Three-Way Reconciliation: The #1 Report to Solve Your Trust Audit Worries

Three-Way Reconciliation

Picture this: You have just found out your law firm’s trust accounts are about to be audited. What’s your first reaction? Managing client funds is a significant responsibility, and unfortunately, we’ve all heard stories of lawyers who fall short of fulfilling their duty—unintentionally and in some case, intentionally. As a result, trust accounting, or IOLTA, has drawn the increased attention … Read More

Avoiding Compliance Issues When Getting Paid

Avoiding Compliance Issues

While the primary focus of any law firm should be providing sound legal advice to clients, the only way to ensure quality service is to keep business up and running—which means matters of compliance and handling payments must also be top priorities. Fortunately, technology is here to help, and in this post, we’ll be discussing best practices for avoiding compliance … Read More

7 Reports Vital for Trust Accounting

Trust Accountin Reports

Trust accounting, also known as escrow accounting or IOLTA accounting, is an essential component of every law firm. From tracking client funds in trust accounts to meeting state regulations to maintaining a complete record of clean and accurate three-way reconciliations, trust accounting requires meticulous bookkeeping of both software records and paper trails. Although trust accounting may not be concerned with … Read More

Tech Tip #204: Your Firm Needs A Complete Picture of Matter Balances

When putting together a complete picture of your firm’s matter balances it should include account A/R, WIP, and your trust balances. Open invoices with trust retainers must first be cleared by drawing funds from trust (if any) into general and AR balances. Employing an automated legal accounting solution can help firms manage their matter balances in a more efficient manner. … Read More

CosmoLex Announces Approval from the Law Society of Alberta

CosmoLex becomes first cloud-based practice management system with built-in accounting to be approved by Law Society of Alberta.   MONMOUTH JUNCTION, NJ – March 27, 2018 –  CosmoLex, a leading legal software developer, announced today that they have met all the requirements to become approved for use by the Law Society of Alberta’s Responsible Lawyer Program.   The Law Society of Alberta’s … Read More

Tech Tip #203: Your Firm Shouldn’t Use General Accounting Software For Trust

Trust accounting requires legal-specific accounting, so the system your firm uses to manage its trusts should be legal-specific. General systems require workarounds to create the appropriate ledgers and reports and even then it will not provide the appropriate safeguards against overdrafts, commingling, and deposits that aren’t associated with a matter. Learn more about Trust Accounting Challenges That Are More Than … Read More

Tech Tip #202: Cyber Security Inside Your Firm

Cyber Security Law Firm

Law firms are responsible for much more than just what happens inside the courtroom. They are the keeper of financial records and sensitive information of their clients. It’s important that only members of your firm who need to have access to this information have it. Set up strict user privileges and access controls inside your practice management system to ensure … Read More

The 6 Best Practices When Choosing Legal Cloud Software

When a law firm decides to upgrade its legal software by moving to the cloud, it invests in its future. While migrating data is an involved process, the benefits of a cloud-based, law practice management system are nearly endless. Outdated software not only places firms in a precarious position when it comes to compliance, but it also presents several obstacles, … Read More

Tech Tip #201: Wash Your Hands Clean Of Legal Software Maintenance

Attorneys are attorneys, but any attorney with their salt also knows that they have responsibilities tied to accounting matters as well. Many firms use software to help manage some of the financial aspects of their work, but attorneys don’t want to also be IT professionals either. Invest in self-maintained cloud solutions for your firm to free up your attorneys time … Read More