CosmoLex’s software helps law firms support commercial operations.
Grow Your Law Firm & Your Business
Automated Timekeeping for Business Law Firms
When you’re assisting your law firm clients through litigation or more complex matters, you can make sure that your time is accounted for and ready to be billed to the client with CosmoLex.
The Convenience of Integrated Invoicing & Payments
Billing by the hour or lump sum really adds up when it comes to sending out and chasing bills. With CosmoLex’s invoicing and CosmoLexPay, this process is optimized so that it takes your firm and its clients less time, without the headache.
the practice area.
CosmoLex adapts to your workflow and helps your firm run more
efficiently — with less stress and better results.
to run your business.
Access on-the-go time capture and easy legal billing software.
Automate workflows and prioritize your tasks.
View robust analytics for enhanced decision-making.
Work with tools you already use like Office 365 and Dropbox.
Manage office and trust accounting along with your practice.
Get paid faster with accurate invoicing and convenient payment options.
Collaborate with your clients including file sharing and eSignature.
Centralize and store your correspondence and files in one system.
Establish your digital footprint
for new law firm growth opportunities.
Business law, also known as commercial law, refers to the set of legal rules, regulations, and practices that govern the formation, operation, and dissolution of businesses. It covers a wide range of legal topics related to businesses, including contracts, employment law, real estate and property law, and bankruptcy.
Business law firms typically bill clients using several methods, including hourly billing, flat fees, contingency fees, and retainer fees. Hourly billing charges clients based on the time spent by attorneys, while flat fees are used for specific tasks like drafting contracts. Contingency fees are common in litigation, where the firm is paid only if the client wins or settles. Retainer fees are upfront payments that cover services for a specified period. Task-based billing charges clients for specific tasks or milestones, and blended billing combines hourly rates with flat fees. These methods are chosen based on the nature of the work and client needs.
Business law firms engage in timekeeping to track the hours spent on client matters. This practice is essential for accurate billing, especially for firms that charge hourly rates. Timekeeping also helps firms monitor productivity, allocate resources, and comply with regulatory requirements. Attorneys and staff record their time in increments, and specialized software is often used to manage and generate client invoices efficiently, ensuring transparency and effective management of client accounts.
The amount your firm charges depends on factors like location, complexity, and attorney experience. Hourly rates that include an attorney’s time are different from flat fees for tasks like contract drafting or trademark registration. Retainer fees are typically set for ongoing services. It’s important to discuss billing arrangements upfront to ensure transparency and align with your clients’ budgets.
For business law firms handling complex corporate matters, contracts, mergers, or compliance issues, CosmoLex provides a centralized platform to manage client information, documents, and communications efficiently. This allows business law firms to focus more on providing strategic legal advice and support to businesses, improving both client service and firm productivity.
Simplify your practice with one tool.
