Are Accounts Receivable an Asset?
Attorney billing increments help firms track time consistently, but they can also create manual work and errors. Learn the most common...
Law Firm Partnership Structure: Understanding Roles and Responsibilities
Law firm partnerships can be as complicated as the cases they handle. But, what does it mean to be a partner...
Law Firm Accounting and Financial Management: A Comprehensive Guide
Financial management for law firms covers a variety of activities that keep a legal practice running, from day-to-day business activities to...
Journal Entry Fundamentals for Legal Professionals
For legal professionals, maintaining accurate financial records is not just about tracking income and expenses; it’s about ensuring that every financial...
Cash vs. Accrual Accounting: Which Is Best for Your Law Firm?
Cash and accrual basis accounting are both methods for recording law firm transactions. The most significant difference between cash and accrual...
The Do’s and Don’ts of Handling Client Funds
Handling client funds demands a great deal of responsibility and attention to detail. To adequately manage client funds, you need a...
The intuitive design and robust features of CosmoLex have been a game-changer for my firm. I recommend it to any solo practitioner looking to reclaim their time.
Jonathan Roth
Founder, Roth Advocacy
Canada
Customer Centric Messaging
Cosmolex provides a familiar and simple user interface that allows our firm to quickly and efficiently manage billing and times.
Top 10 Compliance Challenges For Law Firms
When it comes to trust accounting, maintaining compliance with your state’s requirements is of the utmost importance. And yes, you probably...
The True Cost of Non-Compliance for Your Law Firm
It’s indisputable that law firm regulatory compliance processes can be complex and take time and money to implement—but the cost of...
Trust Account Balance Sheets: Understanding Liability and Equity
Why do trust accounts appear as liabilities on your law firm’s balance sheet? We break down the accounting equation, the role...
Does my law firm have to pay sales tax?
Do law firms pay sales tax on client services? The answer depends on your state. Learn which states tax legal services...
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...
The Basics of Client Retainer Management for Lawyers
In the complex world of legal practice, firms often view client retainers as guaranteed payment that can secure positive cash flow...
How to Prepare for Changes to Your Trust Account: Part 2
In our last post on How to Prepare for Changes to You Trust Account we introduced you how to begin the...
Tech Tip #183: Compliance Should Be #1 Priority in Legal Accounting
If you are an attorney you’re familiar with trust accounting and you probably aren’t fond of it either. Unfortunately, it is...
Tech Tip #128: Do You Understand Trust Fund Compliance?
A lot goes into client trust fund accounting. Unfortunately, for lawyers, there are few attorneys out there who understand what that...
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