| (866) 878-6798 | Schedule A Demo |

Evergreen Retainer Management

What is Evergreen Retainer Management?

Evergreen Retainers are client retainers that are kept “always green” with client funds — meaning your law firm never has to wait on an invoice to be paid. Evergreen Retainer Management is about creating an efficient process to stay on top of your client retainer balances, securing replenishment early enough to avoid depletion and ensure steady cash flow.

Challenges of Evergreen Retainer Management

While the concept of collecting client funds ahead of time and replenishing them before they are depleted is a simple one to understand, it can present many challenges such as:

  • Losing Track of Client Funds. When all client funds are pooled in a single account and recorded on a single ledger, it can be difficult to keep track of any single matter balance — causing bookkeeping headaches and compliance issues.
  • Monitoring Billing Balances. Efficient Evergreen Retainer Management means being able to anticipate account depletion. If your work in progress is more than your current retainer balance, it’s time to send a replenishment notice.
  • No Tools or Process in Place. A lot of data needs to be tracked accurately and clients need to be notified when it’s time for replenishment. An ad hoc approach will eventually fail.
evergreen-retainers

CosmoLex Automated Retainer Management

The CosmoLex Matter Dashboard clearly lists all billing & retainer balances for each client matter. And A/R balances display green if you have available retainer funds! Set a “minimum retainer balance” for each matter and if the balance goes below that limit, the account is automatically displayed on your “Retainer Reminder” list.

Stress-Free Replenishment Reminders

CosmoLex makes evergreen retainer replenishment easy with these tools:

  • Batch Emails.  Automatically send reminders to all clients below their ‘minimum retainer balance” with a single click.
  • Custom Invoices. CosmoLex custom invoice templates can automatically include calculated replenishment amounts for clients below their minimum retainer amount.
  • Quick Pay Request. When needed, you can email a trust retainer request that includes a link to pay the retainer online via LawPay. Your balances in CosmoLex are automatically updated, of course!
retainer-reminder