North Brunswick, NJ (PRWEB) May 28, 2008
Easy Soft, an industry leader in law office automation software and services, announced a new product tailor made for contingency based law practices.
The product, Case Expense Tracker, is desktop software that offers IRS compliant complete case expense accounting. With Case Expense Tracker law firms can track and recoup permissible litigation expenses from trial settlements on a case-by-case basis.
“It’s critical to track contingency case expenses separate from normal operating expenses, as these expenses are not immediately tax deductible (1). Due to inadequate bookkeeping procedures, most contingent-fee law firms are not able to recoup all permissible litigation expenses and associated financing costs from settlement (2),” said Bill Mayweather, CEO of Easy Soft. “Case Expense Tracker tracks every item separately, enhancing compliance, profitability and productivity.”
With Case Expense Tracker, trial law firms can:
Track funds as they move in and out of client accounts
Compute financing costs dynamically for each case expense item, based on the firm’s bank’s interest rates or a flat rate
Select and prepare itemized closing statements, case balance summaries, monthly reconciliation reports and more
To learn more about Case Expense Tracker, call 800-905-7638 or visit us online at http://www.easysoft-usa.com.
About Easy Soft:
Easy Soft specializes in helping law firms automate their processes, streamlining repetitive tasks and workflow. With over 21 years of legal software experience and more than 15,000 clients, Easy Soft makes profitably practicing law “Easy”. With specialized products for real estate, trust account management, document automation, time & billing, bankruptcy, estate planning, Easy Soft has automated software solutions for virtually every law practice. http://www.easysoft-usa.com
1. See IRS Letter Ruling 8246013
2. Local ethics rules vary by jurisdiction. Appropriate fee arrangements and client consent may be required