Most law firms provide a wide range of legal services and offer any number of fee arrangements. Depending on the client matter and fee structure, billing options for an invoice may include one or more of the following fee types:
Retail businesses choose a standard mark-up, assess going market prices, and charge accordingly for their products and services. Law firms, on the other hand, face unique requirements. While they can set their own rates, state ethics rules regulate how hours are billed and how law firms do business. Very often lawyers are required to continue representing clients even if the client’s payments are delinquent.
Time is a precious commodity, especially for law firms. Client work is billable; the hours spent on bookkeeping are not. The choice is yours. You can focus on client matters and let a smart system handle time and billing, or lose billable hours as you cope with cumbersome, manual systems. How you track and account for billable hours directly impacts your firm’s profitability.
Ethics rules also mean that if a billing dispute arises, a law firm must be able to produce a detailed audit trail, showing who did what and when, as well as how and what the client was charged. Back-office and especially the billing department personnel know that any manual billing system is a nightmare in the event of a controversy or audit. Tech savvy law firms understand the challenges and use cutting edge tools to work proactively and prevent questionable billing practices and disputes.
Legal time and billing software designed specifically for law firms can provide many advantages. Not only will you get a total financial view, you’ll have the ability to:
About Us: CosmoLex is a leader in cloud-based software for lawyers. Our CEO, Dr. Rick Kabra, has worked for many years in the legal software industry, catering to the specialized technology needs of small to medium law firms. Learn more about our law office management software by emailing email@example.com or calling (866) 878-6798.