Originally posted by Bob Ambrogi on LawSites blog on October 2, 2018. There is major acquisition news today involving practice management technology. Software Technology LLC, developer of Tabs3 Software, a leading desktop law practice management program, has acquired CosmoLex, one of the leading cloud-based practice management platforms. With the acquisition, Tabs3 is now able to provide solo and small firms with complete … Read More
CosmoLex: The #1 QuickBooks Alternative for Law Firms
While no two law firms are the same, many of their needs are nearly identical regardless of size, location, type of law practiced, etc. After over a decade of working closely with solo and small practice attorneys, the experts at CosmoLex have identified key areas that each law practice must vigilantly maintain in order to be successful, and have tailored … Read More
Better Business Intelligence Through Class-Based Accounting
Class-based accounting, or the ability to report on income, expenses, or net profit of a specific class (i.e. department, practice area, attorney, etc.), not only helps to keep track of your firm’s financials, but it is also a means of improving business intelligence. By pinpointing profit centers and drawing comparisons to inform future decisions, class-based accounting serves as an excellent … Read More
10 Tips to Increase Your Law Firm’s Financial Security
Financial security, the peace of mind that comes with knowing your finances and long-term planning and processes are in order, is priceless. While many people devote countless hours and other resources to establishing their personal financial security, as a business owner, it’s equally important to ensure your law firm’s financial security. Specifically, it’s important to understand how your daily activities … Read More
7 Common Habits of Successful Law Firms
For so many lawyers, having their own law firm is a dream. Many lawyers reach that point only to learn how much more challenging it can be to run a successful law firm — and let’s be honest, nobody sets out to own and manage an unsuccessful firm. Here at CosmoLex, we work many different firms throughout North America, and … Read More
Compliance Check: Essential Standards for Law Firm Systems
Whether you’re a new firm just setting out or an established practice, it’s important for legal professionals to regularly assess their processes and practices. Regular system checks make it easier to stay ahead of issues and deliver a high standard of service. Evaluating processes often focuses on operational issues, like marketing activities or billing workflows. Depending on what work you … Read More
Show Me The Money… And Where It Comes From
Cuba Gooding Jr. and Tom Cruise may have popularized the term “Show me the money,” but any attorney running their own practice should be saying the same thing. They may even want to say it over and over and over again. You’ve seen the movie, right? All kidding aside, attorneys not only need to see the money, they also need … Read More
Tracking Legal Income & Other Business Income In One System
For a law firm, tracking their income is much different than it is for any other business. The first thing they have to do is ensure that they allocate all of the funds that are paid to the firm appropriately. Differentiating Between Legal & Other Business Income Once that is done it is important to understand how to properly categorize … Read More
Tech Tip #73 – Do You Know Where Your Firm’s Money Is Coming From?
It may sound like a silly question, but do you know where your firm’s money is coming from? I’m sure you keep your books and understand how much money you have, but what cases are generating the most revenue? What’s more, which cases offer the best ROI on your marketing dollars. In order to run a successful firm, it’s important … Read More
Professionalism Must Go Beyond The Courtroom
People respect attorneys. When someone hires an attorney they know it will be an investment, and they expect to be dealt with in a professional manner. Very rarely is this a problem when it comes to an attorney’s role and actions in the courtroom but once a lawyer begins managing their own firm, professionalism has to go beyond the courtroom. … Read More