Rates Tab
To access the Rates tab, open the budget/pricing model and click Rates. The tab provides you with the following options:
| Button | Description |
|---|---|
| Manage Rates | Create new/edit existing rate card. |
| Rate Lookup | Select a rate card to view person/class rates. |
| Set Realization Targets | Preview how your realization target and profit margin % can be adjusted through changing your expected write off amount % and optionally apply the adjustment to the budget. |
| Adjust Budget Total | Preview how an adjusted total could be brought into effect through changing hours or rates or writing down hours, and optionally apply the adjustment to the budget. |
Managing Rates
From the Manage Rate window, you can create a new rate card.
Note: The Manage Rates button is enabled for hourly models with unique fee arrangements. It is disabled for non-hourly models.
To create a new rate card:
- Click the Manager Rate button on the Rates tab. The New Rate Card window opens.
- Choose the type of rate card from the Base Rate Card drop-down menu.
- From the Action drop-down, select one of the following (instructions for each type of action are in the following sections):
- Edit Rules- Set rates, discounts, or rate caps for specific timekeepers or classes of timekeepers.
- Set Card Level Parameters- Set rates, discounts, or rate caps for all timekeepers on the card.
- Override Timekeeper Rates- Enter a rate or discount percentage for each individual timekeeper.
- Set Group Level Discount- Enter a discount percentage for each class/category of timekeeper.
- After making changes, you can view their effects in the Preview pane on the right side of the New Rate Card window. Here you can toggle between the Rates view, which shows each timekeeper's rate; the Budget view, which shows hours, rates, margin, and realization for each timekeeper for each phase of the budget; and the Fee Type & Phases view, which indicates the fee type and lists all the phases that apply to the budget.
- Click Save to add the rate card.
Note: The option to edit rates is enabled if any discount is applied to the standard rate.
Editing Rules
A list of rules displays. To add a new rule, click the Add button and fill out any applicable information:
- Level: Leave the default of All if this rule should apply to all timekeepers. If it should apply only to a certain Person or a certain Class, Type, or Category of timekeeper, you can specify the person/class/type/category in the field provided.
- Blended Rate: Enter an hourly rate that will apply to all timekeepers included in this rule. If you enter a blended rate, all remaining fields are disabled, as it is assumed that this rate includes any agreed-upon discounts and will be applied regardless of circumstances.
- Discount (%): Enter a discount percentage that will apply to all timekeepers included in this rule.
- Lock Date- Enter a date at which this rate becomes locked, meaning there cannot be a rate increase.
- Step Up: Select Yes if timekeepers included in this rule should be eligible for a rate increase (e.g., if a third-year associate becomes a fourth-year associate).
- Rate Cap: Enter a maximum rate that can be charged for all timekeepers included in this rule.
Click Save to add the rule. You can modify an existing rule by clicking the pencil icon, or remove it by clicking the X in the far right column.
Set Card Level Parameters
The instructions for setting card level parameters are the same as for editing rules, but these parameters apply to everyone included on the rate card rather than just specific people or classes.
Override Timekeeper Rates
A list of persons/classes included on the rate card displays. For each applicable timekeeper, enter the rate that should be applied in the Override Rate field, or enter a discount percentage in the Discount field. Entering a value in one field automatically updates the other. If the Override Rate entered is higher than the Base Rate for this timekeeper, the Discount percentage will be negative.
Set Group Level Discount
A list of timekeeper categories included on the rate card displays. Enter a discount percentage for each applicable category.
Set Realization Targets
Preview how your realization target and profit margin % can be adjusted through changing your expected write off amount % and optionally apply the adjustment to the budget.
1. Select a pricing model and click the Set Realization Targets button on the Rates tab. The Set Realization Targets window displays.
2. Write Down /Off Level, Total Write Down Hours (%), Total Budget Amount, Total Budget Hours fields will be pre-populated as per your created budget.
2. Enter a percentage in the Expected Write Off Amount (%) field.
5. To preview the adjustment's effect on the realization and profit margin %, click the calculator icon at the top of the screen.
6. Click Save to apply your changes to the budget or Cancel to exit the screen without committing changes.
Adjust Budget Total
Preview how an adjusted total could be brought into effect through changing hours or rates or writing down hours, and optionally apply the adjustment to the budget.
1. Select a pricing model and click the Adjust Budget Total button on the Rates tab. The Adjust Budget Total window displays.
2. Enter a new amount in the Proposed Budget field.
3. Make a selection from the Adjustment Type drop-down to determine how this change would be achieved. Options include the following:
o Hours- Update the number of hours budgeted.
o Write-down hours (if possible)- Write down budgeted hours so that they will not be billed.
o Rate discount- Reduce team member rates to achieve the new total.
4. Optionally deselect any of the included Phases.
5. To preview the adjustment's effect on the budget, click the calculator icon at the top of the screen.
6. Click Save to apply your changes to the budget or Cancel to exit the screen without committing changes.
Note: The Adjust Budget Total option is disabled for Complex budgets.
Looking Up a Rate
To look up a rate:
- Click the Rate Lookup button on the Rates tab.
- A Quick Rate Lookup window displays. Select the applicable rate card from the Rate drop-down.
- Enter the Date for which you would like to view rate information.
- Optionally, enter a portion of the name of the person/class you are looking for in the Search field an click Search to narrow the list of timekeepers displayed. Otherwise, you can scroll and page through the list to view rates for all timekeepers.
Overriding a Rate Card
To modify an existing rate card:
Click the Manage Rates button on the Rates tab. The Quick Rate Edit window displays.
For more information on this screen, see the Add a New Rate Card section above.
Adjusting Phase Rates
To change the rate card for one or more phases in a budget:
- On the Overview tab of the Matter Planning page, select the phase whose rate card you want to change.
- On the Rates tab, click the Manager Rate button. The Phase Rates window displays. The Quick Edit window opens.
- Make the changes and click Save.
Note: Rate cards can be changed only for phases that are designated as adjustable.
