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Legal Accounting & Practice Management

The unique needs of law firm accounting require constant interaction between your billing and accounting areas. Case costs, retainers, invoice payments, etc. affect both billing and accounting balances. When you use separate systems for practice management and accounting, you invariably end up with multiple challenges. A single, integrated practice management and accounting system improves profitability, strengthens compliance, and gives you peace of mind.

Data Entry & Reconciliation Using Automatic
Bank Data Feed

CosmoLex can connect with thousands of financial institutions and automatically retrieve daily activities. Once the initial connection with your financial institution has been established, no further manual steps are necessary. As new transactions are made, CosmoLex will periodically fetch, automatically match it with book transactions, and request users to review them.

Transactions that were matched or added using automatic bank data feeds are automatically marked as bank cleared, automating the bank reconciliations. One bank account feed is included free of charge; additional bank account feeds will incur a nominal fee.

Trust Accounting - Bank Feed
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Income Statement By Attorney, Department, Practice
Area

In a multi-attorney firm, it’s critical to track revenue and business expenses by partners, locations, or even practice area. In some cases, you might want to create separate profit centers for different practice groups or equity partners. CosmoLex provides advanced accounting features for allocating your collections to each attorney based on originating attorney, working attorney, etc. General business expenses can be allocated to different profit centers (set as “classes”). Class-based income statements can provide deep financial insight into your profit centers. Additional functionality caters to firms with basic needs as well.

Customizable Chart of Accounts

The lack of a legal-specific chart of accounts on your general ledger leads to financial reporting and compliance issues for lawyers using generic accounting software. CosmoLex is designed specifically for law firms, so a complete, customizable legal chart of accounts is available out-of-the-box.

Legal Business Accounting - Chart of Accounts
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Other Business Accounting Functions

CosmoLex also includes tools to make our software a complete solution for all of your bookkeeping and accounting needs. This includes:

  • Memorized payee accounts
  • Journal entries
  • Bank statement imports
  • Bank reconciliations
  • Print checks
  • Collected fee distributions
  • Over 50 accounting and billing reports (in PDF or Excel formats)

Free Login for External Bookkeeper

Every law firm needs a trusted advisor to help ensure that their financials are 100% compliant. Our CosmoLex Accounting Partner (CAP) program makes it easy for them to work on your firm’s financials. A unique Client Access Login will allow them to work in your CosmoLex account (with your explicit permission) to fine-tune your books remotely. There is no cost for you or them. Contact our team for details.

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