Accepting credit cards has many benefits for any business, but concerns about compliance obligations have caused law firms to hesitate when it comes to allowing clients to pay with them. Not accepting them, however, can significantly impact cash flow, which winds up leading many firms to ask if there is a way to accept credit card payments while maintaining compliance. … Read More
Client-Centric Case Management: Enhancing Attorney-Client Relationship with CosmoLex
Good relationships are the foundation of any successful business and the lifeblood of law firms. For attorneys, the strength of the bond with clients can make or break your practice. These relationships require more than just delivering legal advice—they require building trust, delivering results, and generating retention and referrals so you can keep the doors open and the lights on. … Read More
Staying Organized in a Busy Law Firm
Being disorganized can waste time, increase stress levels, and limit productivity. But the most concerning potential outcome of all is misconduct, such as commingling of funds, appearing unprepared during client meetings, and failing to produce records to opposing counsel. To take control of your task list, paperwork, and anxiety, here are some tools and methods to help you prioritize and … Read More
Question of the Week: How can I protect my client’s data in the cloud?
The cloud offers an effective way to store large amounts of information, improve mobile access, reduce storage costs of paper documents, and provide scalability. In using this technology, however, there is still an obligation for lawyers to ensure that in taking advantage of the benefits of the cloud client data is still protected. By asking the right questions and implementing specific … Read More
Ask an Expert: Basics of Billing and Accounting Compliance
The words “billing” and “audit” are often the last ones an attorney wants to hear. We spoke with Amy Reynolds of Law Office Systems on ways to take advantage of legal technology to take the pain out of running your firm, while meeting the various rules and regulations surrounding billing, accounting and the security of personal data. Maintaining compliance and … Read More
Making the Most of LinkedIn for Lawyers
While many lawyers don’t have social media profiles due to ethics concerns, the professional nature of LinkedIn has led more than 85% of attorneys from firms of all sizes to have a presence there, according to the 2016 ABA Legal Technology Survey Report. However, having a profile is very different than maximizing the results you get from your online presence … Read More
CosmoLex Employee Spotlight: David Seltzer
One of the most important aspects of any tech company is actually not the tech at all–it’s the service and training the company provides its users. Without it, users are left to navigate the complexities of a SaaS product on their own and more than likely not getting the most out of the tool. This is why people like David … Read More
Tech Tip #265: Lawyers Should Embrace AI to Maximize Efficiency
The rise of artificial intelligence mistakenly gets a bad rap because people think it will decrease the job market. However, the opposite is actually true. AI will help free up a lawyer’s time that can often be bogged down in repetitive and mundane tasks. This ultimately allows lawyers to increase efficiency and focus on higher-level billable tasks, such as advising … Read More
Question of the Week: How can I figure out how much my firm is actually making?
It can be hard to tell how much your firm is bringing in at the end of the day. Even if your revenue numbers are the highest you’ve seen to date, it doesn’t necessarily mean you’re making more than you ever have before. To figure out exactly how profitable your firm is you’ll need to review your profit and loss … Read More
Tech Tip #264: Separate Your Firm’s Direct & Indirect Costs to Avoid Tax Liability
When handling a law firm’s accounting, you’ll need to accurately differentiate between direct and indirect costs. If you don’t, you could incorrectly increase or reduce the net income of the firm in a given tax year. This could create increased tax liability, lead to a legal accounting audit and further result in more compliance issues. A “Direct Cost” (aka Hard … Read More