System and method for allocating value to timekeeper work

Inventors: Ahmed Farouk Shaaban (South Barrington, IL); Venkat Thandra (South Barrington, IL)

G06Q40/125 G06F17/40 G06Q30/04 G09C1/00

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Quick Facts

Patent No.: US 10,796,383
App. No.: 14/756,685
Granted: Oct 6, 2020
Kind: B2

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Abstract

The present invention consists of an improved partnership profit sharing system wherein hours billed and collected are tallied for a given time period, profits are determined, and then according to a predetermined set of rules, time billed and collected by each billing and client originating partner is assigned a ratio or factor by which the profit share will be divided among those eligible to share in the firm or company profits for the year. Positive leveraging factors include: time billed versus time collected, the rank of the total funds collected by a billing entity, the client's business ranking in terms of financial and business strength, placement on the Fortune 500 and the like.

Claims (64)

1. A System comprising a CPU and data storage, wherein the CPU is operative to:

receive a Billing Entity ID corresponding to a Billing Entity within a company;

log time Billed and Time Collected by the Billing Entity for a client;

automatically ping a third party website by sending a signal from the CPU to the third party website requesting information from the third party website regarding the stability of the client and retrieve from the third party website the information regarding the stability of the client;

create a predetermined set of rules to calculate a Billing Entity Factor which is proportional to the time collected divided by the time billed by the Billing Entity, and adjust the Billing Entity Factor based on the information regarding the stability of the client; and

determine profit allocation for the Billing Entity based on the adjusted Billing Entity Factor.

2. The System according to claim 1 wherein the CPU is further operative to:

receive a ranking of all Billing Entities in the company; and

utilizing the ranking of all Billing Entities to create the predetermined set of rules to calculate the Billing Entity Factor.

3. The System according to claim 1 wherein the CPU is further operative to:

receive a listing for each company client, including the client, the average number of days each of the company clients was late in paying a bill and ranking each client accordingly; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

4. The System according to claim 1 wherein the CPU is further operative to:

receive a listing of all the funds past due for a given Billing Entity and rank that Billing Entity accordingly; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

5. The System according to claim 1 , wherein

the third party website is one or more of the following internet billing ranking websites: Google, AVVO, Grub Hub, Yelp, Fortune 100 and Fortune 500.

6. The System according to claim 1 wherein the CPU is further operative to:

receive a listing of demerits for the clients of each Billing Entity which negatively effects the Billing Entity Factor which is selected from one or more of the following adverse client actions: failure to attend court hearings when required; failure to appear for depositions as scheduled; failure to attend firm meetings as scheduled; and, failure to review, execute and return documents in a timely fashion; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

7. The System according to claim 1 wherein the CPU is further operative to:

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

8. The System according to claim 1 wherein the CPU is further operative to:

receive a listing of Standard Industrial Codes for the clients of each Billing Entity which have been assigned a ranking by the company to encourage Billing Entities to select clients in favorable industries; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

9. The System according to claim 1 wherein the CPU is further operative to:

receive a listing of Activities and Areas of Law and their ranking; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

10. The System according to claim 1 wherein the CPU is further operative to:

receive a listing of each Billing Entity's total billable hours and their ranking; and

utilize that information to create the predetermined set of rules to calculate the Billing Entity Factor.

11. A Method implemented by a computer comprising a CPU and data storage the method comprising:

receiving, by the CPU, a Billing Entity ID corresponding to a Billing Entity within a company;

logging, by the CPU, the time Billed and the Time Collected by the Billing Entity for a client;

automatically pinging a third party website by sending a signal from the CPU to the third party website requesting information from the third party website regarding the stability of the client and retrieving from the third party website the information regarding the stability of the client;

creating, by the CPU, a predetermined set of rules to calculate a Billing Entity Factor which is proportional to the time collected divided by the time billed by the Billing Entity, and adjusting the Billing Entity Factor based on the information regarding the stability of the client; and

determining, by the CPU, profit allocation for the Billing Entity based on the adjusted Billing Entity Factor.

12. The Method according to claim 11 further having the following steps:

receiving, by the CPU, a ranking of all Billing Entities in the company; and