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Managing Evergreen Retainers

Introduction

If your firm has minimum retainer balances, sometimes called Evergreen Retainers, you know it can be hard to keep track of. In CosmoLex, you can easily track low retainer balances and then generate reminders to clients for replenishment with our “Low Retainer Reminder” tool. 

Managing Evergreen Retainers

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Setting Minimum Retainer Requirement

You can set a “Minimum Retainer Balance Required” when adding or editing a matter. This amount is the minimum threshold before the trust balance is considered ‘low’ or needing replenishment. To set the minimum amount, follow these steps:

1. From the Matters tab, click  Add to add a new matter, or select an existing matter and click Edit

2. On the Add (or Edit) Matter screen, click Advanced Settings

3. Under Billing Info, check the box for “Minimum Retainer Balance Required” to turn this feature on

4. Type the amount for the minimum balance.

5. When ready, click Save to save the matter.

All set! When a client’s combined retainers (operating and trust) fall below this amount, they will be added to you low retainer reminder list.

Low Retainer Reminder

When matters have low retainer requirements, they will automatically be flagged by the system if the threshold has been met. You can use this to send email reminders to all of your clients, at once, to let them know that they are below their minimum and how much is required for replenishment.

To send out Low Retainer Reminder(s), follow these steps:

1. From the Matters Tab, click  Action

2. Click “Low Retainer Reminder(s)”

3. On the pop-up screen, you will see the client and matter, what you set as the minimum requirement, current retainer balances and what is needed for replenishment. along with the client’s primary email address (email address is required if you wish to send reminder emails). You can easily update the email from this screen if needed.

4. Complete the form:

  • Reminder Letter Date* – Date of letter
  • Only show replenish amounts higher than * – If you wish to only include those matters that fall above a certain replenishment amount, enter that amount here, then click Show/Update to refresh the list.
  • Round replenish amount to nearest $100 – check this option if you wish to round the replenishment amount to the nearest $100, then click Show/Update to refresh the list

You can either use this list as just a reference, or you can email a fully customized reminder letter to your client directly from the program.

5. To email reminders, select those you want to email, and click Email

6. The next screen shows the email template to be used for the reminders. Make any necessary changes here.

Important

Any changes you make at this level will only affect this email. If you’d like to make changes to the email template, you can do this from the Setup tab.

Do not replace the fields (EX: [#ClientContact#]) with an actual value. These fields are in place so that when you notify multiple matters, the correct information will populate automatically.

7. When ready, click Send. 

All set! Each of your clients will receive their own email with their individual information, and a copy of the email will be sent to the firm’s email address.

Learn More

Online Trust Retainer Payments

Insufficient Retainer Balances Report

Updated on August 23, 2018

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