The Gazette 1967/71

(a) As furnished (b) As calculated on a time cost basis 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.

7. Monthly analysis of expenses and costs. As bills of cost are furnished the relevant job sheets are placed in folders classified under the various heads selected in para graph 1. At the end of each month a 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.

APPENDIX 1 TIME COST FACTOR (1275 hours p.a.)

Fraction of total salaries of fee earners

EXAMPLE Fee earners (1)

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

£4,000

Principal's notional salary (earnings)

£2,000

(2) Assistant solicitor actual salary

£1,500

Clerk, actual salary

(3)

£7,500

fee-earners

Total earnings and salaries of

(4) General overheads from last accounts (Salaries of non-fee earners and all other overheads not included as disbursements in bills of costs) £6,500 Adjusted for subsequent increased expenses £500

£7,000

(5) Total salaries and overheads to be allocated to fee earners in proportion to their salaries. Allocation of item (5) between fee earners

£14,500 Time

(1275 \ j. z, / \s iiw .1 a 12750 u its) hours ipy.'in Units'1

factor

cost

=

7733 1275

4000

4 per hr.

1

£6

14500

(1)

Principal

£7733

7500

12/2d. per unit £308 per hr. 6/ld. per _ unit £256 per hr. 4/6d. per unit

3866

2000

x

14500

(2)

Assistant

£3866

1275

7500

2900 1275

1500

£2900

x

14500

(3)

Clerk

7500

£14499

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