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Facilitator Guide

Law Firm Economics: Timekeeping, Billing, and Collections

What’s covered

  • Billable rates
  • Alternative fee arrangements
  • How time becomes bills
  • Collections
  • Realization rates

Before the session

Prepare the Attendees

Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.

https://www.hotshotlegal.com/discussions/law-firm-economics-timekeeping-billing-and-collections/attendee

Prepare Yourself

Watch the videos and read the exercise so you’re familiar with the Hotshot material.

During the session

Part 1: Knowledge Check

 Ask attendees these questions to ensure they understand the topic:

  • How are billing rates typically set, and what factors influence those rates?
  • What are some common types of alternative fee arrangements (AFAs), and why might clients prefer them?
  • What’s a pre-bill, and what role does it play in the billing process?
  • Why might time get written down or written off?
  • Why can delays in collections affect a law firm’s financial health?

 

Part 2: Group Exercise 

Lead a group discussion based on the exercise. To encourage collaboration, divide the attendees into groups to discuss the exercise, then have a representative from each group summarize their views to the larger group. Call on people to share their thoughts and ask others to respond.

 

Tip for remote sessions: use your web conferencing system’s breakout room feature to divide people into groups.


 

Part 3: Firm Specifics

Share your own experiences and guidance, including:

  • Anecdotes
  • General practice tips (dos and don’ts)
  • Firm-specific guidance and practices

After the session

To continue learning, attendees can check out related courses in Hotshot’s Business of Law topic.