Review questions Chapter 1 by Niki
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.
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
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
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.
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
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.
categories that the bar associations have created for paralegals are as