Attorneys need to reach new clients, yet many are reluctant to engage in overt advertisements. If you depend on word of mouth referrals like many firms do, then it is essential that you project a professional image. The invoices produced by CosmoLex billing software for lawyers help you maintain that image. History Of Legal Advertising In 1908 the American Bar Association … Read More
Which Is Better: Hourly Or Flat Fee Billing?
Although it varies based on legal specialty, traditionally attorneys work according to the billable hour. However lately there has been a growing trend to move towards flat fee billing. CosmoLex time and billing software can handle either model, as well as contingency billing, but which billing is right for your practice? Fitting The Price To The Job When you charge … Read More
Avoid These Common Retainer Accounting Mistakes
CosmoLex’s built-in trust account management features are a big help to law offices that work on retainer, but there are still some errors you have to be careful to avoid. Attorney trust accounting software works best when used alongside smart account management practices. Here are a few mistakes to look out for. Taking Money Before It’s Earned – When a … Read More
What’s The Matter With Matter-Based Billing?
Matter-based billing is unique to the law industry. Other service businesses bill by client and commercial billing software is designed around this model. If you don’t use specialized legal billing software like CosmoLex then you are going to face some challenges. Applying Payments – When clients have multiple matters with your practice you need to be sure that a given payment … Read More
Tips To Improve Legal Practice Collection Rates
Nobody likes playing collection agency — even collection agencies! You don’t need to be demanding or inconsiderate to get your clients to pay up. CosmoLex legal billing software is a valuable tool for increasing collections and cash flow for your practice. Accurate Billing – The first step in getting paid is sending an invoice. CosmoLex’s professional invoices are clean and easy … Read More
Three Ways To Generate Three-Way Reconciliation Reports For Trust Accounting Systems
Three-way reconciliation reports are required by most state trust account regulations. Not only that but they are simply a good idea, allowing administrators to be sure that all funds in a trust are accounted for. There are many ways to generate these reports and we’ll look at three: manual reports, non-trust software, and legal accounting software. Manual Reconciliation Computers haven’t … Read More
General Retainer Management Tips
Don’t make the mistake of assuming being hired on a general retainer means you don’t need to track your expenses. Clients want to know they are getting value for their money. You should use billing software for lawyers to produce expense reports to assure clients your retainers are not too high — and to assure yourself that your retainers are … Read More
The Trick to Administering Multiple Trusts From One Bank Account
A common practice for law offices is to open a separate physical account for each trust account they have to oversee. This makes it easy to ensure the funds don’t intermingle but it’s an administrative nightmare. CosmoLex includes a built-in trust accounting system that makes it easy to manage any numbers of trusts from a single bank account. The Complex … Read More
Fly Free, Little Lawyer
There is an increasing trend towards mobility in the legal profession. Not only are you a more effective attorney when you can operate from anywhere but court systems, state regulations and bar association rules require lawyers to embrace technology for the good of their clients. It won’t be long before cloud-based law office management software like CosmoLex will be a … Read More
When It Comes To Billing, Ignorance Is Not Bliss
As an attorney you want to spend your time helping clients, not poring over your books. However if you don’t keep an eye on your practice’s finances you won’t have a practice for long. Billing doesn’t have to be hard or time consuming with a tool like CosmoLex legal billing software. Don’t Ignore The Situation You work. You invoice. The … Read More