The daily hassle of duplicate data entries and constant need to double check billing & payment records is time-consuming.
Balances going out of sync between your billing and accounting programs will cause a major reconciliations and audit headache.
QuickBooksTM is not designed for unique requirements of legal accounting. Staying compliant will be challenging.
Separate subscriptions, extra bookkeeping efforts, low personal productivity all add up to a lot of extra costs
CosmoLex is the only Cloud-based total solution that includes billing, practice management AND compliant law office accounting. (No QuickBooks™ Needed). CosmoLex’s One Price / One Login system ends the complexity, hidden costs & daily struggle that come with using a hodgepodge of practice management, billing & accounting software — forever.
Lawyers live by the rule that “time is money”. CosmoLex gives you a lot more time by allowing you to get work done from anywhere. And we’re talking about real work, not just docketing entries. That’s because CosmoLex gives you 24/7 access to all the details for all your cases — including deadlines, documents, billing records, financial transactions, correspondence & more. You can use any device: PC, MAC, laptop, tablet or smartphone… there’s even a CosmoLex app for iPhone & Android!
Clients appreciate that you can operate on the go — and not make them wait until the next time you’re actually in the office. In fact, today’s clients demand it.
Technology is great when it works — and a major headache when it doesn’t. When it comes to legal practice management software, downtime is more than an inconvenience. It can be extremely costly, sometimes leading to the loss of a case or client.
When you put your practice on the Cloud with CosmoLex, you shift the burden to us. Our resources dwarf anything you could do in your office — which is why you’ll enjoy over 99.99% uptime with CosmoLex. Plus, you’ll never need to deal with data backups, a tedious “update”, or an emergency “security patch” — because we take care of those, too. All you need to do is log in like always — CosmoLex is always up-and-running, always up-to-date.
Maintaining law firm financials that comply with all CRA & Law Society requirements is challenging. Until now, Canadian law firms met these requirements by using desktop programs built specifically for the legal profession. Other Cloud-based practice management programs like Clio® require an additional, separate accounting program, such as QuickBooks™. As countless lawyers have discovered, trying to do law firm bookkeeping in a generic accounting program like QuickBooks™ is like trying to jam a really big square peg into a really small round hole. It’s always a problem — it never gets easier.
Law firm accounting is inextricably intertwined with billing & practice management details — which adds yet another level of frustration when working with stand-alone, generic accounting software. The need for duplicate data entry and complex data sync/imports/exports makes the whole situation unpleasant and error-prone.
CosmoLex accounting solves BOTH problems. It’s designed from the ground up to specifically handle all the nuances of Canadian legal business & trust accounting. CosmoLex understands GST/HST, retainers, trust funds, disbursements, cost recovery, input tax credits, transaction levies, fee income allocations, contingency fees, etc. Generic business accounting programs don’t. All the Canadian rules & account types are hard-wired, ready to work for you. And it’s all built-in, sitting side-by-side with your billing and practice management data. Which means that all your billable activities & expenses get automatically added to your bookkeeping ledgers — you’ll never have to deal with a failed import/export or cumbersome duplicate data entry procedure ever again.
Perhaps most important, CosmoLex helps keep you compliant. Built-in accounting makes it possible for CosmoLex to include a full menu of automatic safeguards to protect you from compliance problems. Remember, a failed audit disbars the lawyer, not the lawyer’s bookkeeper or accountant.
The words “Spot Audit” or “Trust Audit” will strike fear in even the most careful law firm. Yet, too many law firms ignore good bookkeeping practices until it’s too late. CosmoLex makes trust accounting foolproof from the get-go. No extra tools or learning required. Automatic, built-in safeguards protect you against common violations, such as commingled funds, client ledger overdrafts. or duplicate check numbers. Each client retainer is tracked individually, so it can only be used for the benefit of its matter or to pay the matter’s bills. Bank reconciliations are easy, and even those dreaded 3-way reconciliations are a simple, one-click process. Every trust account report needed by Law Society auditors is automatically available at your fingertips. When it comes to Trust Accounts, CosmoLex “has your back”. Do we need to say more?
We are even officially approved by Law Society of Alberta for trust accounting, the only law society in Canada which mandates program its members can use.
CosmoLex is not just a website with flashy screens and little substance. CosmoLex is a robust set of tools to manage both your practice and your business with the same level of sophistication used by large firms. Yet, CosmoLex is easy & affordable enough for small law firms. Dashboards provide high level summaries — with all the details just a click away. Class-based accounting lets you view financials by timekeeper, by lawyer, by practice, by department, by location or any combination of these. Collected income allocation helps you distribute fees among partners, staff & of-counsel based on origination and/or collections. You get the picture…
The privacy & security of your client’s legal matters is something that cannot be left to regular email anymore. CosmoLex protects you with an ultra secure communications portal — that can be used by both you & your clients — to transmit documents and other communications safely. Everything is protected by bank-grade encryption and access protocols — and instantly backed up. CosmoLex’s Secure Client Communication Portal is something your clients will appreciate & respect.
For too long, law firms have remained behind the curve when it comes to taking credit card payments. It’s another area where legal accounting complexities can be overwhelming — especially for small law firms.
CosmoLex has put that problem to rest. The combination of CosmoLex built-in accounting — and a LawPay™ partnership that eliminates the fixed monthly fee — gives every law practice an affordable, end-to-end solution that makes accepting credit card payments a no-brainer. Clients want the convenience of online bill payments; lawyers want the faster cash flow. And CosmoLex wants you stay compliant! CosmoLex has transformed the “credit card dilemma” of the past into a win/win for everyone. Over 35,000 North American lawyers use LawPayTM for their credit card processing needs.
In today’s world, long-term service contracts are disappearing. No one likes them. Neither do we. We know that the best way to keep customers loyal is to provide a great product with great service — at an easy-to-understand & affordable price. Judging by our 99% customer retention rate, we must be doing a pretty good job. We don’t need long term contracts. Neither do you.
CosmoLex is a “total solution”. Which means our customers put a lot of faith in us. We honor and respect that faith. That’s why we give every customer — large and small — unlimited support & training.
We also know that you can’t afford “hit or miss” customer service from some offshore agent that handles dozens of companies. So when you call in to CosmoLex for support, you talk to our own experts at our headquarters offices in New Jersey — where we have ALL the answers. From daily training classes to live phone/email support, we do everything possible to respect your time when you need help. We count your satisfaction — not how many times you called us. We did mention our 99% retention rate, didn’t we? Great customer service is one reason why.
While CosmoLex built-in accounting does the heavy lifting, most Canadian law firms use a third-party accountant or bookkeeper for monthly reviews, bank reconciliations, and HST filings. CosmoLex makes that extremely easy for both of you — by giving a free login for your qualified bookkeeper or accountant. They can access your books from their own offices (with your consent and controls, of course). Which means they won’t ever need to ask you to spend your time chasing down details they want to review. It’s all right there for them look at — in CosmoLex.
Your client & case data are priceless. So, the very thought of moving it to a new platform might make you a bit anxious. No need to worry. Every year, we help hundreds of law firms migrate to CosmoLex without a hitch. And we’ll do it for you, too. We provide a complete guide, tools & assistance at no-charge. And if you don’t have the time, we can secure trained experts to provide a turn-key migration for a nominal charge.