Every law firm wants to be more competitive, productive, and consistent in how they operate. One way to achieve your goals is to make sure you’re using the right legal practice management software.  

As a software, CosmoLex is ideal for law firms looking to make the move from basic to exceptional with their practice management and accounting. Here are five reasons why CosmoLex is able to do that.

1. We’re an end-to-end platform

Not all practice management software functions the same way, nor is it made equal. CosmoLex was built specifically for the modern law firm and its most essential functions, including:  

Matter management  

Attorneys have various documents that have to be securely stored and organized while working inside of a legal matter. CosmoLex gives firms access to linking all appointments, emails, documents, transactions, and much more to the matter they belong to.  

This makes it significantly easier for every member of a firm to find just what they need and exactly when they need it. 

Timekeeping 

To bill clients for your work, you must track your time.   

And it’s not just so you can send out the right invoices. Without a record of what tasks were done for each case, and how long each task took, it would be impossible to accurately bill clients. 

How CosmoLex can help:

•  Assess utilization rates 
• Analyze the efficiency of individual matters or tasks
• Adjust billing rates 

 CosmoLex practice management software lets you set custom timekeeping alerts for all case files, so you’ll know when you’ve spent more time than expected on a particular matter. With this information, you can determine whether to use improved intake screening, higher rates, or task delegation to make each case more profitable. 

Billing 

Billing inefficiencies cost law firms time and the erosion of client trust. When approached intentionally and strategically, you can turn your firm’s billing into something that does more than generate revenue—it can make clients feel confident in working with you.  

We help you achieve that client confidence with: 

• Standardized invoice formats: Standardizing your invoices with clear descriptions and itemized work simplifies billing for clients and accelerates payments; when clients have all the information they need at a glance, they’re more likely to pay immediately.
• Streamlined billing processes: Getting paid is great. Getting paid in a timely manner without the hassle is even better. CosmoLex helps firms save on administrative efforts by automating follow-ups to keep invoices from going past due.
• Multiple payment options: Clients want convenience, whether it’s accepting credit cards, keeping payment methods on file, or allowing recurring payments. CosmoLexPay makes all of this simple by fully integrating with your practice management system.  

Accounting  

When accounting is involved, it is important that both legal billing and accounting systems are in sync with each other. For many firms, this means they have to enter data twice. This can cause data entry errors that throw off the books.  

This isn’t an issue for CosmoLex users because both the firm’s billing and accounting systems live in the same place and data is entered just once. Not only does this make sure your accounting and billing systems stay accurate and current, it also saves a tremendous amount of time. 

2. Embedded trust accounting

If you run a law firm, you’re familiar with how important it is to remain compliant with IOLTA Trust Accounting regulations. Beyond knowing its importance, you are also probably aware of how easy it is to mess up.  

CosmoLex goes to great lengths to incorporate IOLTA trust accounting features into our practice management system. This means incorporating automated capabilities like:   

• Three-way reconciliation: CosmoLex provides automated three-way reconciliation, ensuring accuracy and compliance with bar association rules.
• Real-time balance tracking: The system maintains up-to-date balances for each client’s trust account, allowing lawyers to monitor funds accurately.
• Automated ledgers: Individual client ledgers are automatically generated and updated, reducing manual data entry and potential errors.
• Customizable reports: The software offers a variety of trust accounting reports, including client ledgers, reconciliation reports, and trust account journals. 

3. Get paid easier with CosmoLexPay

CosmoLexPay lets you set up automated billing schedules so your clients can make recurring payments without all the effort. It handles payments seamlessly, including

• Ongoing legal services
• Monthly retainers
• Subscription-based plans  

Automating recurring payments means you’ll stop manually generating invoices every month and chasing down late payments. Instead, you can enjoy a steady cash flow for your firm while giving your clients a convenient, hassle-free payment experience.   

Switching to CosmoLexPay can also lead to other cost savings. Firms save on:

• Direct costs: Using a solution that integrates with your practice management software instead of multiple systems eliminates those sneaky transaction fees from third-party providers. Our native accounting system makes sure your firm stays compliant and efficient at a lower cost.
• Indirect expenses: Automation of invoicing, reconciliation, and compliance features gives staff the opportunity to refocus their efforts on revenue-generating activities. 

4. Enhanced reporting and analytics

The right integrated accounting software will make running reports possible with just a few clicks. Functions like three-way reconciliation help you stay accurate for high-quality reporting. Financial reporting also gives you an audit trail to meet reporting requirements. 

Real-time financial reporting via a single system, like Cosmolex, positively impacts decision making. Our central platform combines data points and supports better analytics, allowing your firm to use its information to see trends, track your goals, and move forward with a plan.  

5. Grow profits with CosmoLex CRM

The best law firm software tools are built to generate continuous value over time. CosmoLex CRM is that kind of investment.

Many industry-agnostic client relationship managers (CRMs) act as a client data repository. They typically also include features to contact clients and potential leads efficiently. However, these CRMs often require a hefty, upfront investment to customize them for what your law firm needs. 

However, a legal CRM is specifically designed to help law firms grow and manage all of their client relationships. CosmoLex’s legal CRM has a multitude of features to support a law firm’s marketing efforts, including: 

• Customized online intake forms
• Personalized follow-up messages
• Text and video messaging
• Email drip campaigns
• One-click electronic signature
• Detailed data analytics  

All of these features help law firms build profitable client relationships from initial contact to actual retention. 

It’s never been easier to switch to CosmoLex 

CosmoLex is the go-to solution for legal-specific accounting software, and we give you the tools you need to grow. Sign up for a free trial to see for yourself how we can help streamline your law firm.