Capture All Billable Activity
Timekeeping and expense tracking is key to making sure you get paid for all of your work. CosmoLex allows you to enter time and expenses when you’re on the go from your mobile device so you can track. Our Money Finder feature automatically scans your practice management records for unbilled completed events and triggers alerts on your CosmoLex Dashboard.
In-Context Billing
Time entries are fees for a variety of activities, such as email, meetings, tasks, etc. Without clear activity context, generic or miscellaneous billing entries are often a source of client frustration and fee disputes. CosmoLex lets you enter timecards attached to the proper activity category. This ensures that all billable items get billed and it also makes it easy for you to locate supporting activities (such as all email correspondence) in case of any confusion or dispute.
Account for Hard & Soft Costs
You typically spend money first—as matter costs—and then wait months to collect your fees and awards. The only thing worse than not getting paid for your time is not getting reimbursed for real costs that you incurred — the ones that didn’t make the invoice. Thanks to CosmoLex and its built-in legal compliant accounting, you can instantly post your hard and soft costs as soon as they are incurred — whether by cash, checks or credit cards.
Fast Time Tracking Across Matters
Between phone calls, emails, and other interruptions, lawyers often need to juggle multiple matters that all need attention. CosmoLex allows you to open multiple timers and track time for each matter on the fly (of course only one timer can be active at a time). As the day progresses, you can post completed activities as Billable Time Cards. Entering billable hours is further simplified by the use of customizable tasks, descriptions, and shorthand codes. These features make time & expense entries not only faster but also more accurate.
Remember Your Overhead
You may forget about your fixed overhead expenses, but CosmoLex remembers for you. CosmoLex legal expense tracking software makes it easy for you to allocate and cover your overhead expenses — exactly the way you want. You can configure an overhead charge that could be used as a percentage of time cards, expense cards, or both. The feature is very handy if your firm has a policy of including a fixed percentage overhead charge based on time or expense cards in an invoice.