How Retainer Reminders Can Improve a Law Firm’s Cash Flow
You get a new client. She engages you, and you deposit her retainer check. Then you start work on the matter.
As the months or weeks go by, her retainer amount gets depleted. Sooner or later (but mostly sooner), you find the amount approaching, well, zero.
At this point, most lawyers have no built-in system to replenish their retainer. So, they begin to bill forward as they go.
That’s a bad idea. It’ll leave you in a net-negative situation—and you’ll be doing work against future receivables. These receivables can rack up quickly—depending on the complexity and urgency of the matter.
Instead, we suggest leveraging technology to keep your retainers replenished—and stay net-positive in your cash flow. It’s easy with Easy TimeBill program, our legal billing and trust accounting system.
Easy TimeBill our billing software for attorneys allow you to see—at a glance—what your retainer balances are for each client and matter.
Low Retainer Alerts
For each client, you can set a minimum retainer balance. You can then open your client view, and view your low retainer reminders.
The system also generates an automatic reminder letter, notifying your clients that their retainer needs to be replenished. All you have to do is either email it, snail mail it, fax it, or give it to whom ever does your books.
This way: you stay one step ahead of your client. And your client stays one step ahead of your work.
Replenishment Amount Threshold
Legal time and billing software “Easy TimeBill” has a smart threshold option. You clearly do not want to start sending notices for small replenishments say reminders for less than $100. It would be silly to send a $100 replenishment reminder the moment retainer goes down from $10,000 to $9,900. Well, you are covered. You are able to set the minimum cut-off threshold.
Easy, right? That’s why we call it Easy Soft.
If you’d like to learn more about Easy Soft and any of our law office management software, call us at 800-905-7638.