How can our law firm automate our collections?

CosmoLex Team

Most lawyers, and business owners in general, dislike following up on collections. Yet if you want to be paid for work you’ve already done, basic steps around collections are a necessity. One way to circumvent the issue of having to follow up with collections—and possibly putting it off instead—is to automate your collections process. Here’s how. Online payments Online payment … Read More

How can we get our clients to pay our law firm?

CosmoLex Team

It’s a situation no lawyer wants to be in—following up with a client whose account is overdue. And while it’s hard to avoid challenging accounts altogether, there are a few steps you can take to bypass most potential problem accounts. Get retainers First, if you don’t already do so, collect retainers. Holding a retainer in trust for a client often … Read More

Should my law firm ever discount our services?

CosmoLex Team

Depending on global, economic or personal factors, it’s natural to wonder if your firm should offer discounts—out of compassion, a desire for continuing firm cash flow, or some mixture of the two. Know the why First, ask yourself why you’re considering giving the client a discount. Are they hard up for money? If so, why do you think they’ll pay … Read More

How can our law firm implement a payment plan for clients?

CosmoLex Team

Setting up a payment plan can expand your law firm’s pool of prospective clients, especially during a pandemic economy.[1] And if done correctly, it can also help reduce the bills you have to send to collections by giving clients an option to pay in manageable chunks, rather than tackling a large sum at once. But it’s important to think through … Read More

How should our law firm set our rates?

CosmoLex Team

You want clients to keep coming in the door. (Or, in the age of the pandemic, contacting you remotely.) And you want to be able to cover your firm’s expenses — and have an income. All those things are possible by determining appropriate rates for your firm. Laying the foundation Before you begin calculating your rates, there are a few … Read More