www.cosmolex.com Avoiding Common Legal Billing Pitfalls Erica Birstler Manager of Client Services CosmoLex September 15, 2016
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Avoiding Common
Legal Billing Pitfalls
Erica BirstlerManager of Client Services
CosmoLex
September 15, 2016
www.cosmolex.com
Five Pillars of Practice Mgmt.
▪ Legal Time & Billing
▪ Business Accounting
▪ Documents & Emails
▪ Calendar & Tasks
▪ Trust Accounting
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▪ Unpaid Amounts
▪ Unbilled Amounts
▪ Client Funds
●Operating & Trust
Important Matter Balances
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Disconnected Events,Tasks, Emails & Notes
▪ Compliance
▪ Collaboration
▪ Collection
▪ Cloud Access
Pitfall #2
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▪ Earned Fee
▪ Unearned Fee
▪ Cost Advances
▪ Settlement Funds
Types of Client Funds
Deposit into Trust Account
or Operating Account?
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▪ Show retainer balances on bills.
▪ Update balance as fees are
earned.
▪ Retainer Replenishment.
Challenges
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▪ Completed yet unbilled events & tasks
▪ Outside the office legal services.
▪ Frequent office disruptions.
Challenge - Time Tracking
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▪ Expenses are paid in
variety of ways.
▪ Expenses not allocated to
matters.
Challenge - Expense Tracking
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▪ Keep clients in the loop
▪ Establish primary method
of communication
▪ Ensure confidential
communication is secure
Pitfall #5 Communication Breakdowns
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▪ Timely Billing.
▪ Uncluttered Bills.
▪ Periodic collection notices.
▪ Track retainer balances.
▪ Periodic retainer replenishment notices.
▪ Track unbilled amounts.
Efficient Collection...
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#1 - Customization for Legal Accounting
#2 - Double data entry
#3 - Handling Client Funds
#4 - Client costs recovery
#5 - Allocate revenue receipts
#6 - Track income by practice area
#7 - Challenges of Credit Card Processing
Consequences of Isolated Systems
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Questions/CommentsThank you for joining us!
Erica Birstler
CosmoLex Cloud, LLC
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