Attorneys work with three basic billing structures: hourly rates, flat fees and contingency billing. CosmoLex legal billing software for attorneys can handle all three. However there is a fourth type of billing that is common among various consultants and contractors: value billing. Value billing on the surface seems similar to a flat fee: the attorney charges a predetermined rate to … Read More
Tips For Improving Your Law Practice’s Cash Flow
There is a very good article in the May/June 2014 issue of Law Practice entitled “Improving and Managing Cash Flow”. The author, Allison C. Shields, says, “Inconsistent billing practices, long delays on accounts receivable and languishing WIP (work in process, i.e., work that has been completed but not billed) can wreak havoc on a firm’s finances.” CosmoLex law firm billing … Read More
Small Business Lessons for Solo Law Firms
It’s intimidating to run a solo or small practice against the Biglaw firm down the street. How can you possibly compete? You do so by taking advantage of the flexibility and personal service that only small firms can give, and by using tools like CosmoLex legal office management software to give you time to give that extra service. Law isn’t … Read More
CosmoLex Answer Questions About Cloud Security
The March/April 2014 issue of Law Practice had an article entitled “How to Select a Law Firm Cloud Provider” that asked some great questions about cloud security. Although well-designed cloud-based law office management software is safer than your desktop computer, not all cloud providers pay as much attention to security as we do. We’d like to address a few of … Read More
Check Printing Tips For Law Offices
The paper check is alive and well even in our increasingly digital world. CosmoLex billing software for attorneys includes check printing capabilities. Here are a couple of points to consider when producing checks. Manual Or Printed Checks CosmoLex can print checks on your local printer. The advantage over manual checks is the payment documents will be clearly printed, easy to … Read More
Three Lawyers, Three Billing Systems
Let’s take a look at three lawyers: Lazy Larry, Prudent Polly and Successful Sam. Each of these lawyers has a different legal billing system and has achieved a different level of success. Lazy Larry can’t be bothered with billing. He’s a lawyer, not a bookkeeper. His method of recording time is to think about what he did this week and … Read More
How Can You Have A Paper Trail In A Paperless Office?
Attorneys learn early on the importance of documentation. This has caused some to resist moving to cloud-based trust software for attorneys like CosmoLex because they fear that without stacks of paper they will get into trouble if audited. The fact is you don’t need paper for a paper trail. If It Isn’t Written Down, Then It Didn’t Happen First of … Read More
Are You Using The Wrong Software?
Technology provides a big boost to the productivity and profits of any business including law firms. However the wrong technology not only provides less of a boost but can actually become a burden. If your time and billing software isn’t up to the task then it’s time to update to CosmoLex. Wrong Software Some practices, especially solo practices, try to … Read More
Is The Paper Check Dead?
According to NACHA, nearly half the paper checks written in this country are written by small businesses. You can find plenty of article predicting the death of the paper check within ten years — of course some of those articles are more than ten years old, so that shows how well these predictions work. CosmoLex law office software offers built-in … Read More
CosmoLex Is Like Hiring A Team Of Experts
Solo attorneys face a dilemma: you can’t afford to hire someone to help with office administration, and yet every hour you spend on trivial jobs is an hour you aren’t billing a client. CosmoLex law office management software is like having a full staff with a salary of only a few dollars a month. Bookkeeper You don’t need to hand … Read More