Let’s talk about return on investment (ROI) in law firms. As a lawyer, your payment options matter. Your workload matters, too. Legal professionals wear many hats, but taking a few off would make your load far lighter. CosmoLexPay has you covered with task organization, easy reporting, fair prices, and quick funding. It was designed to help firms save money and … Read More
Integrating Payments with Practice Management: A Game Changer for Law Firms
Improving your practice is a great goal, but it’s not always easy to figure out what changes will have the biggest impact. While there are plenty of tactics you can use, integrating your payment processor with a practice management solution is a game changer. By adopting a fully integrated solution, you reduce your overhead costs and increase efficiency. The right … Read More
PCI Compliance and Secure Payments: Why It Matters for Your Law Firm
With the rise in data breaches and other cybersecurity incidents over the past decade, clients expect that you safeguard their sensitive information as carefully as you safeguard their best interests. The imperative is real: according to a recent report by Vercera, 66% of consumers would not trust a company that falls victim to a data breach involving their information. That … 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
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
Why Law Firms with Payment Options on Their Websites Have Higher Liquidity
We don’t want to ruffle any feathers, but we have to say it: there’s more to operating a successful law firm than practicing law. Sure, it’s a pretty big prerequisite, but at the end of the day, a law firm is also a business. And as businesses, law firms do need to consider things like online reviews, payment processing, utility … Read More
Six Common Legal Accounting Mistakes to Avoid
Managing a successful law practice is no easy task, and the financial aspect is as complicated as it is important to your firm’s overall health. In an industry where precision and accuracy are paramount, proper accounting is crucial to safeguarding your client’s interests and keeping your practice afloat. By better understanding common legal accounting mistakes, you’ll be better equipped … Read More
Avoid These Common Billing and Collection Inefficiencies (and Increase Your Cash Flow)
Money makes the world go ‘round—and that includes law firms. And that’s why billing and collection processes are a critical aspect of running a law firm of any size. Yet many small law firms and solo practices struggle with billing and payments because they operate with fewer resources than their larger counterparts. The result? Inefficient workflows and cash flow problems. … Read More
Time Tracking in Law Firms: Analyzing and Adjusting for Profitability
To bill clients for the work you complete, you have to track your time. It’s not just so you can send out correct invoices. (Although that is critical!) Without a record of what tasks were done on each case—and how long each task took—it would be impossible to accurately bill clients. Time tracking tools help your firm increase profitability. They … Read More
3 Payment Methods Law Firm Clients Are Looking For
A positive client experience isn’t just about strong client relationships. It’s about making legal processes easier and more manageable for the people you serve, from client intake all the way through to closing out their legal matters. One way law firms can improve the client experience is by offering flexible, inclusive payment methods. When it comes to payment methods, many … Read More
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