Uniform Task Based Management System
The Uniform Task Based
Management System (UTBMS) was co-developed in 1995 by the American Bar
Association and PriceWaterhouseCooper in an effort to
standardize billing procedures and practices by
UTBMS provides for six standard classifications or code sets. Each code set has a number of sub-categories related to various stages of case development, areas of practice or attorney activities.
Document Bookmarks:
Disclaimer and Copyright Notice
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A101-A111 |
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B100-B420 |
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C100-C400 |
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E101-E124 |
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L100-L530 |
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P100-P800 |
ABA
Overview
The Uniform Task-Based
Management System is a budgeting and billing system designed to provide clients
and law firms with meaningful cost information on legal services. The first major
area of legal work addressed by the System is litigation. This document
presents the Litigation Code Set and definitions developed by a tripartite
effort of the American Bar Association Section of Litigation, the American
Corporate Counsel Association, and a group of major corporate clients and law
firms coordinated and supported by Price Waterhouse LLP. The System enables
lawyers to budget and bill by litigation task, aiding client and counsel in
understanding, managing and conducting litigations. It is intended to cover all
contested matters, including judicial litigation, binding arbitration and
regulatory/administrative proceedings.
The goals of the Litigation Code Set are to:
Enable client and counsel to plan and maintain an efficient and effective litigation.
Facilitate effective communication of the tasks and costs of litigation and any variations from the expected or the norm.
Provide each client and law firm with a means to individually understand and compare the cost of litigation, for greater efficiency and as a foundation for use of alternative billing arrangements.
Harmonize the various task-based efforts to ease widespread adoption of a simple, concise and flexible task-based management approach.
The Litigation Code Set is grouped into five basic phases or aspects of a litigation, plus expenses:
-Case Assessment, Development and Administration
-Pre-Trial Pleadings and Motions
-Discovery
-Trial Preparation and Trial
-Appeal
Each phase consists of a number of tasks, such as Written Discovery, Document Production and Depositions. In total, 29 tasks comprise the Litigation Code Set.
All work associated with a task should be included in that category. For example, Depositions (L330) encompasses all time spent on depositions including deposition notices and subpoenas, deposition scheduling and logistics, planning for and preparing to take the depositions and any deposition summaries. The intent is to provide a true picture of the labor cost of each task. (Out-of pocket expenses, such as witness fees and transcripts, are treated under Expenses.)
For each billing period, the time charges by attorney or other professional are recorded by task. The System also allows for accumulation of the time charges, providing a comparison at a glance of the cost of each phase and each task for the month, for a specified budget period, and cumulatively for the litigation. Expenses can also be reported on a period and cumulative basis on request.
For those desiring, a budget can be prepared for each phase, and within that, each task for the whole case and/or by quarter (or other time period). The monthly bills would then compare that month's bill and the cumulative total with the budget.
The System also provides a long form for those wishing to capture the task-based work by specific activity. The activity identifies how the work is being performed (e.g., communicating in firm, researching, drafting, and reviewing). For this purpose, any or all of eleven activities can be used with any or all of the tasks of the System.
The intention of the Litigation Code Set is to minimize multiple interpretation and options for coding time. It is recognized that not all litigation work will fit neatly in a particular category. Work can overlap tasks, categories may be imprecise, or time may be expended on the truly unusual. Users should categorize the work to its primary purpose. Definitions are provided for guidance. Where uncertainty envelops substantial or repeating work, it is best for client and counsel to agree in advance on the category to be used.
It is important to
understand the considerations that went into the development of consensus
around a single standard. Therefore, following the definitions is a discussion
of the background of this initiative, and the guiding principles and
assumptions that informed the development of the Litigation Code Set.
Background, Definitions, Principles, and Assumptions
A. Background: The Need
Until the past decade, law firm billing was relatively straightforward. Firms billed their clients in greater or lesser detail, typically providing in-depth narrative descriptions of the tasks and processes underlying their hourly charges. In issuing bills and providing the underlying detail, each firm followed its own approach. In recent years, however, clients have become more focussed in requesting additional billing information of their outside law firms, or asking that billing data be presented in specific formats. In some instances companies have wanted to analyze their costs along various dimensions to provide benchmarks for the more systematic evaluation of legal costs. In others, there has been a desire to develop a database of costs on discrete legal activities. Most of these efforts have been part of an overriding effort to manage corporate legal expenses more effectively by considering inside/outside mix, comparative performance by attorneys and firms of discrete activities, and other aspects of cost.
As a consequence of these trends, many law firms' administrative organizations are faced with the challenge of complying with a broad range of specialized billing requirements - each unique to one client. This situation already poses a substantial burden to a number of firms. As law departments expand their use of "task-based billing" and broaden their efforts to manage outside legal costs more effectively, firms face the prospect of overwhelming complexity as they strive to comply with the various requests of dozens of clients. Ultimately, law departments will be burdened by different law firm coding structures and billing systems.
Aside from "need" narrowly defined, there are significant benefits to both law firms and law departments in terms of administrative simplicity and cost reduction to be gained from standardization. In addition, the development of standard billing categories will permit introduction of billing based on Electronic Data Interchange (EDI). This technology is already widely employed in other areas of commercial activity. By linking the suppliers and consumers of legal services, EDI offers the prospect of "paperless billing" and a new level of administrative and cost efficiency.
The need, therefore, is for
a uniform set of billing and task categories - detailed describers of legal
work that would be acceptable to both law departments and firms, and that could
prevail across American industry, financial services, and commerce. Analogous
to the role of standards in other industries and functions, standard billing
categories would make it possible for law firms to standardize their billing
systems and for corporate law departments to work with their law firms in a far
more efficient manner than prevails today.
B. Definitions
Following is a glossary of terms that will be helpful in understanding the Litigation Code Set.
Coding set/coding scheme. A list of alphanumeric codes and corresponding terms and definitions that describe the universe of legal work in a given area.
Field. A specific, defined category of information that is entered into an information management system or database.
Area of law. A label describing a discrete area of legal practice or specialization. Examples include real estate, intellectual property, and environmental. The group envisions that each department and firm would define these as appropriate.
Matter type. This designation describes or categorizes a specific legal services project for purposes of analysis and reporting. In most cases, matter types are more detailed than areas of law though for some specialized areas of law there may not be a more detailed listing of matter types. For example, a litigation case might be categorized as an antitrust, environmental, international trade, etc. matter.
Phase. This is the highest level category in the coding hierarchy. For litigation, examples are Pre-Trial Pleadings and Motions, and Discovery. Phases represent collections of tasks and activities that occur largely in a sequence during the course of a case or matter. Typically, timekeepers will enter time at the task level, but phase-level time entry will also be permitted. This might be useful in smaller cases in which task-level detail is not needed.
Task. This represents more detail under the phase level in the coding hierarchy. All tasks roll up to a phase. Tasks are intended to capture tangible work product produced or business results achieved. Tasks (or phases) are one of two fields to be recorded by timekeepers.
Activity. This is a code intended to
describe how work is accomplished (e.g., communicating, drafting). Activities
represent the second field to be recorded (optionally) by timekeepers.
C. Principles
The following list of guiding principles has informed the development of the Litigation Code Set. These principles emerged throughout a number of meetings held during 1994 and early 1995 and discussions of the various options under consideration.
Support of business objectives and processes. A primary, recurring consideration has been to focus on the purposes and uses of standardized coding. A number of business objectives and administrative processes that should be supported by the coding scheme were identified. These include planning and budgeting, time entry, status monitoring and reporting, bill preparation, electronic transmission of bills and payments, bill review and analysis, development of alternative financial arrangements, and practice and profitability analysis. Consistently, the group returned to the question: How are we going to use the data to be tracked?
Simplicity. The Litigation Code Set must be simple and straightforward to ensure widespread use. This includes limiting the total number of codes to a manageable level. The team consistently returned to this fundamental principle as it explored a wide range of alternatives, which frequently suggested more detailed coding schemes than we developed.
Ease of use. In practice, the Litigation Code Set should be easy for attorneys and other staff to use. The codes should be intuitive and capture an attorney's logical work processes.
Suitability for all size offices. Currently-available technology will be an important asset in the efficient implementation of the coding scheme. Still, the group has assumed that not all law offices will have advanced technology solutions at their disposal to facilitate the capture and analysis of time. For the coding scheme to be used widely, law offices and attorneys must be able to use the codes in a manual fashion.
Avoidance of multiple interpretation. A primary concern with some existing code sets is the multitude of ways in which a single time entry can be coded, depending on individual interpretation. The codes should minimize opportunity for multiple interpretation.
Flexibility to track
both tasks and activities. Some team members value the ability to analyze work according to
categories of activity (e.g., communication, drafting) in addition to task
(e.g., deposition). Others emphasize the importance of tracking and analyzing
the level of effort expended to complete tangible work product, segments of a
case, or defined business objectives. For this group, simply using task codes
is sufficient. As an option for those seeking activity detail, the System
permits firms and departments to code activities separately from tasks.
D. Assumptions
Following is a list of assumptions that guided the development of the Litigation Code Set. These assumptions were drawn from discussions during initiative meetings.
The fundamental coding structure has two fields: tasks (embedded within phases) and activities. Whereas task codes track time associated with tangible work product accomplished (e.g., motion, deposition), activity codes describe how the work was performed (e.g., communicating, drafting). Not every law office will wish to use activity codes, but the coding scheme is flexible to accommodate those who value activity analysis. The team discussed the desirability of coding at a lower level below task. In the interest of simplicity, though, this additional detail may be captured using narrative rather than adding more levels. This experience was borne out by those team members with direct experience coding time.
Narrative time entries will be retained. The Litigation Code Set does not envision the elimination of narrative descriptions of time entries. However, the need for this level of detail may be educed in smaller, less complex cases with successful adoption and implementation of the coding scheme.
For purposes of tracking and analysis, a matter type code distinguishes among various types of matters. A matter type designation can be used to distinguish among various types of litigation and to identify alternative dispute resolution matters.
The Litigation Code Set focuses on meeting the requirements of most matters. The Litigation Code Set has been designed to be suitable for use with most matters. However, there may exist cases of such size, complexity, or other unique characteristics that the codes are not sufficiently detailed. The objective was to develop a code set for the vast majority of cases and to provide a framework in which more detailed codes can be developed for extraordinary cases.
The following is a
complete list of codes and descriptions from the American Bar Association:
Activity Codes
A100 Activities
A101 Plan and prepare for
A102 Research
A103 Draft/revise
A104 Review/analyze
A105 Communicate (in firm)
A106 Communicate (with client)
A107 Communicate (other outside counsel)
A108 Communicate (other external)
A109 Appear for/attend
A110 Manage data/files
A111 Other
Bankruptcy Code Set and Definitions
This code set is intended
for use on bankruptcy matters. Tasks relating to adversarial matters, such as
preference actions, must be captured using the Litigation Code Set. The
Bankruptcy Code Set is derived from the code set published by the U.S.
Department of Justice, Executive Office for the United States Trustee.
B100 Administration
B110 Case Administration. Coordination and compliance matters, including preparation of statement of financial affairs; schedules; list of contracts; United States Trustee interim statements and operating reports; contacts with the United States Trustee; general creditor inquiries.
B120 Asset Analysis and Recovery. Identification and review of potential assets including causes of action and non-litigation recoveries.
B130 Asset Disposition. Sales, abandonment and transaction work related to asset disposition.
B140 Relief from Stay/Adequate Protection Proceedings. Matters relating to termination or continuation of automatic stay under 362 and motions for adequate protection.
B150 Meetings of and Communications with Creditors. Preparing for and attending the conference of creditors, the 341(a) meeting and other creditors' committee meetings.
B160 Fee/Employment Applications. Preparations of employment and fee applications for self or others; motions to establish interim procedures.
B170 Fee/Employment Objections. Review of and objections to the employment and fee applications of others.
B180 Avoidance Action Analysis. Review of potential avoiding actions under Sections 544-549 of the Code to determine whether adversary proceedings are warranted.
B185 Assumption/Rejection of Leases and Contracts. Analysis of leases and executory contracts and preparation of motions specifically to assume or reject.
B190 Other Contested Matters (excluding assumption/rejection motions). Analysis and preparation of all other motions, opposition to motions and reply memoranda in support of motions.
B195 Non-Working Travel. Non-working travel where the court reimburses at less than full hourly rates.
B200 Operations
B210 Business Operations. Issues related to debtor-in-possession operating in chapter 11 such as employee, vendor, tenant issues and other similar problems.
B220 Employee Benefits/Pensions. Review issues such as severance, retention, 401K coverage and continuance of pension plan.
B230 Financing/Cash Collections. Matters under 361, 363 and 364 including cash collateral and secured claims; loan document analysis.
B240 Tax Issues. Analyses and advice regarding tax-related issues, including the preservation of net operating loss carry forwards.
B250 Real Estate. Review and analysis of real estate-related matters, including purchase agreements and lease provisions (e.g., common area maintenance clauses).
B260 Board of Directors Matters. Preparation of materials for and attendance at Board of Directors meetings; analysis and advice regarding corporate governance issues and review and preparation of corporate documents (e.g., Articles, Bylaws, employment agreements, compensation plans, etc.)
B300 Claims and Plan
B310 Claims Administration and Objections. Specific claim inquiries; bar date motions; analyses, objections and allowances of claims.
B320 Plan and Disclosure Statement (including Business Plan). Formulation, presentation and confirmation; compliance with the plan confirmation order, related orders and rules; disbursement and case closing activities, except those related to the allowance and objections to allowance of claims.
B400 Bankruptcy-Related Advice
B410 General Bankruptcy Advice/Opinions. Analysis, advice and/or opinions regarding potential bankruptcy related issues, where no bankruptcy case has been filed.
B420 Restructurings.
Analysis, consultation and drafting in connection with the restructuring of
agreements, including financing agreements, where no bankruptcy case has been
filed.
Counseling Code Set and Definitions
The Counseling Code Set is part of the broader Uniform Task-Based Management System which also includes codes for litigation, bankruptcy and projects (including transactions and administrative filings). The Counseling Code Set provides flexibility in the Uniform Task-Based Management System. It is intended to capture time spent by attorneys in preparing and delivering general legal advice for all areas of law (e.g., tax, labor, corporate, regulatory, lobbying). The Counseling Code Set may also be used to capture time over a monthly billing period that is not otherwise attributable to a discrete matter, transaction, project or litigation. Communication between client and counsel about which code set to use at the onset of any matter is advisable.
The following definitions elaborate on the intended scope of each task and should guide attorneys in coding time.
Counseling Code Set
C100 Fact Gathering. This phase includes all initial
inquiries, meetings and instructions and the identification and collection of
information relevant to the assignment.
C200 Researching Law. This phase includes all legal
research tasks, including internal meetings and consultations with those with
special expertise, and computer and on-line research.
C300 Analysis and
Advice. This
phase includes all tasks associated with analysis of both the facts and
research performed (under C100 and C200) and communicating related opinions or
advice to clients. Written communication, meetings, and telephone conversations
during which advice is conveyed would all be captured by this phase.
C400 Third Party
Communication.
This phase includes all discussions with third parties not otherwise covered
above, such as communications with regulators or parties to contracts with the
client.
Expense Code Set
E100 Expenses
E101 Copying
E102 Outside printing
E103 Word processing
E104 Facsimile
E105 Telephone
E106 Online research
E107 Delivery services/messengers
E108 Postage
E109 Local travel
E110 Out-of-town travel
E111 Meals
E112 Courtfees
E113 Subpoena fees
E114 Witness fees
E115 Deposition transcripts
E116 Trial transcripts
E117 Trial exhibits
E118 Litigation support vendors
E119 Experts
E120 Private investigators
E121 Arbitrators/mediators
E122 Local counsel
E123 Other professionals
E124 Other
Litigation Code Set and Definitions
The Litigation Code Set
is intended for use in all adversarial matters including litigation, binding
arbitrations, and egulatory/administrative
proceedings. The following definitions elaborate on the intended scope of each
phase and task and should guide attorneys in coding time.
L100 Case Assessment, Development and Administration. Focuses on the case as a whole, the "forest" rather than the "trees".
L110 Fact Investigation/Development. All actions to investigate and understand the facts of a matter. Covers interviews of client personnel and potential witnesses, review of documents to learn the facts of the case (but not for document production, L320), work with an investigator, and all related communications and correspondence.
L120 Analysis/Strategy. The thinking, strategizing, and planning for a case, including discussions, writing, and meetings on case strategy. Also includes initial legal research for case assessment purposes and legal research for developing a basic case strategy. Most legal research will be under the primary task for which the research is conducted, such as research for a summary judgment motion (L240). Once concrete trial preparation begins, use L440 for trial strategy and planning.
L130 Experts/Consultants. Identifying and interviewing experts and consultants (testifying or non-testifying), working with them, and developing expert reports. Does not include preparing for expert depositions (L340) or trial (L420).
L140 Document/File Management. A narrowly defined task that comprises only the processes of creating and populating document and other databases or filing systems. Includes the planning, design, and overall management of this process. Work of outside vendors in building litigation support databases should be an Expense.
L150 Budgeting. Covers developing, negotiating, and revising the budget for a matter.
L160 Settlement/Non-Binding ADR. All activities directed specifically to settlement. Encompasses planning for and participating in settlement discussions, conferences, and hearings and implementing a settlement. Covers pursuing and participating in mediation and other non-binding Alternative Dispute Resolution (ADR) procedures. Also includes pre-litigation demand letters and ensuing discussions.
L190 Other Case
Assessment, Development and Administration. Time not attributable to any other
overall task. Specific use in a given matter often may be pre-determined
jointly by the client and law firm.
L200 Pre-Trial Pleadings and Motions. Covers all pleadings and all pretrial motions and procedures other than discovery.
L210 Pleadings. Developing (researching, drafting, editing, filing) and reviewing complaints, answers, counter-claims and third party complaints. Also embraces motions directed at pleadings such as motions to dismiss, motions to strike, and jurisdictional motions.
L220 Preliminary Injunctions/Provisional Remedies. Developing and discussing strategy for these remedies, preparing motions, affidavits and briefs, reviewing opponent's papers, preparing for and attending court hearing, preparing witnesses for the hearing, and effectuating the remedy.
L240 Dispositive Motions. Developing and discussing strategy for or opposing motions for judgment on the pleadings and motions for complete or partial summary judgment, preparing papers, reviewing opponent's papers, defensive motions (e.g., motion to strike affidavit testimony, Rule 56(f) motion), and preparing for and attending the hearing.
L250 Other Written Motions/Submissions. Developing, responding to, and arguing all motions other than dispositive (L240), pleadings (L210), and discovery (L350), such as motions to consolidate, to bifurcate, to remand, to stay, to compel arbitration, for MDL treatment and for change of venue.
L260 Class Action
Certification and Notice. Proceedings unique to class action litigation and
derivative suits such as class certification and notice.
L300 Discovery. Includes all work pertaining to discovery according to court or agency rules.
L310 Written Discovery. Developing, responding to, objecting to, and negotiating interrogatories and requests to admit. Includes mandatory meet-and-confer sessions. Also covers mandatory written disclosures as under Rule 26(a).
L320 Document Production. Developing, responding to, objecting to, and negotiating document requests, including the mandatory meet-and-confer sessions to resolve objections. Includes identifying documents for production, reviewing documents for privilege, effecting production, and preparing requested privilege lists. (While a general review of documents produced by other parties falls under this task, coding and entering produced documents into a data base is Task L140 and reviewing documents primarily to understand the facts is Task L110.)
L330 Depositions. All work concerning depositions, including determining the deponents and the timing and sequence of depositions, preparing deposition notices and subpoenas, communicating with opposing or other party's counsel on scheduling and logistics, planning for and preparing to take the depositions, discussing deposition strategy, preparing witnesses, reviewing documents for deposition preparation, attending depositions, and drafting any deposition summaries.
L340 Expert Discovery. Same as L330, but for expert witnesses.
L350 Discovery Motions. Developing, responding to, and arguing all motions that arise out of the discovery process. Includes the protective order process.
L390 Other Discovery.
Less frequently used forms of discovery, such as medical examinations and
on-site inspections.
L400 Trial Preparation and Trial. Commences when lawyer and client determine that trial is sufficiently likely and imminent so that the process of actually preparing for trial begins. It continues through the trial and post-trial proceedings in the trial court. Once trial begins, lawyers who appear in court presumptively should bill their court time to L450 Trial and Hearing Attendance. Litigation work outside the courtroom during this phase (e.g., evenings, weekends and the time of other attorneys and support personnel), should continue to be classified using other L400 Tasks.
L410 Fact Witnesses. Preparing for examination and cross-examination of non-expert witnesses.
L420 Expert Witnesses. Preparing for examination and cross-examination of expert witnesses.
L430 Written Motions/Submissions. Developing, responding to and arguing written motions during preparation for trial and trial, such as motions in limine and motions to strike proposed evidence. Also includes developing other written pre-trial and trial filings, such as jury instructions, witness lists, proposed findings of fact and conclusions of law, and trial briefs.
L440 Other Trial Preparation and Support. All other time spent in preparing for and supporting a trial, including developing overall trial strategy, preparing opening and closing arguments, establishing an off-site support office, identifying documents for use at trial, preparing demonstrative materials, etc.
L450 Trial and Hearing Attendance. Appearing at trial, at hearings and at court-mandated conferences, including the pre-trial conferences to prepare for trial. For scheduling conferences that are denominated as "Pre-Trial Conferences", but not directed toward conduct of the trial, use Task L230.
L460 Post-Trial Motions and Submissions. Developing, responding to and arguing all post-verdict matters in the trial court, such as motions for new trial or j.n.o.v., for stay pending appeal, bills of costs, and requests for attorney's fees.
L470 Enforcement. All
work performed in enforcing and collecting judgments and asserting or
addressing defenses thereto.
L500 Appeal. Covers all work on appeal or before a reviewing body.
L510 Appellate Motions and Submissions. Developing, responding to and arguing motions and other filings before a reviewing body, such as motions and other filings for stay pending appeal.
L520 Appellate Briefs. Preparing and reviewing appellate briefs.
L530 Oral Argument.
Preparing for and arguing an appeal before a reviewing body.
Project Code Set
The Project Code Set includes all legal tasks performed for non-litigation matters of a similar task pattern described below. This Code Set can be used for transactions (e.g., real estate, securities, financings, restructurings, mergers and acquisitions), for administrative filings with Federal and state agencies, and for stand-alone projects (e.g., establishing an environmental compliance program). All of these assignments share, to a large extent, the same underlying process steps.
The Project Code Set is part of the broader Uniform Task-Based Management System which also includes codes for litigation, bankruptcy, and counseling. The Project Code Set applies to all areas of law.
The following definitions
elaborate on the intended scope of each phase and task and should guide
attorneys in coding time.
P100 Project
Administration.
Focuses on administrative aspects of the assignment, including planning,
budgeting, and maintenance of documents. Covers developing, negotiating, and
revising the administrative plan and the budget for a matter. Also includes
developing and communicating project status reports. Time coded here is to be
distinguished from strategizing about the project, which is included in the
P300 code.
P200 Fact Gathering/Due Diligence. Includes all time spent investigating facts, obtaining documents and completing due diligence and the preparation of related reports and reviews with clients.
Also includes coordination with third parties (including other counsel) in connection with fact investigation, interviews of client and non-client personnel, document review performed for purposes of identifying, understanding and analyzing facts and issues, and all related communications and correspondence.
P210 Corporate Review. This task includes all fact investigation/due diligence from a corporate perspective, such as structural reviews, material contract reviews, SEC filing reviews, financing document reviews, and industry information reviews.
P220 Tax. This task includes all steps involved in conducting fact investigation/due diligence from a tax perspective.
P230 Environmental. This task includes all fact investigation/due diligence from an environmental perspective.
P240 Real and Personal Property. This task includes all fact investigation/due diligence from a real and personal property perspective.
P250 Employee/Labor. This task includes all fact investigation/due diligence from an employee benefits and labor perspective.
P260 Intellectual Property. This task includes all fact investigation/due diligence from an intellectual property (patent, trademarks, copyrights) perspective.
P270 Regulatory Reviews. This task includes fact investigation/due diligence from a regulatory perspective not covered elsewhere. Includes review of agency filings (e.g., FCC, FTC, and State analogues) by a party to or the subject of the transaction or project. Also includes consumer credit reviews.
P280 Other. This task
includes all fact investigation/due diligence not captured more specifically in
the P200 codes set forth above.
P300
Structure/Strategy/Analysis. Includes time spent in planning the approach to the deal
or project. Tasks include all analysis performed for purposes of developing and
reassessing the strategy for the project or transaction, and all steps taken to
develop a written outline or description of the structure of a transaction or
the strategy for a matter (e.g., term sheets) throughout the life of the
matter.
P400 Initial Document
Preparation/Filing.
This phase includes all tasks undertaken to prepare transaction documents and
opinions prior to their being sent to non-client third parties. Also includes
all tasks undertaken to file documents (including regulatory filings). All
related communications with the client and review of client generated
transaction documentation should be coded here.
P500
Negotiation/Revision/Responses. This phase includes conducting negotiations, revising the
initial (P400) transaction documentation as a result of such negotiations, attendance
at meetings, and responses thereto (including communications with clients with
respect thereto). The review of documents received from non-client third
parties should also be coded here.
P600
Completion/Closing.
This phase includes all tasks related to transaction pre-closing and closing,
project completion or filing acceptance, such as attendance at closing.
P700
Post-Completion/Post-Closing. This phase includes all post-completion or post-closing
tasks such as amendments to final documentation and resolution of post-closing
issues. Also includes all implementation tasks (e.g., funds held in escrow) and
preparation of closing binders (i.e., primarily clerical actions). Would not
typically include total or significant restructuring which should be considered
a new assignment.
P800 Maintenance and
Renewal. This
phase includes all tasks related to subsequent maintenance and renewal
requirements under the terms of the transaction or project such as monitoring
of lease agreements, routine waivers and coordination of UCC requirements.
Disclaimer & Copyright
NOTE: This document contains the Counseling Code Set, the Project Code Set, and the Bankruptcy Code Set developed by a sponsoring group of major corporate law departments and law firms coordinated and supported by Price Waterhouse LLP.
The authors hereby grant permission to use the codes and related definitions, in whole or in part, on a non-exclusive, royalty-free basis. In addition, this document may be freely reproduced and distributed in any electronic or hardcopy medium, on a nonexclusive, royalty-free basis, provided that this reproduction and distribution are not for profit, and that this title page is included in its entirety.
November 30, 1995
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