Attorneys Only Collect 84% of What They Bill Clients

Trust Accounting

We work with law firms across the country. We see everything from established firms to firms who are just starting out. Something that we notice quite often is that attorneys are attorneys first and business men/women second.

While this is the ideal order for clients looking to hire the best legal representation, it isn’t always the best thing for the business of the attorney’s firm. While an attorney’s job is to practice law, those attorneys who manage their own firms have to take on the responsibility of managing the other aspects of the business. A major problem area for so many of these attorneys is their ability to chase clients for the money they are owed.

It sounds crazy to think that the actual case work your firm performs and the law they practice may be the easy part of your job, but statistics show that, that just may be the case. According to The Center for the Study of the Legal Profession at Georgetown University attorneys only collect 84% of what they bill to their clients. While you may not be a seasoned businessman or woman, the right tools can help you reduce leakage at your firm associated with unpaid bills from clients. What’s more, legal technology like CosmoLex can help your firm do this without requiring you to chase them down, and seem like an obnoxious debt collector – preserving your attorney-client relationship.

How to Collect the Money You’re Owed

As is the case across a number of different functions at your firm, CosmoLex aims to reduce the time and effort you spend collecting the money you are owed from your clients. The practice management system does this in a number of ways:

  • Low Retainer Reminders- CosmoLex will send your clients low retainer reminders to ensure that your firm remains cash positive when the accounts are getting low.
  • Easy To Understand Invoices- Nobody likes to pay bills, but people like paying bills that aren’t clear and easily understood even less. CosmoLex produces professional invoices that are easy to understand, making it easier for your clients to pay your firm.
  • Retainer Replenishment Amounts- CosmoLex invoices offer your firm the ability to add a retainer replenishment amount to invoices to keep retainers funded.
  • Easy 1-Click Reminders- CosmoLex allows you to easily send 1-click reminders to clients who have yet to pay their invoices. These reminders are automated but personalized to preserve your attorney-client relationship while securing revenue for your firm.

Stop missing out on revenue for the work your firm has already done and try CosmoLex today with a free trial.


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