Question of the Week: How Can My Firm Effectively Use Retainers?

Use-Retainers-To-Improve-Cash-Flow

Retainers serve an essential purpose in the complex legal field by ensuring payment and a steady cash flow. To be effective, retainers need to be monitored to ensure they have the funds necessary to cover billing. Done properly, retainers can improve cash flow and the collections process, enhance the overall client experience, and streamline accounting. Key to successful retainer management … Read More

Tech Tip #261: Streamline Communications to Increase Profitability

Streamline-Your-Communication-Process-to-Increase-Profitability

Did you know that failure to communicate with clients is one of the most common complaints to state bars? And what’s more, regular communication is also a way to make your firm more profitable. Below are a few ways to streamline and optimize your communications with clients: Consider tools that remove the burden of initial responses to prospective clients, such … Read More

5 Ways Lawyers Can Be More Productive

5-Productivity-Tips-For-Lawyers

The phrase “work smarter, not harder” is famous for a good reason. Putting the adage into practice has the power to transform how lawyers can get more done and capture higher than the average of 2.8 billable hours in a workday. To increase profits, keep your sanity, and put out more work, use these tips to improve your productivity—because sometimes … Read More

Tech Tip #260: Protect Your Firm’s Data – Create a Disaster Recovery Plan

Protect-Your-Firm’s-Data-by-Creating-a-Disaster-Recovery-Plan

Lawyers are responsible not only for securely storing clients’ confidential information, but for acting in a way that best protects their interests, which extends to reasonable efforts to prevent IT mishaps. IT mishaps include natural disasters and data breaches that could result in data being lost, damaged, or corrupted. The best way to protect your firm’s data is to have … Read More

Question of the Week: How Can I Protect My Firm’s Data?

How-Can-I-Protect-My-Firm’s-Data-in-a-Paperless-World

Imagine if every computer file at your firm were to suddenly become inaccessible. Would your practice still be able to function? Even if you’re not entirely paperless in today’s technology-based world, there’s no doubt your firm wouldn’t be able to operate at an effective level. The impact of losing your firm’s data could have disastrous effects on your business, resulting … Read More

Improving Client Communication

Improving-Client-Communication

This post was contributed by Joyce Brafford, Licensed Attorney & Legal Technology Consultant. Joyce will be presenting in our upcoming webinar, “The 5 Tools You Should be Using to Communicate with Clients Today,” on May 23. Register for the webinar here. Hey, you! Over there, hiding behind your computer screen, trying to avoid returning 15 voicemails. I’ll let you in … Read More

Tech Tip #259: Make Better Decisions by Evaluating Billing Reports

A big portion of running a law practice revolves around billing, but it goes beyond just time tracking and invoicing. Some key billing reports you can analyze to make better decisions include aging reports, WIP reports, and retainer reports. Aging reports show your firm’s balances and which invoices are 30-60-90 days due so that you can come up with a … Read More

Question of the Week: What Should I Know About Billing Types and Time Tracking?

QOTW-Billing-Types-and-Time-Tracking

Many attorneys who bill their client on a flat fee or contingency basis often wonder if they need to track their time if the invoice amount isn’t dependent on hours worked. While recording time takes some effort, the business value it provides is well worth it. From maximizing profitability to avoiding malpractice claims, the benefits associated with tracking time regardless … Read More

CosmoLex Employee Spotlight: Chantel Gordon

CosmoLex-Employee-Spotlight

A company’s success often hinges on the people who work there. Sure, you need a great product that solves a real problem for its users; but without a strong team of people behind it, a tool is just that—a tool. In this installment of the CosmoLex Spotlight series, we get to know Chantel Gordon, a Sr. Client Services Representative who … Read More

Tech Tip #258: Use Real-Time Entry to Avoid Missed Billing

Use-Real-Time-Entry-to-Avoid-Missed-Billing

To make sure you’re capturing all billable time, enter it as it happens rather than waiting to get back to the office. Otherwise, you run the risk of forgetting the exact amount of time worked or even worse, forgetting to enter it at all. In addition to billable time, you should also be entering in expenses to avoid missed opportunities … Read More