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The-Tools-You-Use-Impact-Your-Bottom Line

Tech Tip #46: The Tools You Use to Manage Your Practice Have an Impact on Your Bottom Line

There are countless tools out there that help lawyers manage their practice, such as with billing, accounting, and matter management, but there are hidden costs that many lawyers are not aware of. Simply finding different tools to handle different aspects of your firm can actually be hurting your bottom line. 

For example, how are you capturing your time throughout the day when you’re busy with client meetings, documentation and other tasks? Are you using a timer or note app to record it all down? If so, you’ll eventually have to manually input this data into your billing platform, which leads to inaccuracy or missed billable time. You’ll want to use a tool that records time on-the-go, as well as handles your billing. 

Or, how are you capturing expenses? Are you saving receipts and reviewing your credit card statements? That’s all great and necessary, but could lead to errors or complications if your accounting system isn’t tied into your matter management platform. As you know, all expenses need to be tied to specific matters. 

The most effective and efficient type of tool is one that is fully integrated with all the applications you need to run a successful law firm and grow your bottom line. Learn more by watching this video: Harnessing the Power of Fully Integrated Practice Management.

CosmoLex Team

CosmoLex is a leading legal practice management solution that is trusted by thousands of law firms across North America. CosmoLex is a single solution that lets solo legal professionals & small law firms manage their practice, billing, AND accounting all in one login, on any device, at any time. CosmoLex users can eliminate the need to maintain multiple programs because CosmoLex does it all -- including time & expense tracking, billing, business accounting, trust (IOLTA) accounting, calendaring, task, email & document management, even secure client communications -- in one web-based application.