14 - Introduction to Law Office Administration Flashcards
sole proprietorship
a form of business that does not have a separate legal identity apart from the one person who owns all assets and assumes all debts and liabilities
limited liability
restricted liability; liability that can be satisfied only out of business assets, not out of personal assets or a debtor or wrongdoer; protection from personal liability for business debts and claims
general practitioner (GP)
a professional who handles many different kinds of cases
PI cases
personal injury (tort) cases
legal intern
a student in a law office seeking practical experience
office sharing
attorneys who are sole practitioners but share the use and overhead costs of an office
partnership
a business or other venture jointly owned by two or more persons who share its profits and losses
pass-through entity
a partnership, limited-liability entity, or other business whose income tax is paid by the individual partners or owners of the entity rather than by the entity itself
partner
one who shares in the profits and losses of a jointly owned business or other venture; partners make the ultimate decisions on how the business should be managed
rainmaker
an attorney who brings fee-generating cases into the office due to his or her contacts and/or reputation as a skilled attorney
non-equity partner
a special category or partner who does not own the firm in the sense of an equity or capital partner
equity partner
a full owner-partner of a law firm
draw
a partner’s advance against profits or net income
associate
an attorney employee of a partnership who hopes eventually to be promoted to partnership
senior associate
an attorney who has been passed over for partner status but who remains at the firm
staff attorney
a full-time attorney employee who has no exception of becoming a full partner
of counsel
an attorney who is semi-retired or has some other special status in the law firm
contract attorney
an attorney hired to work for a relatively short period, usually on specific cases or projects
professional corporation (PC)
a corporation consisting of persons performing services that require a professional license
limited liability entity
a company or partnership whose owners are taxed like a partnership and have the limited liability of a corporation
corporate law department
a law office within a corporation containing salaried attorneys who advise and represent the corporation
managing partner
a partner of a law firm who has day-to-day responsibility for the overall management of the firm
legal administrator
an individual, usually a non-attorney, who has responsibility for the day-to-day administration of a law office
paralegal manager
a paralegal who helps recruit, train, and supervise paralegals in a law office
virtual law office
an office in which an attorney provides limited-scope legal services mainly or exclusively through online communication
limited-scope representation
less than comprehensive or full representation of a client
matter
1 - a client issue; the reason a client hires or consults an attorney
2 - a case before the court
new file worksheet
a form used by some law offices that is the source document for the creation of all necessary accounting records that are needed when a law firm begins working on a new client case or matter
substantive
non-clerical; requiring legal skills to perform
daily timesheet
a form on which timekeepers record how much time they spend on particular client matters
non-billable time
time spent on tasks for which clients cannot be asked to pay
blended hourly rate
a single hourly rate based on a blend or mix of the rates normally charged by different individuals
value billing
a method of charging for legal services based on factors such as the results achieved and the complexity of the case rather than solely on the number of hours spent on the client’s case
fixed fee
a flat fee for services, regardless of the amount of time needed to complete the task
task-based billing
1 - charging a specific amount for each legal task performed
2 - paying for specifically performed tasks, often identified by using predefined categories or task codes
hourly plus fixed fee
an hourly rate charged until the nature and scope of the legal problem is known, at which time a fixed fee is charged for services provided thereafter
discounted hourly fee
an hourly or fixed fee that is reduced because of the volume of business the client gives the office
incentive billing
a fee that is increased if a designated target is met; an increased fee for achieving an exceptional result
retroactive negotiated fee
a client bill that is finalized after the services are rendered
expense slip
a form used by an office to indicate that an expense has been incurred for which a client may or may not be billed
draft bill
a billing memorandum that states expenses, costs, time spent, and billing rates of attorneys and paralegals working on a particular case or matter
write down
deduct an amount from the bill
write up
add an amount to the bill
valuing the bill
determining whether there should be a write-down, a write-up, or no adjustment of a bill to be sent to the client
e-billing
sending out bills electronically
record information manager
someone in charge of client files in a large office
alphabetical filing system
a method of storing client files in alphabetical order by the surname or organization name of the client
numerical filing system
a method of storing client files by numbers or letter-number combinations
closed file
the file of a client whose case is no longer active in the office
