|
Billable Hours
Billable hours are hours worked by an employee for an employer that are billed to the employer's client.Horace R. Brock, Charles Earl Palmer, Linda A. Herrington, ''Cost Accounting: Principles and Applications'' (1989), p. 547. In certain professions, particularly in law firms, employees are required to bill a certain number of hours per month or per year, and those who bill more hours may obtain additional benefits such as larger bonuses or faster promotions. However, the practice of using billable hours has also been criticized for a number of reasons. Various forms of technology have been developed to track the billable hours generated by employees. Use Billable hours are the most used by most private lawyers and law firms to calculate the value of their work, with clients being assessed "a set rate, plus expenses, for each hour that the lawyer — or those working with the lawyer — devote to the case".John Parry, ''Disability Discrimination Law, Evidence and Testimony'' (ABA 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an endeavor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employer
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an endeavo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, agencies such as law firms, film studios, and health care providers tend to prefer ''client'', while grocery stores, banks, and restaurants tend to prefer '' customer'' instead. Clients The term client is derived from Latin ''clients'' or ''care'' meaning "to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought. Arrangements Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Common arrangements include: * Sole proprietorship, in which the attorney ''is'' the law firm and is responsible for all profit, loss and liability; * General partnership, in which all the attorneys who are members of the firm share ownership, profits and liabilities; * Professional corporations, which issue stock to the attorneys in a fashion similar to that of a business corporation; * Limited liability company, in which the attorney-owners are called "members" but are not direct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flat Rate
A flat fee, also referred to as a flat rate or a linear rate refers to a pricing structure that charges a single fixed fee for a service, regardless of usage. Less commonly, the term may refer to a rate that does not vary with usage or time of use. Advantages * A business can develop a dependable stance in a market, as consumers have a well-rounded price before the service is undertaken. For instance, a technician may charge $150 for his labor. * Potential costs can be covered. The service may result in inevitable expenses like the parts needed to fix the issue or the items required to complete the order. * No restricted structure is needed, as the pricing system can be adjusted to suit the business using it. Management can thus work out the pricing that best matches the company's objectives, efforts, costs, etc. Disadvantages * The fixed pricing restricts the company's capability to meet the needs of individual consumers, and people search for cheaper alternatives. * Pricing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Fee
A contingent fee (also known as a contingency fee in the United States or a conditional fee in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result. Although such a fee may be used in many fields, it is particularly well associated with legal practice. In the law, a contingent fee is defined as a fee charged for a lawyer's services that is payable only if a lawsuit is successful or results in a favorable settlement, usually in the form of a percentage of the amount recovered on behalf of the client. Contingent fees may make it easier for people of limited means to pursue their civil rights since otherwise, to sue someone for a tort, one must first be wealthy enough to pursue such litigation in the first place. Due to the risk of loss, attorneys will not take cases on a contingency basis unless they believe that the case has merit, although accepting cases on a contingency is not without risk. Contingent legal fees Under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Attorney's Fee
Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney ( lawyer or law firm) for a client, in or out of court. It may be an hourly, flat-rate or contingent fee. Recent studies suggest that when lawyers charge a flat-fee rather than billing by the hour, they work less hard on behalf of clients and clients get worse outcomes. Attorney fees are separate from fines, compensatory and punitive damages, and (except in Nevada) from court costs in a legal case. Under the " American rule", attorney fees are usually not paid by the losing party to the winning party in a case, except pursuant to specific statutory or contractual rights. Overview The phrase is a legal term of art in American jurisprudence (in which lawyers are collectively referred to as "attorneys", a wording practice not found in most other legal systems). Attorney's fees (or attorneys' fees, depending upon number of attorneys involved, or simplified to attorney fees) are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
