3 the role of bar associations the bar association

This preview shows page 17 - 19 out of 19 pages.

3. The role of bar associations
4. The paralegal organizations
1/23/2020 Review questions Chapter 1 by Niki 45. Billable hours quota refers to the minimum number of hours that are to be kept by the timekeeper on the matters of clients which are charged on the client on the weekly, monthly, yearly, or on any other basis. 46. Rule of three refers to a general guideline based on which a law firm establishes its profit expectations that the law firm wants to earn from hiring paralegals. According to this rule, the revenue generated through the paralegal should be equal to the amount of three times a paralegal's salary. 47. The realization rate refers to the actual amount that an attorney or paralegal collects from the total client billing. An attorney is not always able to collect the total amount of the bill that it sends to the client. This happens because of various reasons such as clients just simply refuse to the amount, or at times, the client bargains the bill. Thus, after all the processes, whatever amount is collected by the attorney is known as the realization rate. This rate is also known as the collection realization rate. The further breakdown of this rate is the timekeeper's billing realization rate , which the total billable time kept by the timekeeper. 48. Nonbillable tasks performed by paralegals are those tasks that cannot be billed to clients, this means that the attorneys cannot ask clients to pay for such tasks. Certain examples of paralegal's nonbillable tasks are as follows: 1.Recruiting new employees 2.Helping maintain the legal library 3.Organizing the files in the office that are related to closed cases 4.Workin on cases that the attorney would do for free, etc. 49. The membership categories that the bar associations have created for paralegals are as follows:
18/19
1/23/2020 Review questions Chapter 1 by Niki 19/19 3.Full members of paralegal divisions

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture