In Legalsense, a fixed price/fixed fee is set per matter. When creating or editing a matter you can select the pricing scheme "Fixed price". When you select "Fixed price" an extra input field will appear where you can enter the fixed price value. If this field is left empty, Legalsense assumes a fixed price of 0 euros (and the work in progress will therefore also be valued at 0 euros).
Billing a fixed price as a final settlement
Legalsense assumes that a fixed price will be billed as a final invoice when all work has been completed. It is therefore important to complete all activities before billing this fixed price. Only then the fixed price can be distributed pro rata among all timekeepers. If you need to bill the fixed price before completing the work we advise you to create an advance invoice. When an advance invoice is created in draft you can replace the text "Advance" by "Fixed price". Once the work has been completed, the final invoice can be created and the advance payment will be settled against the fixed price. In that case, the invoice should be 0 euro.
If a fixed price is billed earlier (before closure of the matter) then all further activities will be valued at zero.
Apply a fixed price to an invoice afterwards
It is also possible to decide, when editing the draft invoice, to turn it into a fixed price invoice. The total amount of the invoice can be adjusted to the desired amount and this is automatically distributed pro rata among the timekeepers whose work is listed on the invoice. This is also a form of a fixed price, but since the matter does not have the pricing scheme "Fixed price", it will not be visible in the reports as a fixed price (for example: a report for all fixed price matters).
Handling multiple fixed prices
It could be that you have an agreement with your client to bill a monthly fixed price. It is possible to do that in Legalsense.
For example: For matter 'Project X' a monthly fixed price of € 5,000 has been agreed upon. For the first month you add a fixed fee of € 5.000 and create the invoice. For the second month, you change the fixed price value from € 5.000 to € 10.000. After doing that, when you create an invoice a fixed price of € 5.000 will be invoiced. This process will be repeated for every month.