Aging Invoices and Lapsed Retainers, and How Legal Billing Software Can Help
Perhaps you agree with us that payments and collections are one of the best aspects of practicing law. We’re only half joking. You’re putting in hard work, and you deserve to get paid.
It’s been proven: the more proactively reminder notices you send, the more likely you are to get paid. Good law firm billing software such as Easy Time Bill can automatically prepare batch reminder notices for all overdue invoices—and print them along with your choice of cover letter.
Retainers, too, need to be replenished. But when retainer balances fall below their defined minimums, busy law firms often forget to send out the replenishment demand letters—as they’re given the right to in their engagement letters.
Let’s face it: clients aren’t going to simply fork over the money. So we recommend you make it a practice to generate demand letters for retainer replenishments.
When working in tandem with one another, effective legal billing and trust accounting software such as Easy Time Bill and Easy Trust will show you exactly when retainer balances are getting low, so you never have to wonder, and more importantly—you can systematize your reminders so that you get paid when you need to.
You’re going to reap powerful benefits with accounting software that blends trust account bookkeeping with your time-tracking and billing system. You’ll improve back office efficiency, spend less time on billing management, and have more time available for casework. You’ll ensure trust account compliance with state regulations. Lastly, you’ll improve your firm’s financial picture—and by doing so, increase profits.