2019 Highlights & Achievements: A Message from Our President

As we close the books and reflect on 2019, some of our biggest achievements and highlights of the year come to mind.  This year, we’ve seen exponential growth within our company and we continue to invest in that initiative. Between talent acquisition, research and development, and product innovation, our mission of adding and enhancing value for our customers has remained … Read More

Executive Perspective: CosmoLex’s Week in Canada


This November, CosmoLex spent a packed week attending legal events in Toronto, Canada. As part of our commitment to provide Canadian lawyers with the latest in practice management solutions, we’ve been attending conferences and hosting events to help lawyers stay competitive and learn about what cloud practice management means for them. As President of CosmoLex, my goal is to make … Read More

7 Essential Trust Accounting Reports for Lawyers (Updated for 2019)


Trust accounting compliance can be one of the most difficult tasks of running a law firm due to the many requirements and pitfalls, but it’s also one of the most critical. The responsibility of properly handling trust accounts, no matter who in a firm is overseeing the accounting or trusts, falls directly on the lawyer. Non-compliance can result in severe … Read More

5 Legal Accounting Resolutions for 2019 (don’t worry, there’s still time)


If you’re looking to simplify and improve your legal accounting in 2019, there’s still plenty of time to commit to resolutions to make it happen. Five resolutions, in particular, will help you take charge of your accounting, avoid improper accounting and streamline your processes. Putting these changes into place and adding in integrated accounting can completely change how you view … Read More

5 Accounting Pitfalls Law Firms Must Avoid in 2019


Many lawyers make the same common mistakes when it comes to legal accounting. Mistakes that will make your accounting harder than it needs to be. However, a few small changes in how you handle your bookkeeping can simplify your entire experience. While accounting is certainly a difficult task, it becomes manageable when you take note of potential pitfalls and how … Read More

Year-End Accounting Tips for Law Firms


While closing out your law firm’s books for the fiscal year tends to be one of the least favorite tasks for many people, its completion is critical for your accountant’s review and provides an accurate picture of the law firm’s financial stability. Your firm’s records will also be used to prepare your tax returns, so having accurate books will save … Read More

Maximize Your Law Firm’s Efficiency with Simple Productivity Multipliers


No matter what size the firm, lawyers face an increasing demand on their time from billable hours, client satisfaction, and maintaining compliance — combined with everyday administrative tasks, it can seem like there’s never enough time in the day. Using strategic productivity multipliers can be the key to getting the most out of your resources, getting back time to devote … Read More

An Introduction to Matter Cost Accounting Software for Law Firms


Every law firm deals with matter expenses that are billed to their clients. All of these costs need to be accounted for, which would be easy if it weren’t for the fact that not all costs are treated the same. Thankfully, matter cost accounting software is available to make sure you’re handling these client expenses correctly and to help you … Read More

How Credit Card Merchant Fees Are Affecting Your Trust Account


Accepting credit cards as a payment method requires special considerations when it comes to law firms, particularly when a payment is for a trust account deposit. Trust accounts inherently come with extensive rules and requirements in order to protect client funds. To properly process these trust account deposits and stay compliant, the issue of how to handle credit card merchant … Read More

Managing Uncleared and Unclaimed Trust Funds


As part of the handling of trust accounts, lawyers are required to properly manage client funds, including making payments on their behalf and returning money as needed. But what happens when a client can’t be found or a transaction never clears? Dealing with these situations correctly is essential for ethical and compliant trust account management. Not dealing with these challenges … Read More