What are Timekeeper Rates

What Are Timekeeper Rates?

Timekeeper rates are the hourly rates agreed upon between your firm and your client for specific work performed by designated individuals. These individuals, known as timekeepers, may include partners, associates, paralegals, or other professionals responsible for delivering the legal services. Timekeeper rates play a critical role in billing as they appear on itemized invoices submitted to the client.

Importance of Timekeeper Rates

Timekeeper rates help define the financial structure of your legal services, ensuring transparency between your firm and your client regarding the costs of various personnel. Depending on your fee arrangement and client requirements, these rates may need to be formally submitted and approved in Brightflag to ensure accurate invoicing and avoid any issues with payment.

Who Are Timekeepers?

Timekeepers are the professionals within your firm who log billable hours. These individuals can include:

• Partners: Senior attorneys who oversee cases and client relationships.
• Associates: Junior attorneys working on case tasks and legal research.
• Paralegals: Legal assistants who support the attorneys by handling case documentation and preparation.

Each timekeeper's rate reflects their level of expertise and the value they bring to the client’s case.

Why Submitting Timekeeper Rates Is Necessary

To ensure that your invoices are processed smoothly and accepted by the client, it’s essential that your timekeeper rates are aligned with the agreed-upon billing terms. Submitting the correct rates through Brightflag is often a necessary step in this process, particularly when:

• Your client requires upfront approval of rates.
• You have a structured fee arrangement that mandates rate submissions.
• Timekeeper rates are a key element of your client’s billing requirements.

How Timekeeper Rates Affect Invoices

Once timekeeper rates are submitted and approved, they will automatically appear on itemized invoices. Ensuring the accuracy of these rates is crucial for avoiding disputes or delays in payment. Any discrepancy between the approved rate and the rate on the invoice could lead to rejections or requests for clarification from your client.

Submitting Timekeeper Rates to Brightflag

Depending on your client’s requirements, you may need to submit timekeeper rates within Brightflag before beginning work. This process involves:

• Entering the timekeeper details: Include each individual’s name, role, and agreed-upon rate.
• Submitting for approval: Rates must be submitted for client approval before they can be applied to invoices.

By properly submitting these rates in advance, you can ensure that your firm’s invoices are processed without issue.

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