Managing client retainers effectively is crucial for law firms, ensuring consistent cash flow and uninterrupted service. ProLaw® offers a powerful way to automate this through "evergreen" or "replenishing" retainers.
The idea: When a client's trust balance drops below a predetermined minimum, ProLaw® will automatically calculate an "amount due" on their statement to bring the balance back up to the target retainer amount.
Step 1: Create Your Custom Fields
Create two custom fields within ProLaw®:
- Retainer Balance: The target amount the client's trust balance should return to.
- Retainer Minimum Balance: The threshold that triggers the replenishment.
Step 2: Modify Your Client Statement
Modify your statement template to add conditional logic. The logic:
- IF Trust Balance is LESS THAN Retainer Minimum Balance
- THEN add (Retainer Balance – Trust Balance) to the Amount Due
- ELSE display the normal Amount Due
Benefits of Evergreen Retainers
- Improved Cash Flow: Consistent fund flow into trust accounts.
- Reduced Administrative Burden: Eliminates manual monitoring of trust balances.
- Proactive Client Management: Addresses potential funding issues before they become critical.
- Enhanced Client Experience: Provides clarity and predictability for clients.