Rate Lock Process

Rate Lock Process Over

** Updated as of October 2024: Completion now within 2 Business Days **

While you can’t currently lock rates for your firm directly, our Support Team is happy to handle this process for you upon request.

Two-Step Process:

1. Submit a rate lock request to our Support Team, who will notify you of completion.
2. Adjust your rates once you’ve been notified that the rate lock has been completed.

Note: Your old rate(s) must remain in the system until the rate lock process is finished.

Types of Rate Lock Scenarios:

• Time Entry Level (Scenario 1): This rate lock applies to time entries dated on or before the requested lock date. Time entries created after this date will use the new rate. [Learn more here.]
• Client Level (Scenario 2): This rate lock applies to clients created as of the requested lock date. Any clients created after this date will use the new rate. By default, this will also apply to projects set to client defaults. [Learn more here.]
• Project Level (Scenario 3): This rate lock applies to existing projects as of the requested lock date. Any new projects (for existing or new clients) created after the lock date will use the new rate. [Learn more here.]

How to Request a Rate Lock:

Email support@bill4time.com with the required details for your rate lock scenario (see links above for specifics). The database ID’s for  user, client, and/or matter are required to ensure accuracy during the rate lock process. You can easily find this information in the system, and the links above explain how to locate it.

Rate Lock Timeline:

• Future-dated rate locks: Once our Support Team has all the necessary information, your rate lock will be entered into Bill4Time within 2 business days. The new rates will take effect on the specified date.
• Past-dated rate locks: After receiving all required information, the rate lock will be processed within 2 business days from the date of your request.