Trust accounting is a critical function for law firms, as funds that are not yet earned or disbursed must be handled in compliance with state and federal requirements. Because of this, managing the trust account can seem intimidating. It’s essential that the firm is well aware of the requirements—regardless of who is doing the work—and doing everything possible to abide … Read More
Introducing the CosmoLex Ask an Expert Webinar Series
Originally posted 20 February 2019. Today, we’re introducing our CosmoLex ‘Ask an Expert’ webinar series. These AMA-style (Ask Me Anything) webinars aim to make industry experts available to legal professionals, giving you the chance to get your most pressing questions answered. Each webinar will take place over a 45-minute session and we’ll be covering popular topics like marketing, digital security, … Read More
Tech Tip #254: Types of Data Backups Your Law Firm Should Have
Law firms should ensure they have recent and complete backups of all of their data. Firms utilizing cloud-based systems like CosmoLex can count on regular data backups to be completed. Even in the event of ransomware, firms can still restore their data and be up and running with minimal downtime. Off-site backups are especially important, because backups kept your in … Read More
CosmoLex Spotlight: Batch Billing
Billing is an activity that often takes up the most unbillable administrative time, but it’s an important function because it’s how the firm gets paid. Since billing isn’t going away any time soon, the next best thing is to automate the process as much as possible. Batch billing is a function in which you can select all of the matters … Read More
Tech Tip #253: Always Print Backups of Trust Accounting Reports
Part of maintaining trust accounting in accordance with Bar Association rules and regulations is running regular reports to ensure client ledger accuracy and proper bookkeeping. To avoid any compliance violations and resulting sanctions, be sure to print out copies of these reports. This way even if a file is accidentally deleted or corrupted you’ll still have access to the records. … Read More
CosmoLex Ask An Expert Series: Data Security for Law Firms
According to a recent ABA opinion, every attorney is responsible for data security no matter who handles the IT at a firm. To find out just what that means, we spoke with John Verry, Managing Partner of PivotPoint Security. In our webinar, “Data Security Basics for Law Firms,” we answer some of the most commonly asked data security questions and … Read More
Tech Tip #252: Improve Your Practice Management By Centralizing Systems
Practice management covers all the back-office functions of a firm, including timekeeping, document management and billing. Using different systems for these, even if they integrate, can cause lots of inefficiencies within a firm. Duplicate efforts, inaccurate records and input errors can all be avoided by using one system to handle all of these features. Learn more about how to improve … Read More
Tech Tip #251: Re-invest in Your Practice With Digital Marketing
To grow your law firm, reinvest in your practice by using the power of digital marketing to bring in leads and get more clients. Look to spend between 5-10% of your revenue on marketing and consider focusing on digital marketing, which works for you around the clock. Learn more about how to grow your practice this year with our webinar … Read More
Tech Tip #250: Use The Right Reports to Ensure Accounting Compliance
Legal accounting, and trust accounting, in particular, has very specific rules and requirements. To make sure your firm is properly managing its books, you should regularly produce specific reports that will show whether or not your entries are accurate and in compliance. Don’t wait until there are issues and risk sanctions due to improper accounting. To simplify the process consider using … Read More
Better Business Practices for Lawyers
This month, CosmoLex is focusing on overall “Better Business Practices” for lawyers and small law firms. When you’re in charge of a law practice, it can be easy to focus on the clients and your cases, while forgetting that you also have a business to run. There can seem like a lot to manage, so we’re to help with ways … Read More