What Are the Three Bank Accounts Every Law Firm Should Have?
Lawyers go to law school—and graduate to find themselves running businesses. Yet whether you’re starting a solo practice or growing an...
How Should I Pay Myself from My Law Firm?
When it comes to paying yourself from your law firm, your options are determined by how you choose to structure your...
How much should our law firm be spending on staff and general overhead?
Running a business requires frequent tinkering with the balance between expenses and income. And yes, a law firm is a business....
Can our law firm write off bad debts?
Bad debt is when a customer won’t pay their bill and you can’t collect it. It’s frustrating but you don’t have...
When should our law firm’s client accounts be sent to a collections agency?
When clients repeatedly fail to address an outstanding invoice, you have to evaluate all your options for collecting the debt. First,...
Can general accounting programs like QuickBooks allocate legal payments?
Most specialized and general accounting programs are able to allocate partial payments between cost advances and fees shown on the invoice....
The intuitive design and robust features of CosmoLex have been a game-changer for my firm. I recommend it to any solo practitioner looking to reclaim their time.
Jonathan Roth
Founder, Roth Advocacy
Canada
Customer Centric Messaging
Cosmolex provides a familiar and simple user interface that allows our firm to quickly and efficiently manage billing and times.
Can I transfer my data to a new accounting program?
The process of transferring financial data from one accounting program into a different program is called [simple_tooltip content=’Data migration is the...
What is in my law firm’s profit and loss statement?
A profit and loss statement (P&L), also known as an income statement, sets out the revenues earned and the expenses paid...
What Are Hard Costs vs Soft Costs?
Understanding hard costs vs soft costs legal accounting is key to profitability. Learn the difference, common examples, and how to track...
Accounts Payable: What Law Firms Need to Know
In the legal industry, a firm’s accounts payable is more than just the bills your office owes. Part of being an...
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