If you manage a legal practice, you know that your time is split between running a business and practicing law. As much you want to be working with clients, you find your time being consumed by operational tasks, especially billing & collection. Managing invoices, retainers and reconciliations are not only a time-sucker, but if you […]

The legal industry is one of the few areas that bills by matter rather than by client. An auto mechanic doesn’t separate a customer’s account into billing for an oil change and billing for a brake alignment, and yet attorneys have to do exactly that. Setting up matter-based billing is hard with general billing software, […]

After the pandemic, law firms increased rates by up to 20%. However, with rising costs due to elevated inflation, clients may shift to more affordable law firms. So, how do you find the balance between ensuring your law firm stays profitable and maintaining rates satisfactory to potential clients?  The answer lies in productivity. To find […]

Attorneys face a difficult decision when charting their careers: struggle as a solo attorney or lose identity by joining a major law firm? Today that decision is not as hard as it once was. A new generation of law office management software has leveled the playing field, making small firms as good as or even […]

Virtually all experienced attorneys insist on upfront payment, either by charging a flat fee for a case or by asking for an evergreen retainer to cover billable hours and expenses incurred while handling the matter. New attorneys are often reluctant to ask for money up front, and as a result end up with a lot […]

Wouldn’t it be nice if all of your clients paid on time? Unfortunately they don’t. A few are dishonest, more are forgetful and others simply don’t have the resources. According to legal consultant Art Italo, “bad debt can run as high as 30% of total billings for small firms and solo practitioners, and up to […]

If your practice manages trust accounts, then you need to know what a three-way bank reconciliation is. As a trust administrator you are required to perform this balance periodically, most likely every thirty to sixty days; check your state regulations to see what the rules are in your state. These reconciliations are difficult to do […]

CosmoLex has all the time tracking, billing and trust administration features an attorney needs, but you need other tools for your practice. Maybe you’ve discovered how much you enjoy the flexibility of a cloud-based law office billing program and are looking for other tools. Here are a few other cloud software categories you might want […]

Matter decided, case closed, final billing mailed, account settled, done. Then six months later you get a letter that your client is filing a fee dispute with your bar association. You didn’t even realize the client was unhappy, but now you have to back up your invoice. A legal billing program like CosmoLex can be […]

Comprehensive, accurate and uncluttered invoices increase the likelihood of collection, which is important for maintaining the cash flow of your law firm. However the kind of high-quality invoices produced by legal time and billing software such as CosmoLex may not just be smart; they are arguably required by the American Bar Association. Your Obligation To […]