Simple Billing & Payments
CosmoLex makes it simple and easy to send clean, professional-looking bills that improve your payment rate. Expressly designed for lawyers, CosmoLex gives you every type of invoice, retainer reminder, and past-due notice you need to keep the cash coming in. And, thanks to integrated bookkeeping, you can draw payments from retainers, while keeping operating and trust account balances properly managed in real time.
Too much (or too little) information raises too many questions. And questions delay payments. CosmoLex allows you to create & customize invoices that give your clients just what they want to know — last payment made, an itemized listing of legal services and expenses for this billing cycle, and the total balance due. Invoices can also include retainer balances and replenishment required – helping to keep them as full as they need to be.
CosmoLex supports multiple billing models. You can batch generate ALL invoices for ALL your clients with one click. With another click, you can bulk print them, and have them ready to mail in minutes. The chore of handling invoices one-at-a-time becomes a dim memory when you switch to CosmoLex.
Batch Email Invoices
Using CosmoLex billing software, you can batch email invoices to multiple clients — or your entire client list — all at once with a single click. You can even give each of your clients a personalized message along with a copy of their bill. This is a big time saver, particularly if you currently print & stuff one bill at a time.
Retainers (or fee advances) are essential to maintaining positive cash flow. Depending upon your local jurisdiction rules and case types, you may be placing retainers in trust (IOLTA) accounts or your business accounts. In both instances, law firms must take measures to comply with strict regulations to ensure that each client’s funds are effectively segregated from the attorney’s personal funds and other clients’ funds. It’s easier said than done. Read our whitepaper on “How Should Law Firms Manage Client Retainers” for a detailed explanation of how retainers play a crucial role in your accounting system. CosmoLex’s sophisticated retainer management features help you improve your firm’s cash flow and comply with state regulations.
Manage Invoice Payments
Invoices can be paid by new funds (via check or online payment) from clients, or from existing retainers in trust or operating accounts. With CosmoLex, you can keep track of the entire flow — from cumulative time and expenses to billing to payments and remaining client funds – all always kept current in real-time automatically.