Show Me The Money – Easy Ways To Secure Funds From Your Firm’s Clients

Trust Accounting

On a daily basis you are more than likely dealing with multiple clients and multiple cases. Each client has specific needs that as an attorney you need to satisfy. When you started your day in the morning, billing clients and managing the funds they have available to you was probably somewhere high on your to do list, but somewhere along the way practicing law probably got in your way.

The problem is you have to secure funds from your clients and you need to practice law to ensure that your clients feel a need to get those funds to you. So what exactly is a lawyer to do, when they’re too busy working for their clients to bill them?

Here are some ways that you and your firm can easily bill and secure funds from clients that won’t interrupt the actual work you are doing as an attorney.

  1. Create clean legal invoices for your clients. There isn’t a client in the world that is excited about cutting a check. They become even less excited when your firm’s invoice isn’t easy to understand. Utilize law practice management software that creates invoices that focus on the key information clients need like; their last payment, an itemized list of services and expense, the total balance due, and an update on their retainer balance.
  2. Automate client invoicing. As previously mentioned, unless you have someone on staff that is focused on billing your firm’s clients, the process can be extremely time consuming. CosmoLex has created a legal billing solution that allows your firm to generate, print, and even email all of your outstanding invoices to all of your clients in just a few clicks.
  3. Stay on top of past due reminders. When law firms use efficient legal billing solutions, they can easily notify clients when an invoice is past due. While clients may have the best intentions of paying your firm, sometimes they may forget, your firm can’t simply rely on them remembering. Practice management technology allows your firm to filter invoices by the due date and amount. These invoices can then be batch processed to notify all of your clients who owe your firm money.
  4. Keep clients aware of their retainer balances. Many law firms operate on retainers. The problem is that at times the balance of these retainers may become low. When a client’s retainer balance becomes low your firm runs the risk of overdrafting an account and running into compliance issues. CosmoLex allows your firm to automatically send retainer balance reminders to clients when their retainer balance reaches a certain point. This takes the concern of the retainer balance off of your attorneys’ shoulders and allows them to focus on legal matters.

You know how to practice law, chances are you practice law very well. That’s why you’re managing your own firm now. That doesn’t mean you have the expertise and time to manage your firm’s billing system. Try CosmoLex for free and you’ll begin to see how easy collecting fees from your clients can become.


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