In the Fee Comparison you can build fee quotes based on historical data.
In comparing matters, Clocktimizer uses historical rates and values to help you create a budget or fee quote. If in the meantime, a fee earner has moved up in level and rate, this will not be reflected in the averages in the comparison result. Clocktimizer assumes that the new matter will be staffed by people of the same level, not by the same people.
Rates generated are based on historical data. To reflect the current rates, you can select an annual percentage increase for a price correction. By default, Clocktimizer will perform no correction (0%). Selecting a higher percentage will result in higher fee quote estimates.
The formula to apply the price correction is: ((100 + r) / 100) ^ y
Where r is the percentage increase and y is the number of years between the time card and the current date.
Currencies of compared matters in the fee comparison are converted based on the transaction date of the time card.