Billing inefficiencies cost law firms more than time—they can erode client trust. Untracked billable hours, delayed invoices, and slow payments frustrate clients, undermining their confidence in your firm. But what if you could turn cumbersome processes into easy-to-manage workflows that result in happier, more satisfied clients? Read on for strategies that will help you get there. Common obstacles that prevent … Read More
Boosting Client Satisfaction with Efficient Billing Practices
There’s nothing like a confusing invoice or a complicated payment process to take the shine off great work. Yet for many law firms, billing frustrations are commonplace. Consider that a 2023 Thomson Reuters survey reports that the average law firm has an 18% realization loss because of billing-related issues. Or that according to the same survey, clients are increasingly pushing … Read More
The Future of Law Firm Billing: How to Streamline Your Practice with CosmoLex and CosmoLexPay
Billing is the heartbeat of any practice. It’s how you keep the lights on (or the computers if you’re remote or hybrid), your team paid, and your firm thriving. But traditional manual billing processes are time-consuming, error-prone, and a major burden on you and your administrative team. The good news is that there’s a solution that can make billing a … Read More
How Easy Is It for Clients to Pay You? Simplifying Law Firm Billing Processes
Running a law firm is a complex undertaking that requires a lot more than filing briefs or showing up in court. From managing cases to meeting with clients and keeping up with all your firm’s administrative processes, tasks and processes can slip through the cracks. While it may not seem like the most pressing thing on your plate, don’t underestimate … Read More
For Busy Law Firms, “Do It For You” Services Are a Smart Play
In the legal profession, expertise is paramount. You’ve honed your analytical skills, mastered the art of negotiation, and built a practice that stands as a testament to your capabilities. And yet, in an increasingly digital world, even the most prepared lawyers can find themselves grappling with additional challenges outside their area of expertise—namely, marketing and web development. An attractive, useful, … Read More
How to Determine Your Effective Payment Processing Rate
When it comes to choosing a credit card processor, it pays to read the fine print. Still, reading your statement isn’t always the most reliable option to know what your credit card processor is really charging. Many processors advertise a certain rate when you sign up, and then charge more than you expect in the form of hidden fees. Fortunately, … Read More
Make Year-End Closing a Breeze with These Q4 Accounting Tips
Depending on your firm’s accounting practices, the end of the year can either be a struggle or a breeze. If you don’t plan ahead, you can count on it being the former. The key to a hassle-free year-end close for law firms lies in careful planning and proactive accounting practices. By laying the groundwork well in advance, your firm can … Read More
5 Proven Ways to Maintain Accounting Compliance in Your Law Office
In the high-stakes world of legal practice, accounting compliance is the backbone of your firm’s credibility and financial stability. While the intricacies of law captivate your intellectual curiosity, the numbers in your accounting books hold the key to your firm’s reputation and, ultimately, its success. Navigating IRS regulations, ABA and state bar guidelines, and state data privacy laws can feel … Read More
Why Not All Payment Processors Are Created Equal
In our increasingly tech-driven world, law firms have more options than ever for how to accept and process payments. And there are important differences between the various processors out there. While many law firms use industry-agnostic payment processing options like Stripe, Square, or PayPal, there are drawbacks to using software that’s not tailored to the unique needs of the legal … Read More
A Primer on Deciding When to Change Your Law Firm’s Accounting Software
Is your law firm’s accounting software causing headaches, frustration, and general annoyance among its users? If so, it may mean it’s time for a change. As your law firm evolves, so do its needs, especially when it comes to accounting and practice management support. But how do you know when it’s the right time to upgrade your law firm accounting … Read More