CosmoLex scores a big first– and sets a new precedent — by bridging the gap with a single solution that handles law firm practice management and specialized legal accounting needs.
NORTH BRUNSWICK, N.J. – April 15th, 2015 – CosmoLex, a leading cloud-based, law practice management provider, has just made life a lot easier for lawyers everywhere by incorporating a full suite of legal & business accounting functions within its already comprehensive practice management system. The new product, which is the first web-based, total solution designed to run an entire law practice with a single sign-on, will be unveiled at the 2015 ABA Techshow, April 16-18 in Chicago.
“Proper legal accounting is not optional for law firms,” explained Rick Kabra, CEO of CosmoLex. “Specialized legal accounting is a basic business need for every law firm. That’s why we’ve added a full menu of accounting functions as a standard part of the software for every CosmoLex user.”
CosmoLex fills a gap that exists between law practice management and general accounting packages – a gap that has long frustrated lawyers. The new CosmoLex ends that frustration by streamlining law office operations, particularly for solo practitioners and small law firms who struggle with multiple systems to manage the practice management and accounting needs.
“Until CosmoLex, there was no cloud accounting software specifically designed for the precise requirements of the legal profession. Law firms had to make do with customizing and tweaking generic accounting packages as best they could. And while a few of these could link to their practice management software, no one had worked out anything like the seamless interface we’ve been able to create in CosmoLex by putting it all together in one piece of software.” said Kabra.
The new system provides both general business and legal-specific accounting functions, like matter cost accounting, trust accounting (IOLTA), in a single platform. Additional features include:
- Accounting for fee advances or client funds in trust or business accounts that meet compliance regulations
- Accounting for client-reimbursable costs or advanced client costs
- Automatic allocation of revenue receipts by cost and fee income
- Ability to track income by practice area
- Ability to enter and reconcile credit card statements
- Banking features including deposits, check-writing, and reconciliation
- Basic financial reports such as P&L statements and balance sheets
CosmoLex debuted its cutting edge, web-based law practice management system at the same ABA Techshow last year amid very positive reviews. The initial success accelerated as CosmoLex added more features to the platform, including document management, legal calendaring, task management, and pre-defined workflows. This latest release, with its full menu of accounting services, puts CosmoLex several steps ahead of any other law firm management solution available today.