Issue link: https://epubs.iltanet.org/i/50188
amortization schedules. However, it does not easily handle variable interest rates, nor can it factor court fees and prejudgment interest. Although used by many law firms, it is generic software for general needs, not for the specific needs of lawyers. PRACTICE MANAGEMENT/ACCOUNTING PACKAGES Practice management and accounting packages that specifically cater to law professionals have included some interest calculation options for straightforward collection, but only a few include pre- and post- judgment calculations. Rarely can they handle variable interest rates bundled with irregular repayment scenarios, fees, arrears, etc. COLLECTION SOFTWARE Many quality packages exist for firms that specialize in collection and for collection agencies. These are usually priced in the thousands of dollars and, thus, do not offer an attractive ROI to firms in which collection accounts for a small portion of their business. CUSTOM-DEVELOPED SOFTWARE If a firm regularly deals with interest-calculating scenarios, even if complex, the development of a custom solution might be a great idea. Databases can be created to import and export the data to and from third-party software. On the flip side, custom software development is expensive, and keeping it updated as legislation and operating systems evolve is a daunting thought. EXTERNAL RESOURCES Accountants, forensic accountants and actuaries are often called upon to perform calculations for law firms. 52 Tech Potpourri ILTA White Paper The general philosophy is that the client pays the bill for these services, so it's okay. In this age of cost containment, you can save your clients a few hundred dollars by doing the calculations internally, with the right tool. LAW-SPECIFIC INTEREST CALCULATORS A few solutions, often stemming from a lawyer's imaginative and entrepreneurial spirit, make it to market and typically cater to that lawyer's specific state or province. These perform a few types of calculations but usually evolve poorly over time due to the limited number of markets they cover. Larger law firms tend to steer clear of such products since they cannot meet the needs of their offices in various states. Margill Interest Calculator, Law Edition, was specifically designed with the particular needs of the law professional in mind. From the basic calculation of interest to a complex repayment plan or arrears, the software can recalculate the true interest charged on a loan, and it factors in the lawyers love to hate. Margill looks at all state, province and federal rates. LET THE TOOLS DO THE WORK Many lawyers went into law to avoid numbers. But numbers form a small but truly important part of their obligations. Interest calculation should not be ignored, nor should it cause headaches. The right tools are available to save time, reduce the risk of error and maximize your clients' returns. ILTA lex mathematica