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Tech Tip #274: Optimize Time and Billing Practices to Grow Your Firm

One of the five pillars of running a successful law firm includes having a strong foundation for time tracking and billing practices. Optimizing your time tracking and billing leads to three benefits:

  • Compliance: Keeping accurate real-time balances at the matter level allows firms to catch inaccuracies and issues earlier on. 
  • Happier clients: Easy-to-understand and accurate billing practices make it easier for your clients to pay and keep them on good terms. And in case of a billing dispute, you’ll have the accurate data to pull.
  • Staying solvent: Prevent “leakage” or lost funds that are never recognized because meetings, tasks, and events were never properly billed for.

To create a strong foundation for your legal time and billing practices develop a regular schedule and utilize technology as much as possible:

  • Streamline and automate your billing and collections workflows as much as possible.  
  • Set up automatic reminders to go out to clients for past-due invoices 
  • Send batch invoices with the click of a button 
  • Enter your billable work in real-time by leveraging cloud-based apps

Overall, the goal is to reduce the time spent on manually handling time tracking and billing tasks so that you have more time spent on lawyering!  

Learn more about The Five Pillars of Modern Legal Practice Management.

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CosmoLex Team

CosmoLex is cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application. Trusted by thousands of legal professionals across the U.S. and Canada, CosmoLex is a leader in next-gen legal practice management software. Learn why CosmoLex is quickly becoming the #1 choice for solo, small and mid-sized law firms...Start a free trial at www.cosmolex.com/register