Do I need to create a budget for every matter?
No. Many firms begin by budgeting their most common, highest-value, or most predictable matter types before expanding budgeting across additional work.
Should partners have cost rates?
Yes. If partners are included within project budgets, assigning them an estimated cost rate allows the budgeting tool to more accurately forecast project costs and profitability.
Should bonuses be included?
If bonuses are a regular component of compensation, many firms choose to include an estimated annual bonus when calculating cost rates.
What if we don't know our exact overhead?
That's okay. The budgeting feature is intended to support planning and decision-making—not financial reporting. A reasonable estimate is often sufficient to generate meaningful budgeting insights.
Who should be included in a project budget?
Include everyone expected to contribute meaningfully to delivering the work—including partners, associates, paralegals, legal assistants, and other staff where appropriate. Team members without AltFee access can also be added using the No Login role.
Do budgets need to exactly match the hours ultimately recorded?
No. Budgets are planning tools, not predictions. The goal is to create a reasonable estimate that supports better pricing decisions before work begins.
Should every team member have their own hourly and cost rates?
Not necessarily. Many firms configure default rates by job title and only override those values when an individual differs from the standard assumptions.
Can we change cost rates later?
Absolutely. Many firms refine their assumptions over time as they gain more experience using project budgets. Hourly rates, cost rates, job titles, and team members can all be updated as your firm evolves.