Billing is not revenue, payment is. Every law office grapples with non-paying or slow-paying clients — CosmoLex gives you advanced functions you’ll use to improve your collection efforts. And when the money does arrive, CosmoLex makes it easy to distribute it to all deserving parties.
While issuing invoices for the current month, you can include all outstanding balances as “Prior Balances” and seek full payments. You can also send past-due invoice reminder emails to your clients – with all the options you use for regular invoices. That includes one-click batch processing and sending. CosmoLex will help you filter invoices by the payment due date or amount due to target the most important delinquent accounts.
Additionally, you can use invoice templates that include the automatic addition of “retainer replenishment amount” as part of the total bill, providing another opportunity to bring every client’s retainer to the agreed amount (evergreen retainer).
Low Retainer Reminders
For matters that use an evergreen retainer, CosmoLex can send retainer reminders when the retainer balance reaches a threshold that you define. Here again, you can send low retainer reminder emails to multiple clients in one click. And CosmoLex lets you filter low retainer reminders by a “replenish amount” of your choosing.
Automated Revenue Distribution
Law firms often compensate their partners, or staff members, with pro-rated fee/award distributions based on an individual’s contribution to income. Accurate distribution calculations can be as complex as an invoice — with multiple components such as costs, other charges, fees from multiple resources — and it might get paid in installments. The distribution percentage can be varied, differing from matter to matter. CosmoLex automates these complex calculations 100%. All you need to do is specify the distribution percentage for billers as well as various matter parties (originating attorney, matter owner, working attorney, etc) and generate the report.
CosmoLex provides itemized invoice-by-invoice breakdowns as well as a summary by invoice, matter owner, or individual parties.