Tip of the Week: Retainer Invoices
As an attorney, it can be important to charge your clients a monthly retainer fee, to continue an ongoing commitment ensuring your client will continue working with you even when they do not have an active matter. This leads to client stability and security, predictable profits, flexible service, and guaranteed recurring revenue for your law firm.
It’s so simple to create these retainer invoices in TimeSolv. Simply go under Invoices>Retainers and click on the New Retainer Invoice link.
A window will pop up with various fields including allowing you to name the retainer invoice, specify amount, enter in a note, and select the format you wish to download the invoice in.
It is important to note that if the selected Client-Matter has an email address listed under their details, you will see an option at the bottom of the screen allowing you to email the retainer invoice out to them. If you do have this checkbox selected, note that the retainer invoice will automatically be sent out via email when you hit the ‘Create‘ button, and you will not be given the chance to review it beforehand.
Whether you are charging retainer invoices for routine legal advice, or agreeing to be on standby for a case meaning that you are potentially foregoing other business opportunities so that you do not jeopardise your availability for a client’s lawsuit, a retainer invoice is an important part of your monthly income as a result of your legal services. It is a fee that not only protects you after you have begun working for a client, it ensures a guaranteed income amount in case of unforeseen circumstances delaying payment from the client.
If you’d like TimeSolv support to help you with generating retainer invoices, please call 1.800.715.1284 or Contact support!
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