The Gazette 1967/71

record of expenses of the practice for the previous month and cumulatively from the beginning of the financial year to gether with costs furnished for the previous month and cumulatively. The costs are shown under two heads. (a) As furnished (columns 3 and 4). (b) As calculated on a time cost basis (columns 5 and 6).

This shows the relative profit or loss of different types of work.

Offices participating in this exercise will be supplied with the OYEZ TWINLOCK TIME RECORDING SYSTEM. Repeat orders of stationery may be ordered from the Solicitors' Law Stationery Society, London.

APPENDIX 1

TIME COST FACTOR (1275 hours p.a.) EXAMPLE Fee earners (1) Principal's notional salary (earnings)

Fraction of total salaries of fee earners

£4,000

4,000 7,500 2,000 7,500 1.500

£2,000

(2)

Assistant solicitor actual salary

(3)

Clerk, actual salary

£1,500

...

Total earnings and salaries of fee-eatners

£7,500

(4) General overheads from last accounts (Salaries of non-fee earners and all other overheads not included as disbursements in bill costs £6,500 Adjusted for subsequent increased expenses £500 (5) Total salaries and overheads to be allocated to fee earners in proportion to their salaries. Allocation of item (5) between fee earners Principal (1) 14500

£7,500 £14,500 £14,500 Time

cost

factor

(1275

hours

= 12750 units) £6 1 4 12/2d. per unit

7733 1275

4000 7500

£7733

Assistant

(2)

14500

x

2000 7500

3866 1275 2900 1275

£308

£3866

6/ld. per _ unit 5 6 4/6d. per unit

Clerk

(3)

14500

x

1500 7500

£2900

£14499

33