Also, credit may be allocated for major other activities like training or marketing. Carry-Over of Credit. P artners who work more than their billable hours goal and also have more fees collected credit than their goal, may carry over the excess amounts to the following year. Crediting Fees Collected. I f more than a single lawyer works on a matter, the fee credit for the matter is proportioned in accordance with the time value each lawyer has spent on the matter.
Time value is the product of time multiplied by the lawyer's standard hourly rate.
I f a paralegal or law clerk works on a matter, the time value of their work is first deducted from the fee, and the balance of fee receipts is allocated among the lawyers who worked on the matter in proportion to the value of their time. A partner can stipulate a special fee allocation, different from the proportionate time value, if he or she believes that an unusual circumstance warrants such a special allocation. However, all such special allocations must be approved by the Executive Committee. F ee credit for all contingent matters is given at standard time value, regardless of the fees which actually are received. However, no matters with contingent fee arrangements can be accepted by the firm without the approval of the Executive Committee.