Why Is the Difference between Hard Costs and Soft Costs Important?

CosmoLex Team

Hard Cost vs Soft Cost

In the course of doing legal work for clients, many law firms end up covering hard costs and soft costs for their clients. It’s common to ask for reimbursement of hard costs, but approaches to soft costs differ. Whichever approach your firm chooses must be addressed in the client agreement. To make sure you have every base covered, it’s essential … Read More

What Are the Three Bank Accounts Every Law Firm Should Have?

CosmoLex Team

3 Bank Accounts

Lawyers go to law school—and graduate to find themselves running businesses. Yet whether you’re starting a solo practice or growing an existing firm, the same accounting rules apply. Every law firm should have three basic bank accounts: an operating account, a savings account, and a trust or IOLTA account. And despite trust laws varying state-by-state, there are also a few … Read More