How and When to Raise Your Law Firm’s Rates

Law Firm Rates

Many law firms fear raising their prices because they worry they’ll lose business. While that can happen, undercharging will cost you far more in the long term than losing a few clients. Raising your rates can be done. In fact, it has to be done—to keep up with inflation, retain talent, expand your team, and invest in technology. But it … Read More

All-in-one Platform: Integrating Your Invoicing, Payments & Accounting

Integrating Invoicing Payments Accounting

Running a law firm is no easy task; with many competing priorities needing attention, it becomes critical to maintain the utmost efficiency. That’s why it’s important to find integrated payment solutions that work within your primary business management platform and help you automate critical business functions such as accounting, invoicing, and payments. Not only are integrated solutions important from a … Read More

Make More Money with Your Legal Tech: How CosmoLex Can Improve Your Legal Billing

Improve Legal Billing

Your billing and accounting software shouldn’t feel like just another item to budget for. Instead, it should be a tool to help you actively make more money—through better billing processes and time saved. Below, we break down steps for law firms seeking to improve their billing processes. Improve timekeeping If you don’t track billable time, you don’t get paid for … Read More

5 Proven Billing Tactics to Get Paid Faster

Time to Get Paid

Getting paid is an essential part of any business. But for law firms, the billing process can get particularly unwieldy—until it’s eating into your capacity to get paid. Many firms know that their billing process absorbs valuable, billable hours. But because it still needs to get done, they can fall into the habit of treating it as a necessary evil—the … Read More

5 Key Benefits of Streamlining Your Legal Billing & Accounting

Streamlining Billing and Accounting

Every lawyer wants to put as much work time as possible toward billable hours, yet determining how best to do that presents a challenge. Which non-billable tasks can be streamlined or eliminated? Popular accounting tools like QuickBooks®️ can seem like they’re saving time, but because such software is generic—and not legal-specific—it can create challenges and tangles in a firm’s workflow. … Read More

Best Practices in Timekeeping for Legal Professionals

Timekeeping may represent a minor task on your daily activities list, but it plays an outsized role in the profitability of your firm. Proper timekeeping prevents billable hours from leaking away—and it is a key part of understanding the big picture of your firm’s finances and where time is spent.  We’ve shared a few best practices below to help you … Read More

Legal Billing and Accounting: Ways Your Firm Can Fail

Lawyers have a very specialized set of skills and training. Their clients trust them with some of their most sensitive information. Accordingly, there is a higher degree of consideration placed on payment as a part of the lawyer-client relationships.   When most people think about violating ethical standards, their first thoughts turn to the more well-known issues: embezzlement, misrepresentation, undisclosed conflict … Read More

Improving Your Law Office’s Cash Flow

Money talks in more ways than one. In the COVID-19 era, your firm needs a cash flow that is consistent and easy to manage. Modern online payment options let you handle billing and accept payments from clients without the hassle.  What does it mean for your firm, though? Here are a few things to consider. The Importance of Billing & … Read More

Top 5 Billing Practices Used by Profitable Law Firms

This year might be unpredictable, but that doesn’t mean it has to be unprofitable. With modern billing, you can keep track of your bottom line just like the most profitable law firms do. From best practices to specific tactics to keeping money coming in the door, we’ll show you how to keep your numbers out of the red.  Law firm … Read More