How an Escrow Service Law Firm used CosmoLex to Cut Administrative Time by 75%
A Case Study by CosmoLex Cloud
Who We Are
Robert K. Feldman is an attorney in Northbrook, Ill. He operates a law firm, RKF Law Offices, and an independent escrow company, Tulip Escrow Services Inc. Tulip Escrow Services was formed in 2013 as a response to client requests for cost-effective and efficient independent escrow services. The company is owned and managed by Feldman, and draws on his 30 years of private escrow experience.
Tulip Escrow Services offers independent, business escrow services for large and small transactions. More agile than large financial institutions, the company is able to provide prompt and efficient service.
Both RFK Law Offices and Tulip Escrow Services use CosmoLex™ law practice management software. The law firm uses it primarily for legal billing, and Tulip Escrow Services uses it to manage trust accounting.
Feldman was in need of a cloud-based practice management solution. Considering that he operates an escrow service in addition to his law practice, he was seeking a solution that understood the importance of trust accounting while allowing him to keep each businesses’ activities separate.
The program he had been using did not have a good support system, and upgrading was a hassle. “The system was cumbersome and had no customer support,” stated Feldman. He knew that it was time to look for something new – something that he could access from anywhere, with new features and enhancements that would be easily available to him.
Realizing that he needed something that was more user-friendly and available anywhere, anytime, he reached out to his local bar association. They gave him the names of a few companies and Feldman started doing some research. That’s when he came across CosmoLex. “When I first became aware of CosmoLex, I found it to be reasonably priced, user-friendly, cloud-based – and it seemed to have excellent customer support,” Feldman said.
“I am very pleased with the enhanced billing features within CosmoLex. I can easily create PDFs, email invoices and pull down all kinds of reports – payments, progress – all the things you should expect,” stated Feldman. “CosmoLex seems to be the only cloud software that understands the importance of integrated billing and trust accounting.” He immediately observed how CosmoLex accounts for all escrow transactions, including deposits and disbursements. The program also provides running account balances, prevents trust mistakes and allows for automated account statements and bank reconciliations when needed.
Feldman said that CosmoLex has been especially helpful on the trust accounting side of his businesses. This area requires heavy reporting and the system allows him to quickly generate the required trust reports, which are comprehensive yet very easy to understand. This has been helpful not only to Feldman, but to his clients as well. “I have actually had clients tell me how impressed they are with the professionalism of the reporting that I am able to provide to them,” Feldman said. “I couldn’t do that before I found CosmoLex.”
Feldman said that activities that used to take hours, or even days, to complete now take much less time. “I have cut my administrative time by 75% or more,” Feldman concluded.