After the pandemic, law firms increased rates by up to 20%. However, with rising costs due to elevated inflation, clients may shift to more affordable law firms. So, how do you find the balance between ensuring your law firm stays profitable and maintaining rates satisfactory to potential clients? 

The answer lies in productivity. To find this balance, 83% of general counsel have been prioritizing productivity as a way to cut costs. Law firms that can do more with less may be the winners of prized contracts. 

Legal billing can be one of the biggest time-consuming tasks for law firms. The average lawyer bills for less than 30% of the time spent at the office. Tedious, inefficient cycles eat away at the day, forcing legal professionals to regularly put in 60+ hour weeks to make up for the deficit. 

But your firm doesn’t have to be locked into outdated, legacy billing software and structures. There’s a better way: streamlined solutions from CosmoLex turn your billing process into a seamless experience. 

How does CosmoLex simplify the legal billing process for law firms? 

CosmoLex’s robust legal practice management software creates a comprehensive system for stress-free workflows. Strategically designed features address pain points within legal billing to curb non-billable hours for law firms. 

To simplify the legal billing process for law firms and minimize time-consuming errors, CosmoLex offers: 

• User-friendly interface: an intuitive design that is easy for tech users of every skill level to adopt. 
• Fully integrated solution: CosmoLex includes time-tracking, billing, practice management, legal CRM, and more. No more wasted time switching between software or manually copying information from one place to another. 
• Streamlined processes start to finish: CosmoLex captures time on the go, so you never miss a minute of work. Accessible, accurate time logs minimize the effort involved in end-of-month invoicing procedures. 

Let’s detail some of CosmoLex’s robust billing features to discover how your law firm can save time and money. 

Never miss a minute: comprehensive time tracking 

Lawyers can easily lose billable hours when they work remotely. Picking up the phone from a client late at night or answering a quick email leads to minutes missed. Law firms need advanced time-tracking solutions that cater to in-person, hybrid, or completely remote work. 

When a client doesn’t understand why time was logged on a bill, it leads to billing disputes, slowing down law firm payments. CosmoLex’s contextual law billing attaches tasks to every time entry and matter. This feature highlights the work completed on the bill, reminding the client of what they’re paying for—your experienced and valuable legal counsel. 

We know that every lawyer has used a sticky note to log a few minutes during their career. But this solution is cumbersome to add later and those notes can be lost easily. CosmoLex’s rapid time capture feature opens a single timesheet to track time for matters quickly. This time-tracking convenience carries over to the mobile app, so you can start or pick back up on time from anywhere. 

What advanced features does CosmoLex offer for efficient time tracking? 

CosmoLex redefines time tracking for law firms. Some of the advanced features for efficient time tracking include:  

• Money finder: automatically scans practice management records to ensure each time tracked for a period has been billed. 
• Compliant cost tracking: log expenses (either cash, checks, or credit cards) immediately through the app to always stay compliant. 
• On-the-go capture: track time from your phone so that no matter where you’re working, the hours will always appear on the invoice at the end of the month.

Reduce manual efforts: automated billing workflows 

Smart software automates invoicing. Minimizing manual labor in invoicing reduces costly errors, such as misplaced time, bill padding, or charging different rates for the same tasks.  

CosmoLex automates billing workflows to synthesize processes across clients, standardizing time and rates. Batch billing generates all client invoices in one click. You can even do multiple invoices at once for clients receiving similar services. Once generated, you can send the invoices via email with a pre-approved personalized message.  

How does the automation in billing workflows benefit law firms in terms of time and accuracy? 

Billing workflow automation removes human error. Instead of manually processing invoices through a spreadsheet or QuickBooks, CosmoLex automatically produces accurate invoices based on time logged throughout the month. There are no mathematical errors on the part of the lawyer.  

CosmoLexPay streamlines operational efficiency through extended client convenience options. Clients can set up recurring payments so they’re never late on a bill, and lawyers can automate email reminders for unpaid invoices. 

Professionalism first: customized invoicing 

Invoices have the benefit of both payment and marketing. They functionally allow your law firm to get paid, but can also remind clients of the valuable services your law firm offers them. 

Create customizable billing templates that reflect the needs of your law firm and clients. Invoice information can include line items such as: 

• Last payment made 
• An itemized listing of legal services 
• Services performed by hourly rate 
• Payment plans 
• Total balance due 

This allows for invoice differentiation based on the preferences of the client and the services offered. 

Can CosmoLex accommodate customized invoicing based on law firms’ specific requirements? 

Cosmolex’s robust custom invoicing allows you to choose additional line items so that each invoice meets the needs of your law firm.  

Additionally, you can change the look and feel of the invoice, adding personalized items such as your law firm’s logo. This keeps your law firm top of mind for your clients, not your legal practice management software.  

Are there success stories or case studies showcasing law firms that experienced enhanced billing efficiency with CosmoLex? 

Toronto law firm Roth Advocacy, owned by Jonathan Roth, is a solo law firm that was drowning in administrative time. With errors integrating QuickBooks into their practice management software, the firm struggled to obtain accurate, reliable legal billing workflows.  

After implementing CosmoLex, Roth Advocacy was able to cut excessive software subscriptions and streamline billing workflows. This gave Roth the extra time he needed to focus on high-value client and business tasks, saving him time and money. 

Remain competitive and boost productivity with CosmoLex 

Doing more work in less time helps you remain competitive in a saturated legal marketplace. CosmoLex’s robust legal practice management software offers fully integrated tools that ease every detail of running your practice. 

In addition to our legal billing features, CosmoLex offers: 

• Legal-specific business accounting 
• A comprehensive legal trust accounting solution 
• Complete law practice management software, including file-sharing and eSignature 
• Legal CRM 

Stop paying the rising costs of software subscriptions that add to your law firm’s overhead and switch to CosmoLex for a fully integrated solution. See how CosmoLex can transform your legal billing into a seamless experience and start a free trial today.