How can our law firm securely send client communications?

CosmoLex Team

The work-from-home era has ushered in new standards and expectations. Clients now expect attorneys to be up-to-date with remote working protocols, and that includes digital communications. Yet there are a host of security concerns law firms must contend with that other businesses don’t need to worry about. The problem: client confidentiality In order not to violate the Model Rules of … Read More

How can our law firm calculate fee distribution?

CosmoLex Team

Fee allocation is a necessarily complex feature of law firm accounting. It’s how we make sure everyone gets paid for the work they contributed to a matter, but it can also be a minefield of mistakes waiting to happen. The complicated nature of fee distribution skyrockets if you’re trying to work with generic accounting tools not designed for attorneys or … Read More

How can our law firm fix our cash flow?

CosmoLex Team

Clear communication goes a long way, from first meeting your client through the billing and payment process. If your client has a good understanding of how they will be billed, it can help you avoid some bumps when it comes time to collect. Be sure to have them sign a written fee agreement so that everyone is (literally) on the … Read More

What online document storage is secure enough for law firms?

CosmoLex Team

With more lawyers working from home than ever before, firms are increasingly relying on online document storage as part of their shift to remote working. Yet law firms generate documents that have greater security requirements than, say, photos of your dog. So, what should you look for in a document management and storage platform? Integration Programs that work with dedicated … Read More

What is the best way for law firms to track time?

CosmoLex Team

“What isn’t measured, isn’t managed,” goes the old business adage. Tracking time helps law firms ensure they’re billing for all the hours they should be, lets them see where they spend their time, and aids those who charge a flat fee in making sure the fee represents the time worked. Most firms understand this, but with the shift from the … Read More

What’s the fastest way to bill our law firm clients?

CosmoLex Team

Organized billing – a necessity for timely payments – requires being on top of a number of administrative tasks, which recur, month after month. It absorbs valuable hours, and law firms are always looking to cut down on the time it takes. Track time as it occurs You can’t bill what you haven’t tracked. Make sure you’re contemporaneously tracking tasks, … Read More

How and when can my law firm raise its rates?

CosmoLex Team

Because of rising costs, inflation, and desire to attract and retain talented employees, most law firms raise their rates regularly. Deciding how and when to do this requires a strategy for determining what to charge and for communicating changes to clients. Determining rates with market research. Conducting research in local markets can help firms determine what to charge. Price point … Read More

What should my law firm include in a fee agreement?

CosmoLex Team

Fee agreements are an important part of any firm’s operations. They help protect both attorneys and clients and prevent any misunderstanding about the work to which both parties have agreed. Fee agreements may differ across firms, practice areas, and states, but they should all have these four critical components. Identity of the Client. This seems simple, but client identity can … Read More