CosmoLex has revolutionized practice management at Kraemer LLP in several ways. Most notably, it has greatly reduced the amount of time spent on invoicing and increased efficiency.
The challenges
Optimizing practice management and invoicing processes at a newly established law firm
Kraemer LLP started in 2020 when Patrick Kraemer, president and managing partner, left his old firm and branched out to begin his own practice. Starting a new practice is a significant undertaking on its own, but it can be especially so without the right project management software.
Kraemer had previously worked with two different legacy legal practice management solutions. However, he knew that neither would meet the needs of a new firm.
Firstly, the fragmented time tracking and invoicing processes resulted in a loss of revenue, causing Kraemer to waste 2-3 days at the end of each month working on invoices instead of doing revenue-adding billable activities.
Secondly, these systems were limited in their ability to create transparency between the firm and clients, particularly with invoicing.
Kraemer wanted to avoid client complaints about costs incurred during the course of work. He knew the best way to do that was with comprehensive practice management software that allowed for transparent, detailed time tracking.
