Business-First Law Firm
Management
CosmoLex’s law firm accounting software automates financial data flow from billing to your general ledger. It supports both cash and accrual accounting, with automated bank feeds and electronic statement imports.
Built-in law firm bookkeeping including legal-specific, customizable chart of accounts for smooth, accurate, and comprehensive reporting. You can even print checks and deposit slips directly from the system.
Effortlessly reconcile funds with actuals in CosmoLex, providing a dependable financial overview of your transactions and balances. New transactions are periodically collected and automatically matched with book entries. Free bank account feeds are included with CosmoLex.
Gain access to your complete law firm finances with one system to analyze and manage your law firm accounting. With automated accounting for hard and soft matter costs, and tracking for write-offs and accounts payable, your law office accounting will be accurate and comprehensive.
CosmoLex’s law firm accounting software automates financial data flow from billing to your general ledger. It supports both cash and accrual accounting, with automated bank feeds and electronic statement imports.
Built-in law firm bookkeeping including legal-specific, customizable chart of accounts for smooth, accurate, and comprehensive reporting. You can even print checks and deposit slips directly from the system.
Effortlessly reconcile funds with actuals in CosmoLex, providing a dependable financial overview of your transactions and balances. New transactions are periodically collected and automatically matched with book entries. Free bank account feeds are included with CosmoLex.
Gain access to your complete law firm finances with one system to analyze and manage your law firm accounting. With automated accounting for hard and soft matter costs, and tracking for write-offs and accounts payable, your law office accounting will be accurate and comprehensive.
All the tools your firm needs
to run your business.
Built with the needs of modern small and mid-sized law firms in mind, CosmoLex’s legal practice management software increases efficiency and profitability.
LEGAL PRACTICE MANAGEMENT RESOURCES
Access CosmoLex‘s free materials on how to elevate your legal practice management.
- Integrated Accounting Software for Law Firms: Features, Benefits & More
- 5 Reasons Law Firms are Switching to CosmoLex
- Optimizing Law Firm Operations: 5 Strategies for Modern Practices
- The ROI of Switching to CosmoLexPay: Cost Savings and Efficiency Gains
- 6 Best Practices for Creating a High-Converting Law Firm Website
Law firm accounting refers to the specialized accounting processes used to manage the financial activities of a law firm. It involves tracking and organizing the firm’s finances, ensuring compliance with legal and regulatory requirements, and providing accurate financial reporting to partners, managers, and stakeholders.
Law firm accounting is related to the business accounting of the practice, including trust accounting. It also incorporates financials such as income, expenses, overhead costs, etc. Trust accounting is more specific to the management of client funds that are entrusted to the firm. They can hold onto these funds for external payments, such as legal fees and settlements. Trust accounting funds must be managed separately from the office accounting to ensure compliance with local, state and national bar association compliance, including IOLTA AND IOLA programs.
Legal accounting software provides law firm owners with one place to manage their finances. CosmoLex’s accounting software for small law firms efficiently organizes and streamlines financial transactions. This increases efficiency across other law firm functions, including legal billing, legal time tracking, and trust accounting.
CosmoLex is designed for attorneys and law firms, but it has major benefits for clients, too. When you use CosmoLex to manage your business accounts, you improve the client experience from your first touchpoint to your last. CosmoLex’s automation and client management tools help firms streamline client intake, making the process fast and seamless with features like secure document sharing and e-signature.
During representation, clients access a secure client portal where they can message their attorney, send and view important documents, and access their billing reports. CosmoLex also enables clients with the option to pay invoices via credit card or online, improving law firm accessibility and boosting client convenience. Law firms can create professional-looking invoices and email them to clients in one click, helping clients get their bills paid by their due date. They can even use the accounting software to send automatic late payment reminders to past-due clients to help clients stay on track with payments throughout their matter.
CosmoLex is the only end-to-end practice management solution for matter management, firm accounting, and more.
CosmoLex’s law firm accounting software stands out because it is specifically designed to meet the unique financial and compliance needs of law firms. Unlike generic accounting apps, it combines legal-specific features like trust accounting, three-way reconciliation, and matter-based billing in a single platform. By integrating accounting, billing, and practice management, CosmoLex eliminates the need for multiple tools, ensuring compliance and streamlining law firm operations.
Simplify your practice with one tool.
