The software world has made a significant shift in recent years. By now you have probably heard of the term SaaS or Software-as-a-Service. SaaS is a software delivery model that allows users to purchase licenses that are paid for on a subscription basis and is hosted on a central server. The end user can easily access […]

When a law firm is handling a legal matter for a client, often multiple attorneys and legal professionals are involved. The problem is not all of your clients’ information and communications should be available to everyone in your firm. These communications can contain sensitive information and your firm should set permissions around email access accordingly. […]

Attorneys & law firms can run into trouble when they try to treat all costs the same. Depending on which case types are being practiced, your accountant will advise you to identify case costs as either “Advanced Client Costs” or “Reimbursable Client Costs”. Failure to accurately differentiate between these costs each and every time a […]

There was a time when lawyers and law firms scoffed at the idea of accepting credit cards. The truth is with so many legal accounting regulations in place, the legal industry took a while to catch up to the rest of the world when it comes to accepting payment via credit cards. Lawyers had to worry […]

It doesn’t matter how you get paid by your clients, you or your firm is going to pay for your expenses on your own first and then get reimbursed down the road. Problems arise when firms fail to record or claim their expenses. Expense leakage is especially more prevalent for indirect (or soft) costs and […]

We’re excited to announce our event and presentation lineup for July 2016! This list is still growing and will be updated as we receive the details of our future events. Mon July 4, 2016 CosmoLex offices will be closed in observance of Independance Day! Wed July 13, 2016 2016 Elder Law in a Day Time: 9:00am-4:00pm […]

Many law firms use two separate systems to manage their legal billing and legal accounting. Both of these systems need to reference & utilize the same data, but all too often they don’t share one data set. This creates the potential for more manual errors, as the data has to be entered twice. Those manual […]

When your firm decides to make the move to a new legal accounting system it can be a great opportunity to improve how you manage your business. Unfortunately, the migration can be tough and often requires reentry of legacy transactions or just transfer balances and open transactions. In some cases, an alternate approach has worked […]

Depending on which state you are practicing you may be obligated to understand all the benefits and risks associated with legal technology that is being used and available to your firm. Currently 21 states across the country have adopted an Ethical Duty of Technology Competence. Find out if your state is on the list and […]

In this blog we often talk about how the legal industry is it’s own animal. It has it’s own legal accounting requirements, expectations and regulations from both clients and legal governing boards are stricter than in many other industries. While all of this is true, the legal industry doesn’t differ from other industries in that […]