When will law firms go back to what it was like before COVID?

CosmoLex Team

There is no clear answer, as the coronavirus pandemic has yet to subside in the United States. For unrestricted public and professional activity, many different but interconnected pieces must be in place. Because each state has taken its own path in responding to the coronavirus, state authorities will have to determine if cases are low enough to allow continued reopening. … Read More

How should my law firm handle our billing?

CosmoLex Team

Legal billing is a distinct practice with nuances and complexities that distinguish it from billing in other industries. Legal billing can be complex for clients to understand because of rate structures, retainers, and invoicing practices[1]. When determining your billing practices, you should look at rates, time tracking, and payment methods to find your best options[2]. Hourly Rate The most common … Read More

What is the safest way to prepare my law firm for the future or another natural disaster?

CosmoLex Team

2020 has been a year of crisis management. Between the coronavirus pandemic, wildfires, police brutality riots, and numerous large-scale natural disasters across the United States, law firms have had to contend with a lot of uncertainty. These events have raised the question of how to safely prepare for future disasters. The first thing that a firm must have in place … Read More

What should my law firm do to plan for the next year?

CosmoLex Team

Planning for the upcoming year often starts in the final quarter of the year. Annual plans vary widely depending on the structure and scope of the firm, but there are some topics that appear in most effective strategic plans for law firms. Finances & Operations Every firm should evaluate their finances. This may include reviewing their current budget situation and … Read More

What type of bank accounts should our law firm have?

CosmoLex Team

Whether a firm is a new solo practice or an established AmLaw 100 firm, a law firm needs to have at least three bank accounts. These bank accounts should include: A business operating account. This account(s) are designated for practice income and expenses. If you’re audited, you would provide records for this bank account. A business savings account. Set aside … Read More

How can our law firm avoid a billing dispute?

CosmoLex Team

Billing disputes are stressful for everyone. They’re time-consuming, stressful, and can hurt your reputation. However, there are a number of ways you can avoid disputes over billing and collection. By implementing these best practices, you may be able to head off conflict before it begins. Focus on transparency Be clear and honest with your clients about costs, timelines, and possible … Read More

Can my law firm charge our clients for credit card processing fees?

CosmoLex Team

The ability to take credit card payments is a major need for law firms. 80% of consumers prefer using cards over other forms of payment and more than half of all credit cardholders use their cards for daily expenses. That’s a lot of credit card users. Credit cards are convenient but they do come with downsides for the payee. The … Read More