Do you ever wish you had access to the kind of sophisticated tools found at large law firms? With CosmoLex, you do! And we are not just talking about modern Cloud features like Client Portals, Dashboards, Online Bill Payments, etc. CosmoLex gives you all of those. PLUS, you’ll enjoy truly cutting-edge capabilities like these.
Deep Data Mining
A busy law firm encompasses a wide range of activities – thousands of billing entries, invoices, payments, documents, events, tasks & more… It’s important to be able to cut through that massive amount of data to zero in on the specific information you need — the quicker the better. CosmoLex gives you deep “data mining” tools that allow you to search using multiple parameters to locate your records. For example, you might search for “all matters of Lawyer X, opened last year where the receivable is over $2,000.” You can get a list like this in one-click!
Collected-Fee Income Allocation
Law firms often base compensation on collections. Many even operate in an “Eat what you kill” mode. CosmoLex keeps track of every penny of collected fees of every type — by Billing Lawyer, Responsible Lawyer, or Originating Lawyer. Once you set up credit for fees among parties, CosmoLex will generate ready-to-use monthly billing, collection & distribution reports.
For tax filings, a simple income statement might be good enough. For smart decision making, you need to see income & expenses by “profit centers”, e.g. by practice area, by lawyer, by department or even by location. CosmoLex’s “class-based” accounting means you can seamlessly generate income statements for each “profit center” using variety of parameters. Class-based accounting gives you better insights into where money is being made at your firm — and where it’s being lost.
Invoice Change/Write off
Lawyers frequently write off balances or other changes to an invoice long after it’s been issued. To prevent making a mess of your bookkeeping, you need a sophisticated financial system that allows invoice adjustments without altering earlier financials. It’s an absolute requirement for “accrual basis” accounting — and a good practice for “cash basis” accounting, as well. CosmoLex advanced law firm accounting software lets you make invoice adjustments easily — without impacting prior accounting.
Multiple Trust Accounts per Matter
A mid-size firm might have multiple trust bank accounts, and may even split a single matter’s funds among a few different accounts. In CosmoLex, you can manage a matter’s trust funds in more than one account. This advanced capability is very handy when you move a Trust Account from one bank to another.
Robust Bank Reconciliations
CosmoLex’s accounting is legal specific, built for lawyers only. Bank reconciliations — especially trust account reconciliations — are one of the most critical monthly back office operations. CosmoLex bank reconciliation has many advanced features: Each month’s activities are kept completely isolated from other months, You can look back in history and see what was done and when. Financial books are automatically locked post reconciliation to prevent accidental changes to closed periods. And advanced User Permission Settings control who can reopen prior months. You can put absolute trust in CosmoLex bank reconciliations.
Advanced Access Controls
Just because CosmoLex brings all aspects of practice management into one single application does NOT mean everyone is able to see everything! CosmoLex gives you granular Privileges & Permission Controls that determine what each user can see and do. You can limit access bank by bank, report by report, screen by screen, calendar by calendar..
Data Migration Expertise
We understand importance of safe & secure data migration. Our sophisticated tools & highly experienced migration team can transfer your non-financial and financial data from almost any other practice management system. We do this hundreds of times each year. In most cases, our team can get you off your old system and up-and-running in CosmoLex without a single day of downtime!
CosmoLex is a Total Practice Solution. That means when you log-in to CosmoLex, you have everything you need to run your entire practice. And that means doing things the right way. With the right tools. We did not simply take a few primitive billing & accounting functions and bolt them onto a practice management system. CosmoLex gives you a comprehensive menu filled with advanced tools like those found in the expensive legal technology platforms used by large law firms. You’ll love having them at your disposal!