CosmoLex law practice management software is able to handle all the billing needs of firms that use the classic billable hour business model. With one tool you get all of these features:
- Easy 3-click time entry: select the matter, select the task, and select time spent. Done!
- Expense tracking handles non-hourly costs associated with a matter.
- Matter-based billing so you can accurately track expenses by matter and by client.
- Cloud-based time and billing software means attorneys can enter their time and expenses from anywhere with an internet connection. No more forgotten hours that don’t make it onto the invoice.
- Enter up to eight rates for each timekeeper for more precise billing, or use special matter-based rates.
- Clear, uncluttered invoices are easy to understand and get paid faster.
- Apply funds to multiple matters.
- See all matters balances on one screen, including unpaid, unbilled, and retainers.
- Generate billing reports to get a comprehensive view of your practice’s financial health.
- Print disbursement checks.
Retainer Management Retainers go hand in hand with the hourly billing model, and no attorney time and billing software would be complete without the ability to handle retainers. CosmoLex offers these features:
- Enter client retainer funds as received
- Manage both operating and trust retainers on a single matter
- Automatically pay invoices from retainer funds
- Spot low balances for evergreen retainers and issue reminder letters to acquire additional funds before the retainer runs dry.
Trust Management Most legal practices have to handle trust funds. Lack of an effective trust accounting system can lead to inadvertent mishandling of these accounts, resulting in serious legal penalties. CosmoLex includes built-in trust management features.
- Maintain compliance with state trust regulations.
- Track individual matter trusts even if you put all trust monies in a single bank account.
- Guard against common problems such as overdraft
- Reconcile statements to ensure your records agree with the bank’s
- Generate three-way reconciliations as well as other required reports.
CosmoLex legal billing and accounting software includes all these features and more. Find out for yourself by trying CosmoLex free with no obligation.