source of legal billing software. The company has more than 30 years of experience, giving them a strong knowledge base of the billing services that legal firms need and desire. Among the many features included in the programs offered are easy time tracking, billing and recording of payments, productivity and profitability reports for your law firm and quick and easy access to client information.
Try: Discover more information on program features from the Tabs3 website.

AbacusLaw

AbacusLaw is another time and billing software designed specifically for law firms. The company website notes that attorneys who log time on a computer program, rather than by hand, are much more likely to track more hours.
Try: Visit the Abacus Data Systems website to discover the features the program provides.

Timesolv Legal

Timesolv Legal is an online law firm billing program. This means that Timesolv stores all of the data you enter, including client information, logged hours, bills and payments received, on its server. Online billing programs allow you to salvage information if your business network crashes.
Try: The Timesolv website provides more information about the features of Timesolv Legal.

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