Retainer and Recurring Billing for Law Firms

OneYukti's Subscriptions app takes the chasing out of the partner's hands. Follow-up on unsettled invoices runs through dunning management, a schedule of reminders the app sends, and the partner steps in only when those have not worked. The invoices themselves are generated automatically, monthly for the general retainer and yearly for the compliance package, at the custom rate agreed with that client. Nothing waits on the accounts clerk's memory.

Contract management keeps the engagement terms and commitments with the subscription, and renewal reminders are sent before the term ends, which brings the fee revision clause back to the partner's attention at the right moment. For annual retainers billed in advance, Yukti automates revenue recognition for subscription accounting, so a year's fees are not all treated as income in the month of the invoice. Work beyond the retainer's scope can be attached as an add-on.

The managing partner can see how much of the firm's income is recurring, client by client, and which retainers come up for renewal next quarter. Churn analysis shows retainers that ended, with the reason recorded. Customer lifetime value puts a figure on long-standing clients. From there the firm can decide which retainers deserve a rate conversation, which clients a partner should meet before renewal, and how much fixed income it can count on when planning new hires.