Credit cards offer an overwhelming amount of benefits and are used by many. While credit cards offer a way to get paid faster and can potentially increase client volume by providing an additional payment option for clients, they do pose several challenges. The use of trust accounts and general compliance requirements means lawyers have to be careful when implementing this … Read More
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 for their business. However, in order for client retainers to function successfully, they must be appropriately managed, as the associated operational and compliance implications have the potential to become detrimental to the firm. To most effectively meet the specific … Read More
Tech Tip #212: What to Consider When Switching Banks for Trust Accounts (Part 2)
Changing trust bank accounts is an involved process. When moving such accounts, it is important to follow specific trust accounting rules to ensure all money is accounted for and the bookkeeping is properly updated. Protect client funds properly by considering these tips when switching banks for trust accounts. Ready to make the switch?Start a 10-day Free Trial of CosmoLexTry For … Read More
Tech Tip #211: Class-Based Accounting: The Secret to Better Business Intelligence
When it comes to reviewing and evaluating the important financial elements of your practice, class-based accounting serves as an excellent tool. The ability to report on income, expenses, or net profit of a specific class can greatly improve your practice, empowering you to make intelligent business decisions based on clear data. Interested? Check out our blog for how to implement … Read More
Tech Tip #210: What to Consider When Switching Banks For Trust Accounts
When switching the banks your firm uses to manage trust accounts it is extremely important to ensure that all of your records and books are complete before making the switch. Migrating faulty data means your new account will have bad data and it is much easier to migrate accurate data than having to go back and make the fixes later. … Read More
A Look at the Challenges of Accepting Credit Card Payments in Law Firms
Accepting client payment by credit cards has long been debated in the legal community, but with their overwhelming benefits and widespread use, many law firms have become more open to the idea. Credit cards offer a way to get paid faster and can potentially increase client volume by providing an option for clients who may not be able to pay … Read More
CosmoLex Launches Turn-Key Legacy Data Migration Service for CosmoLex Customers & Consultants
Over 100 data migrations from legacy practice management software have already been completed in 2018 with the help of new automation tools. MONMOUTH JUNCTION, NJ – July 31, 2018 – CosmoLex, a leading provider of cloud-based legal practice management software, is pleased to introduce a new, fully-automated migration service using CDET (CosmoLex Data Extraction Tool). For a fixed nominal-fee, CosmoLex … Read More
Tech Tip #209: Better Business Decision Making Using Class-Based Accounting
Using class-based accounting will improve your firm’s ability to report on income, expenses, or net profit of a specific class. This will help keep track of your firm’s financials, as well as improve business intelligence at your firm. Pinpoint profit centers and draw comparisons between those profit centers to make informed decisions about the firm’s future. Learn more about how … Read More
Better Business Intelligence Through Class-Based Accounting
Class-based accounting, or the ability to report on income, expenses, or net profit of a specific class (i.e. department, practice area, attorney, etc.), not only helps to keep track of your firm’s financials, but it is also a means of improving business intelligence. By pinpointing profit centers and drawing comparisons to inform future decisions, class-based accounting serves as an excellent … Read More
Challenges of Credit Card Acceptance For Law Firms
On the surface credit card acceptance for law firms seems like an open and shut case. It’s a true no brainer with many benefits. Law firms who accept credit cards see a 30-40% improvement in their cash flow. Clients enjoy the ease in which they can submit payments. With rewards available from multiple vendors, many clients absolutely prefer to use … Read More