Here's a list of the standard (out-of-the-box) fee arrangement terms within Counsel Exchange. 

Hourly

Hourly invoices are submitted based on actual time and expenses incurred using the agreed-upon rates. Time entries are tracked and entered by task.

Fixed Fee

Fixed fee invoices can be submitted in 1 of 2 ways. 1. Submit actual time and expense incurred and adjust the net invoice amount to the agreed-upon total using an IF line item. 2. Submit 1 fee line item using a timekeeper called “none” for the agreed-upon total.

Hourly Capped

Hourly Capped invoices are submitted based on actual time and expenses incurred using the agreed-upon rates. Time entries are tracked and entered by task. Once the capped amount is billed, invoices can either be blocked from submission (fail) or can display a warning message.

Matter Level Timekeeper

The client/vendor agrees upon a custom rate for each timekeeper working on the matter. The rate is specific to an individual matter. Hourly invoices are submitted based on actual time and expenses incurred using the matter-agreed-upon rates. Time entries are tracked and entered by task.

Blended Hourly

The client and vendor agree to a single hourly rate for all timekeepers on a matter. The rate may be defined in a supplier agreement or similar and may follow the term of the agreement or be set to not expire. The expectation is that any timekeeper billing on the matter will use this rate, regardless of staff classification. If the effective rate differs from the blended rate, Counsel Exchange provides flexibility to accommodate various client preferences.

Flat Fee by Task Code

Client and vendor agree to a fixed price per task or activity. This may use the standard UTBMS-based codes or custom codes. For example, $X for L120 (Analysis/Strategy) in the United States. The fixed-price tasks are typically defined in the retention letter or a similar supplier agreement between the client and vendor.

Flat Fee by Task and Activity Code

Client and vendor agree to a fixed price and quantity limit per task or activity code set. This may use the standard UTBMS-based codes or custom codes. For example, a quantity limit of 5 hours at a rate of $X for L310 (Written Discovery) & A102 (Research) in the United States. The fixed-price tasks are typically defined in the retention letter or a similar supplier agreement between the client and vendor. This AFA allows the client to create a template based on task and activity codes which can automatically be applied to a matter when assigned during the Vendor assignment process. This means that if there are certain matters where the fees are always the same and the work is always the same, the amounts can be set once and applied automatically for higher volume matter types.

Monthly Retainer/Shadow Invoice

Onit and Counsel Exchange only handle Shadow Invoices (w/ Fees zeroed out) submitted against a monthly retainer. The retainer matter is created and billed a single-line fixed fee. Then a child shadow matter is created on the retainer. The invoices are submitted based on actual time and expenses incurred using the agreed-upon rates, and an adjustment line is added to zero out the invoice. This allows for time tracking as well as tracking actual cost incurred vs. retention values.

Task Code Phase Limits

The Task Code Phase Limit (TCPL) application is an Alternative Fee Arrangement (AFA) that provides an easy way for clients/vendors to set fee limits on specific tasks or project phases to ensure that the work is being completed as expected.