Overview
A "soft cost" expense refers to an expense that is not directly related to the production or delivery of goods or services. It is a cost that is difficult to quantify or measure precisely, and typically includes intangible items such as time, effort, and opportunity costs.
Some examples of soft costs in a law firm might include:
Photocopies
Faxes
Postage Fees
Court Parking
Mileage
Employee training and development
Time spent on administrative tasks and paperwork
Research and development for new services or practice areas
Time spent on pro bono work or community service
Soft costs are often difficult to measure or quantify, but they can have a significant impact on a law firm's overall profitability and success. As a result, it is important for law firms to consider both their hard costs (such as rent, salaries, and equipment) as well as their soft costs when budgeting and making financial decisions.
How To A Soft Cost Expense
You can add expenses from the Quick Add "+" icon from the top bar navigation.
Click the "+" icon from the top navigation bar
Click "Expense"
Select the Member (Required - auto populated as the currently logged in user)
Select "Soft Cost" from the Cost Type dropdown (Required)
Select Bill Type (Required)
Fixed Rate - You can enter amount only
Quantity Rate - You can enter quantity and rate which will calculate amount
Enter Date (Required)
Select Client (Required)
Select Matter (Required)
Select Vendor (Required)
Enter Vendor Invoice Number
Enter Description
Enter Date (Required)
Enter Quantity (For Quantity Rate)
Enter Rate (For Quantity Rate)
Enter Amount (For Fixed Rate)
Upload Attachments as needed
Click "Save"
Go to the Time & Expenses page clicking the link from left navigation bar. You should now see your new soft cost expense added to the table list.
You can also view all of your charges from:
Time & Expenses page
Client > Charges tab
Matter > Charges tab
Member > Charges tab
If you have any questions, please feel free to contact us.