Fix The Leaks In Your Law Practice’s Cash Flow
Your time is important. You should be paid for every fraction of an hour you put in on a case and yet if you don’t track your time carefully it’s easy to forget to record hours. Maybe you shrug it off as just a few minutes here and there but those few minutes can easily add up to thousands of dollars of lost revenue every year! A cloud-based legal billing program like CosmoLex makes it easy to keep record and bill for all of a matter’s expenses.
Relying On Memory
Some attorneys feel like they are too busy to track their hours. Instead what they do is at the end of the day, or worse the end of the week, they sit down and try to reconstruct their schedule. OK your calendar shows that two-hour client meeting there and the hour and a half meeting with the opposing counsel on this matter. And you remember that lunch meeting on Tuesday…or was it Wednesday? Well, close enough, right?
Except you forgot about that fifteen minute phone call, and the half hour consultation with another attorney in your firm, and the twenty minutes spent completing that form.
The same goes for expenses. You try to remember to get receipts but sometimes you forget and that means you have an illegible note written on a napkin, or that receipt in your pocket ends up going through the wash instead of into your law office billing program. All of that is lost money.
Recording As You Go
One of the many advantages of using a cloud-based solution like CosmoLex is that you can access your billing records from anywhere you have an internet connection — which nowadays means nearly everywhere. Even if you are in an area that doesn’t have Wi-Fi, your smartphone probably has internet and you can record expenses right there.
This means that every time you work on a case, you can enter your hours into CosmoLex law office software as soon as you are done. Record expenses the moment they are incurred. Create a comprehensive and accurate billing record for every matter your practice handles. Soon you will be surprised at how much more cash flow your practice has. It’s like finding money in the couch cushions, except instead of two quarters and a stale corn chip you find an additional $200 in billable hours each week.
Contact us to discover even more ways that CosmoLex can improve your firm’s profits by generating cash, cutting expenses and allowing you to run a more streamlined practice.