How to Effectively use AltFee's Matters
Matters 101: How to Effectively use AltFee's Matters
Step 1: Understand the Basics
- The Matters feature in AltFee helps you manage and work through different projects.
- In this example, the matter is focused on corporate work, specifically the incorporation or formation of a company.
Step 2: Explore Pricing Factors
- Review the pricing factors associated with the incorporation project.
- Factors are derived from the incorporation of a company guideline template.
Step 3: Determine Applicable Factors
- Use the factors to facilitate upfront conversations with the client.
- Select the factors that are in scope and relevant to the project.
- For example, include factors such as company name reservation and the number of shareholders.
Step 4: Consider Modifiers
- Explore the modifiers that can refine the pricing and value of the project.
- Assess urgency, potential for future work, and the level of enjoyment.
- Additional custom modifiers may be available based on your law firm's setup.
Step 5: Calculate Fees
- A base fee is associated with the project.
- Factors and modifiers affect the overall pricing, providing a comprehensive view of the fees.
Step 6: Expand to Additional Projects
- If needed, you can add new projects within the same matter.
- For example, include a shareholders agreement project alongside the incorporation project.
Step 7: Scope and Price Additional Projects
- Apply the same process of selecting factors and modifiers for the new project.
- Determine the scope, value, and appropriate pricing for the shareholders agreement.
Step 8: Define Service Descriptions
- Move to the description of services section to outline the services provided.
- Choose the applicable services based on the scope and value of each project.
Step 9: Export and Communicate
- Utilize the export feature to extract the individual projects and their descriptions.
- Copy the information and include it in the engagement letter for clear communication with the client.
- Consistency in language can also be maintained by using the same information in the invoice.
Step 10: Collaborate and Track Progress
- Add team members to the matter to facilitate collaboration.
- Use the notes feature to provide context and additional information.
- Track the history of activities to reflect on the progress made within the matter.
Congratulations! You can now successfully use AltFee's Matters feature to manage projects, determine pricing factors, apply modifiers, define service descriptions, communicate with clients, collaborate with team members, and track project history.
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