Your Law Firm’s 2020 Year-End Accounting Checklist

Ready to say goodbye to 2020? If so, you’re in good company. This year has been a challenging one, and many of us are more than ready to throw out the old and ring in the new.  But that doesn’t mean that law firms should neglect key end-of-year tasks. While pandemic fatigue might make it tempting to skip out on … Read More

Budgeting in an Uncertain Year

2021 budget

Markets don’t like uncertainty. Most cliches are rooted in truth, and this one is no different. And although there isn’t always a correspondence between individual experience, profit margins, and market performance, uncertainty is one driver that cuts across every industry, including legal: nobody likes it. It isn’t hard to see why uncertainty is so unpopular. Having clear projections provides a … Read More

The Top 5 Reasons Lawyers Are Switching from QuickBooks

While they might be a good solution for many small businesses, generic accounting platforms like Quickbooks aren’t designed to meet the specific needs of lawyers.  QuickBooks is the leading accounting software used by small businesses—and there’s a reason for that. Tools like QuickBooks, Quicken or Xero are purposely meant to be used for general businesses, which means that instead of … Read More

Simplify Your Law Firm Accounting with CosmoLex 

When it comes to legal-specific accounting complexities, CosmoLex has you covered.  Law firm accounting is complex, and many of the requirements of legal accounting are specific to the practice of law. Managing fee allocations, trust reports, reconciliations, and retainers, for example, requires accounting methods designed specifically for legal purposes—and they are best managed by software designed specifically for law firms.  … Read More

Utilizing a Mid-Year Accounting Checklist

Taking stock of your accounting isn’t just an end of year task – although it would be nice to only have to do it once a year!  These days, it’s more important than ever for lawyers to be aware of their financial standing and make sure they’re keeping accurate records. Doing a mid-year accounting check will leave you with a … Read More

How to Improve Your Law Firm’s Financial Security Today

Financial security isn’t just for your personal life – law firms should seek to have the same peace of mind that comes with the right long-term financial planning. Not only is it less stressful, but it also leads to sustained success when you’ve made sure the right processes are in place. In the busy world of running a practice though, … Read More

Using Modern Tools to Increase Your Accounting Productivity

In this post, we’re rounding out our 3-part series “Using Modern Tools to Increase Your Productivity.” For a complete overview of how modern, legal software can help you maintain a more productive law office, read our posts on legal billing and practice management. Accounting isn’t just one of the most commonly disliked parts of running a law practice – it … Read More

5 Quick Ways to Cut Cost in Your Law Firm

That the COVID-19 pandemic is wreaking havoc on the economy and impacting the legal industry is well-established by now.  Leaders are making hard financial decisions to stay in operation. These decisions are all the more challenging because no one expected to be making them three months ago. But while some considerations are painful, others represent some bigger shifts in the … Read More

Using Technology to Improve Your Legal Accounting

Technology on law firm accounting desk

Keeping up with client demands and changes in the industry, along with compliance requirements, can seem never-ending. Let’s face it – law firms have so many unique pieces that need to deal with that other businesses don’t have to. Legal accounting is one of those particular pieces, but with the right technology, it can make one area of your practice … Read More

Top 4 Accounting Challenges Facing Law Firms Today

Legal accounting has always been a challenge – but there are a few that top the list for lawyers today.  Accounting can be tough on a good day in any industry, but lawyers have some particularly unique factors to take into consideration. Not only is there the traditional business accounting aspect, like dealing with payroll, office purchases, profit and loss … Read More