When you consider your law firm’s current needs, our guess is that they fall within the following categories:

1. Billing
2. General Accounting
3. Trust Accounting
4. Calendar & Events
5. Documents & Emails

The experts at CosmoLex have spent many years working with countless solo and small practice lawyers, and have come to identify these areas as the Five Pillars of Legal Practice Management that each law practice must vigilantly maintain in order to be successful. As technologies change and advance, the ways in which these needs are met has also evolved. However, many firms are still using outdated tools that may not be cloud-based and don’t communicate with each other, hindering the productivity of their staff.

In today’s post, we’ll be building a list that outlines how utilizing modern technology can not only simplify processes but also increase your firm’s accuracy and compliance.

Challenges of Desktop Systems

Before we get started, it’s important to address the fact, that most law firms are currently utilizing some form of technology in their office. In the 1990s and early 2000s, technology-embracing, competitive law firms began widely adopting desktop, or on-premise, practice management software. This software changed the way that legal professional practice law but it hasn’t changed much since its arrival decades ago. Although many offices are still comfortable using desktop systems, they pose several challenges to those trying to remain competitive including:

• No mobility
• Lack of modern functionality
• Complex setups
• Ongoing hardware/server maintenance required
• Software quickly becomes outdated

7 Competitive Advantages of Moving to the Cloud (and Why CosmoLex is the #1 Choice)

Fortunately, technology is on the side of lawyers, and by moving data to the cloud (which means regularly stored computer data is instead hosted on multiple servers that can be accessed through the Internet), your firm can benefit from:

1. Increased mobility with any time, anywhere access using any device. Today’s cloud software is accessible from your office computer, laptop, cell phone, tablets, any device that has an internet connection. This means that you’re no longer forced to go into the office to complete work and meet with clients.

2. Elimination of many IT headaches, as the cloud is:

• Self-maintained
• Highly scalable
• Free from in-office data management

3. Modern functionality with the latest and greatest version at all times, new features and system enhancements are a regular and automatic occurrence.

4. Next level practice management

• Transform your practice management workflow with tools that improve efficiency with:
  • Calendaring
  • Task tracking
  • Notes
  • Documents
  • Client communication
• Gain the competitive advantages of the cloud including:
  • 360-degree matter linked views
  • Client portals
  • Automation and workflows

5. Efficient and effective billing and collections

• • Integrate your billing and collections workflows to streamline the process through:
    • Time/expense entry
    • Pre-bill review
    • Invoice generation and delivery
    • Receive payments
    • Collection tools and reports
  • Gain the competitive advantages of the cloud including:
    • Mobility/web access
    • Efficient billing review and delivery
    • Periodic collection reminders
    • Fully integrated payment options

6. Maintained trust account compliance

• • Support a compliant trust accounting workflow with:
    • Individual client ledgers
    • Invoice payments from trust
    • Check printing
    • Monthly reconciliations
    • Compliance reports
  • Gain the competitive advantages of the cloud including:
    • Trust safeguards
    • Automated reconciliation
    • Easily generated compliance reports

7. Simplified general accounting

• • Improve your general accounting workflow with all-in-one software that handles:
    • Accounts payable
    • Capturing costs
    • Allocating income
    • Fee distribution
    • Accounting reports
  • Gain the competitive advantages of the cloud including:
    • Anytime, anywhere bookkeeper access
    • Statement imports
    • Foolproof legal accounting
    • Real-time reports

Simply moving to the cloud, however, does not necessarily mean your firm is taking full advantage of all that this technology has to offer. When comparing cloud options, look for a fully integrated practice management system rather than segregated tools or one that separates practice management, billing, and accounting.

To learn more about what CosmoLex has to offer and why it is the #1 alternative to desktop software, watch our in-depth webinar Three Things Cloud Providers Are Not Telling You or try CosmoLex in your office for 14 days.

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