Legal Flashcards
Billing Attorney
manages/reviews time/billable hours on the invoice (usually the same person as originating attorney)
CLE
continuing legal education
Client
entity hiring firm
Conflicts Check
searching system for names of parties involved to ensure there are no conflicts of interest if they take the case
Contingency cases
firm get paid if they win, typically do not enter time on these types of cases
Docket
attorney “to-do” list by deadline (date or date/time)
Ethical Walls
security put around client matter so only certain firm members can access
Evergreen Retainer
predetermined minimum amount paid up front to pay for fees and expenses
Fee Agreement
contract that binds you and the lawyer, and determines how the client is billed
Law Firm Metrics
(KPIs) used to measure success of timekeeper
Legal Assistant
possibly a paralegal/secretary
Litigation
suing/being sued
Matter
product/case
Matter Status
active/inactive cases needing billed or paid
Matter Types
legal practice area
Member or Shareholder
owner of stocks in a company
Non-Equity Partner
lawyer that does not share in the profits or capital of the firm
Originating Attorney
attorney who solicited and won client
Paralegal
person tasked w/ legal prep, but is not a lawyer
Partner Compensation
how partners in a firm get paid
Partner or Equity Partner
co-owner of firm who shares profits
Responsible Attorney
attorney responsible for invoices, managing client (reports to billing attorney)
Retainer
prepayments on time and cost
Timekeeper
anyone who bills their time at a firm
Trust
money the firm holds for a client
USPTO
United States Patent and Trademark Office
Write down
reduction in amount billed to client
Working Attorney
any attorney who produces billable hours
Write off
cancellation of debt
