What Are the Three Bank Accounts Every Law Firm Should Have?

CosmoLex Team

3 Bank Accounts

Lawyers go to law school—and graduate to find themselves running businesses. Yet whether you’re starting a solo practice or growing an existing firm, the same accounting rules apply. Every law firm should have three basic bank accounts: an operating account, a savings account, and a trust or IOLTA account. And despite trust laws varying state-by-state, there are also a few … Read More

How Can You Measure Law Firm Productivity?

CosmoLex Team

Measuring law firm productivity is the first step in identifying areas for improvement. After all, you can’t address a problem if you don’t know it exists. To measure and improve your law firm’s productivity, you need to start by gathering data and analyzing key metrics.[1] Utilization Utilization rates measure how much of a lawyer’s time working ends up on an … Read More

Can My Law Firm Automate Fee Agreements?

CosmoLex Team

When it comes to running a law firm, automation can save you valuable time. For instance, document automation allows you to quickly create standardized agreements, including documents like fee agreements. Speed and consistency To harness the time-saving power of automation, start by having your clients fill out client intake forms online. This is typically more convenient for them—and it saves … Read More

Which Processes Should My Law Firm Automate?

CosmoLex Team

Automation can save time, streamline, and decrease the chance for human error by reducing the number of repetitive tasks you need to do as part of running your law firm.[1] Understanding these goals can help your firm determine which processes you should automate. Save time Make a list of the processes at your law firm that are repetitive or fairly … Read More

How Can Law Firms Increase Client Retention?

CosmoLex Team

Once your firm does the work of developing a lead into a client, it’s generally in the firm’s best interest to retain the client if possible. While there’s no one-size-fits-all cure, offering a positive client experience (including strong communication and active engagement) certainly helps. Responsiveness No one likes feeling ignored, especially when they’re paying a lot of money for a … Read More