Technology provides a big boost to the productivity and profits of any business including law firms. However the wrong technology not only provides less of a boost but can actually become a burden. If your time and billing software isn’t up to the task then it’s time to update to CosmoLex. Wrong Software Some practices, especially solo practices, try to … Read More
Is The Paper Check Dead?
According to NACHA, nearly half the paper checks written in this country are written by small businesses. You can find plenty of article predicting the death of the paper check within ten years — of course some of those articles are more than ten years old, so that shows how well these predictions work. CosmoLex law office software offers built-in … Read More
CosmoLex Is Like Hiring A Team Of Experts
Solo attorneys face a dilemma: you can’t afford to hire someone to help with office administration, and yet every hour you spend on trivial jobs is an hour you aren’t billing a client. CosmoLex law office management software is like having a full staff with a salary of only a few dollars a month. Bookkeeper You don’t need to hand … Read More
The Importance Of Branding To A Law Firm
Attorneys need to reach new clients, yet many are reluctant to engage in overt advertisements. If you depend on word of mouth referrals like many firms do, then it is essential that you project a professional image. The invoices produced by CosmoLex billing software for lawyers help you maintain that image. History Of Legal Advertising In 1908 the American Bar Association … Read More
Which Is Better: Hourly Or Flat Fee Billing?
Although it varies based on legal specialty, traditionally attorneys work according to the billable hour. However lately there has been a growing trend to move towards flat fee billing. CosmoLex time and billing software can handle either model, as well as contingency billing, but which billing is right for your practice? Fitting The Price To The Job When you charge … Read More
Avoid These Common Retainer Accounting Mistakes
CosmoLex’s built-in trust account management features are a big help to law offices that work on retainer, but there are still some errors you have to be careful to avoid. Attorney trust accounting software works best when used alongside smart account management practices. Here are a few mistakes to look out for. Taking Money Before It’s Earned – When a … Read More
What’s The Matter With Matter-Based Billing?
Matter-based billing is unique to the law industry. Other service businesses bill by client and commercial billing software is designed around this model. If you don’t use specialized legal billing software like CosmoLex then you are going to face some challenges. Applying Payments – When clients have multiple matters with your practice you need to be sure that a given payment … Read More
Tips To Improve Legal Practice Collection Rates
Nobody likes playing collection agency — even collection agencies! You don’t need to be demanding or inconsiderate to get your clients to pay up. CosmoLex legal billing software is a valuable tool for increasing collections and cash flow for your practice. Accurate Billing – The first step in getting paid is sending an invoice. CosmoLex’s professional invoices are clean and easy … Read More
Three Ways To Generate Three-Way Reconciliation Reports For Trust Accounting Systems
Three-way reconciliation reports are required by most state trust account regulations. Not only that but they are simply a good idea, allowing administrators to be sure that all funds in a trust are accounted for. There are many ways to generate these reports and we’ll look at three: manual reports, non-trust software, and legal accounting software. Manual Reconciliation Computers haven’t … Read More
General Retainer Management Tips
Don’t make the mistake of assuming being hired on a general retainer means you don’t need to track your expenses. Clients want to know they are getting value for their money. You should use billing software for lawyers to produce expense reports to assure clients your retainers are not too high — and to assure yourself that your retainers are … Read More