What Should Our Law Firm Billing Policy Look Like?

CosmoLex Team

Many tasks eat into a law firm’s billable hours — including the billing process itself. Whether it’s writing descriptions for invoices, waiting for the right attorney to review the bill, or following up with overdue notices, billing takes up valuable time. But there are a few things you can do to expedite your billing process and put your hours to … 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

Should my law firm use retainers or just bill as work is done?

CosmoLex Team

Law firms either bill as work is done (e.g., monthly, quarterly, or at predetermined milestones) or by using a retainer model. The three retainer models most frequently used by law firms are: General retainers Flat fees or advance payment retainers Security retainers General retainers secure a lawyer’s services for a particular period of time, and flat-fee retainers function as complete … 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

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