Why Are Firms Making The Switch To CosmoLex For Practice Management & Legal Accounting?

Trust Accounting

One of the things that I hear from lawyers on a consistent basis is that they want to find a way to run a more productive and competitive law firm. A firm’s practice management system can often be a critical piece in creating a competitive law firm. At CosmoLex we work with law firms looking to migrate their practice management and accounting out of their existing systems over to CosmoLex all the time. With that being said there are still many firms out there who aren’t getting the most out of their practice management or legal accounting systems. For them, we have compiled some of the top reasons that many firms have already decided to move their operations into CosmoLex.

Top Reasons Law Firms Are Switching To CosmoLex

  1. Better Organization of Matter Records

When an attorney or firm is working inside of a single legal matter, there are many different records that need to be kept together and organized appropriately. CosmoLex allows firms to link all emails, appointments, documents, transactions, and much more to the matter they are associated with. This makes it much easier for multiple members of a firm to find exactly what they need when they need it.

  1. Easily Staying Current With The Firm’s Accounting

When dealing with a firm’s accounting, it is important that both legal billing and accounting systems remain in sync with each other. For many firms, this means that they have to enter data twice and can run into data entry errors that throw off the books. For users of CosmoLex, this isn’t an issue because both the firm’s accounting and billing systems live in the same place, are integrated, and data is entered only once. Not only does this ensure your accounting and billing systems remain current and accurate, it also saves a tremendous amount of time!

  1. IOLTA Trust Accounting

If you manage a law firm or practice of any size you are familiar with how important it is that your firm remains compliant with IOLTA Trust Accounting regulations. Beyond knowing how important it is, you are also probably aware of how easy it is to screw it up! CosmoLex has gone to great lengths to build IOLTA trust accounting features into the practice management system that will keep your firm compliant and audit ready at all times.

  1. Collection & Distribution of Funds

You may love practicing law, but it is also your livelihood. For that reason, the collection and distribution of funds from your clients is extremely important. In many professions you work, you get paid, and the money is yours to spend. For attorneys and law firms, the process isn’t that simple. When firms are paid there is a hierarchy of liabilities that must be satisfied before any income is realized, and to further complicate things invoices are often paid in installments. Many firms turn to CosmoLex to automate this process to ensure that all liabilities are fulfilled even in complicated situations that involve installment payments.

  1. Data Security In The Cloud

Many firms have made the move to CosmoLex because a practice management system in the cloud allows firms to be agiler and the idea of ongoing updates can help firms remain compliant with new regulations in the legal industry. This is definitely a reason why many firms choose CosmoLex and other cloud solutions. Where CosmoLex can differentiate itself from other cloud solutions is its ability to keep all of the sensitive data your firm enters into the system safe. CosmoLex provides the following security features for all of its clients:

  • Bank-Grade Encryption
  • Advanced Account Level Security
  • Frequent Backups
  • US-Based Servers & Personnel
  • Security Assessments Performed By Independent Security Experts

These are just some of the reasons so many firms have already made the switch to CosmoLex. If you’d like to see more ways that CosmoLex can help your firm, register now for a special webinar presentation this week titled ‘How To Be A More Competitive Small Law Firm in 2017’.


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