It is imperative that your firm’s legal billing and accounting systems utilize the same set of data. Failure to align these two systems with identical data will result in bookkeeping issues, billing complications, and ethics violations. The best way to avoid these issues is to implement a practice management system that handles both your firm’s legal billing and accounting inside … Read More
Tech Tip #90-Does Your Firm Understand The Difference Between Income & Revenue?
Understanding the difference between income and revenue is a crucial part of running a law firm. In fact, failure to understand the difference is considered to be one of the pitfalls of legal accounting that has the potential to lead to other issues. Failure to make this differentiation can lead to inaccurate books, compliance issues, and even ethics violations. Accounting … Read More
Legal Accounting Pitfalls
Attorneys practice law, that’s what they do. It stands to reason that their success rate in courtrooms and meeting rooms is the biggest difference in keeping their practice alive and successful. While an attorney’s performance for their clients is certainly a giant part of their success, there is another area that is far more likely to become the downfall of … Read More
Tech Tip #89-Don’t Rely On The Bank For Trust Account Reports
In a perfect world, you would be able to turn to your banks to provide you with the trust accounting reports that your firm needs. Unfortunately, these reports can only be created by your law firm’s bookkeeping system. View our special recorded webinar to identify which 7 trust accounting reports are vital to your firm’s survival. Watch it now! Ready … Read More
Tech Tip #88 – Keep Your Trust Accounting In Order
Every attorney knows that their trust accounting is heavily scrutinized. Depending on your jurisdiction there are a number of regulations associated with how you manage these accounts. We have identified 7 trust accounting reports that are vital in keeping your firm’s books clean. Depending on where you practice law some may even be required! Read more here or watch the … Read More
CosmoLex Announces New Partnership With Kansas State Bar Association
KBA Members Entitled to Discount on Practice Management Software. NORTH BRUNSWICK, NJ – November 21, 2016 – CosmoLex, a leading legal software developer, announced today that the Kansas State Bar Association has become an affinity partner. This is the latest in a series of partnerships with bar associations across the country. One of the reasons this partnership is good … Read More
Tech Tip #87-Keep Your Legal Accounting Current
Keeping your legal accounting is an important part of managing a law firm. The problem is most firms handle their accounting in one system and their billing in another. By bringing these two systems together under one login, you can reduce errors and time spent on data entry- while ensuring your accounting is always up to date! See why firms … Read More
7 Vital Trust Accounting Reports
As an attorney, you already know that there is an enormous amount of scrutiny when it comes to the trust accounts you manage. Regardless of what is required by your jurisdiction, there is a set of reports that are vital in showing that your trust accounts are being maintained properly. In a perfect world you would be able to turn … Read More
Tech Tip #86-Make Collection & Distribution of Funds Easy
In most industries you work, you get paid, you can spend that money. The legal world is much different. There is a hierarchy of liabilities that must be met before any income is realized. Things can get even more confusing when you factor in installment payments from clients. CosmoLex can automate this process for your firm & ensure all liabilities … Read More
Tech Tip #85 Organize Matter Records Better with CosmoLex
At many firms there are multiple attorneys and legal professionals working on a single legal matter. While there is strength in numbers, organization of records associated with a legal matter can become challenging. CosmoLex gives clients the ability to link all records to the matter they are associated with, making finding what you need quick & easy! Read more about … Read More