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Often the go-to software for general accounting, QuickBooks offers tools that fulfill the needs of many small and medium-sized businesses. However, due to the compliance requirements unique the legal industry, it is important to recognize the program’s limitations – particularly when it comes to billing, trust accounting, and proper allocation – and consider utilizing a […]
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Measuring productivity is crucial to any successful business. For law firms, the way in which productivity is measured is slightly different from that of other industries. When measuring your firm’s productivity, it is imperative that you consider; who the originating attorney is, who is the person responsible for overall efficiency, and all contributions to billable […]
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When building an incentive compensation model for your firm it’s important to remain consistent, transparent and objective. For that reason, we recommend basing compensation on realization rate vs utilization rate. Doing this ensures that all members of your firm are compensated based on what is collected. This will remove any controversy associated with any adjustments […]
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For so many lawyers, having their own law firm is a dream. Many lawyers reach that point only to learn how much more challenging it can be to run a successful law firm — and let’s be honest, nobody sets out to own and manage an unsuccessful firm. Here at CosmoLex, we work many different […]
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Have you considered moving your firm’s practice management and accounting into the cloud? It’s a great idea and can improve efficiency across the board, but before you do so it’s important to understand which pieces of your existing data needs to be migrated into a new system. Most migrations will require you to bring data […]
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