CosmoLex makes it easy to send clean, professional-looking bills that improve your collection rate. Expressly designed for lawyers, CosmoLex gives you every type of invoice, retainer reminder, and past-due notice you need to keep the cash coming in. And, thanks to built-in legal bookkeeping, you can draw payments from trust retainers, while keeping trust account balances properly managed & Law Society complaint — in real time.
Client-Friendly Customizable Invoices
Too much (or too little) information raises too many questions. And questions delay payments. CosmoLex provides out-of-the box, Canadian-province-specific invoice templates that give your clients exactly what they want to know — last payment made, an itemized listing of legal services & disbursements for this billing cycle, and the total balance due — along with supporting items such as GST/HST number & tax totals. All invoices can further be customized with your logos or other financials such as retainer balances & “replenishment required”, trust account activities, and more.
CosmoLex supports multiple billing models. You can batch generate ALL invoices for ALL your clients with one click. Or you can run invoices by billing type, e.g. ALL hourly, or ALL fixed-fee bills. With another click, you can bulk print them — ready to mail in minutes. The chore of handling invoices one-at-a-time becomes a dim memory once you switch to CosmoLex.
Batch Email Invoices
Using CosmoLex billing software, you can batch email invoices to multiple clients — or your entire client list — all at once with a single click. You can even give each of your clients a personalized message along with a copy of their bill. This is a big time saver, particularly if you currently print & stuff one bill at a time.
Trust Funds Management
Trust Retainers (or fee advances) are essential to maintaining positive cash flow. Law firms must take measures to comply with strict Law Society regulations to ensure that each client’s funds are effectively segregated from the lawyer’s personal funds, as well as from other clients’ funds. It’s easier said than done. (Read our white paper on “How Should Law Firms Manage Client Retainers” for a detailed explanation of how retainers play a crucial role in your accounting system.) CosmoLex’s sophisticated trust retainer management helps you improve your cash flow & comply with Law Society rules.
Manage Invoice Payments
Invoices can be paid with new funds (via check or online payment) from clients, or from existing trust funds. With CosmoLex, you can keep track of the entire flow — from cumulative time & expenses to billing to payments & remaining client funds – all always kept current in real-time automatically.