I want to open my own law practice, what are the first steps?

CosmoLex Team

Opening a law practice can be challenging for an attorney. Many attorneys don’t have business degrees and have never run a business in the past, so it can be overwhelming for them to know where to start when opening a law firm. The following is a high-level overview of the steps to take when opening a law firm: Step One: … Read More

Can I email invoices to legal clients?

CosmoLex Team

Since legal invoices are communications between lawyers and clients that may reveal an attorney’s strategy or legal advice, some states consider them to be privileged. [1][2][3] Therefore, law firms should check with their state bar association to determine what they need to do when emailing privileged information to clients, as those requirements could apply to emailed invoices as well. Most billing … Read More

Can general accounting programs like QuickBooks send out bill batches?

CosmoLex Team

Many general accounting programs can generate identical invoices for multiple clients at one time through a process called .[1][2] This is different from printing or emailing personalized invoices to clients through a or process.[3][4] Since law firms create personalized invoices, they do not need a batch invoicing feature in their accounting program.  What firms need is for the program to … Read More

What is a break-even analysis?

CosmoLex Team

Law firms, like most businesses, are created to generate a profit for the partners.[1] Generating revenue alone does not guarantee that firm will earn a profit because businesses only generate profits when their revenues exceed expenditures.[2] The “” is the point at which the revenues begin exceeding the firm’s expenses.[1][2] The first step in a break-even analysis is to determine … Read More