PRODUCT FACT SHEET FROM RESOURCE ADVISORS

ProductCosmoLex – Software Technology, LLC – Lincoln, NE
TypeCloud Based
HighlightsCosmoLex is a cloud-based platform for legal time and billing, practice management, business accounting, and trust accounting for law firms in the US and Canada.
Time in IndustryFounded in 2012
IntegrationsOffice 365, Google Calendar, Gmail, Outlook, Dropbox, Box, OneDrive, Casemaker, LawPay, Chrometa and NetDocuments.
Data ConversionCosmoLex has a dedicated team that works closely with Resource Advisors to ensure a streamlined and highly accurate process for a hassle-free transition from a wide range of cloud and legacy applications, including Clio, CosmoLex, ProLaw, Tabs 3, Sage Timeslips, Time Matters, PC Law, Abacus Law and Amicus Attorney.

Schedule a product walk-through or purchase CosmoLex through Resource Advisors and receive special pricing discounts and helpful guidance to make your transition to CosmoLex easier. Terms and conditions apply. Book a Free Consult.

CosmoLex is a cloud-based legal practice management platform with built-in compliant legal accounting. By eliminating the need to juggle separate systems for law practice management, billing, and accounting, CosmoLex streamlines your practice for optimal efficiency. LawPay credit card processing is also built-in with no fixed monthly fee. Over 100 reporting options help you analyze your firm’s performance and boost your bottom line. The system uses a matter-centric approach that connects every entry to the appropriate client matter, while optimized calendar, document, and email management keep everyone on the same page.

Simply log into CosmoLex Cloud—anytime, anywhere—to get everything you need to run your entire law practice.

PRODUCT VIDEO TOUR

COSMOLEX Product Overview

PRODUCT FEATURE PDFS

CosmoLex Product Summary

How Resource Advisors Can Help?

  • If you are an existing user of CosmoLex, we can provide all aspects of training, support, or product customization.
  • In meetings and demos, we perform a comprehensive needs analysis that examines your entire billing, accounting, reporting and work process per your requirements and goals.
  • We facilitate all data conversion from prior systems with one of our product experts. We provide detail timelines and expectations of how data will convert, while minimizing interruptions as the system is brought live.
  • We work with your existing vendors to make sure everything goes smoothly.
  • We work with your CPA or accounting firm to satisfy all requirements and provide special attention to your billing and bookkeeping staff, within your firm during start-up. We work with you as needed during the first few billing cycles and again at year end to make sure you that you have everything you need.
  • We help design and customize unique fields and screens for each practice area.
  • Use information contained in CosmoLex to automate document creation in seconds vs. minutes or hours.
  • We provide targeted group training for various departments in your firm, as well as individual sessions for each user to make sure they are set up the way they want to work, and are able to use the system to its fullest capability.

HIGHLIGHTS

Billing & Payments
  • Time & Expense Capture: Enter your time and expenses while on-the-go from any mobile device. Enter timecards attached to the relevant activity category to ensure all billable items are accounted for.
  • Legal Billing: Batch generate all invoices with one click of the mouse.
  • Customizable Invoices: Generate legal-specific invoice templates with information like last payment made, an itemized listing of legal services and disbursements for this billing cycle, and the total balance due.
  • CosmoLex e-billing supports all UTBMS codes and actions: Deactivate codes you don’t want to be used for any of your clients at any time. Enable only certain UTBMS code sets for your entire firm or for specific matters (e.g., limit code sets out of Bankruptcy, Counseling, eDiscovery, Litigation, Project, Patent & more). Define a specific list of task and activity codes for use at the matter level.
  • Invoice Payment Management: Manage the entire payment flow— from cumulative time and expenses to billing to payments and remaining client funds – while automatically staying current in real-time. Clients can make payments online using CosmoPay, our end-to-end credit card processing solution powered by LawPay, for trust retainer payments and online invoice payments. While issuing invoices for the current month, you can include past-due balances and seek full payments. You can also send past-due invoice reminder emails in one click to all of your clients. You can also include the automatic addition of “retainer replenishment amount” as part of the total bill, providing another opportunity to bring every client’s retainer to the agreed amount (evergreen retainer).
Business Accounting & Credit Card Processing
  • Law Office Accounting: With built-in accounting, everything you input into practice management and billing flows automatically onto your general ledger.
  • End-to-end Credit Card Processing Integrated LawPay with No Monthly Fee: Accept credit cards hassle-free by signing up for a LawPay account within CosmoLex. Complete trust retainer payments, online invoice payments, and daily reconciliations of received funds.
  • Automatic Daily Bank Feed: New transactions are periodically collected and automatically matched with book transactions, and users are then asked to review them. Bank account feeds are included free of charge for each CosmoLex subscription.
  • Bank/Credit Card Transaction Imports: Import electronic bank/credit card statements for automated data entry. Built-in, adaptive mapping rules can correct payee names and learn a chart of account(s). You can even post matter-cost related transactions while importing to prevent missed expense entries.
  • Manage all payees from a central dashboard with a chart of accounts: Track and pay all office bills and vendor credits, and always have a comprehensive financial picture. You can even set recurrent bills, such as rent or utilities, and let CosmoLex enter it for you automatically.
  • CosmoLex automatically performs the required accounting for Case Cost Bills:
    • Linking each vendor bill to the correct client matter(s).
    • Holding payments until the client’s payment is received
    • Differentiating between invoices for client expenses and firm expenses
Legal-specific Fee Collections & Revenue Distribution
  • Advanced Productivity Analysis: Analyze finance productivity of your timekeepers or responsible lawyers in a variety of ways, based on billing or collection data.
  • Automated Fee Distribution: Automate revenue distribution calculations by specifying the distribution percentage for billers, as well as various matter parties (originating attorney, matter owner, working attorney, etc.), and generate the report.
Built-in Trust Accounting
  • Comprehensive, Compliant, Complete Trust accounting is built-in: CosmoLex will do all of your trust bookkeeping — automatically, in the background, in real-time.
  • Effortless Reconciliations: Keeping your trust accounts reconciled monthly is mandatory and typically the first thing an auditor will review. Running bank reconciliations is easy and error-proof.
  • Three-way Client Ledger Reconciliation: With built-in trust account management functions, CosmoLex makes it easy to generate reconciliation reports.
Practice Management Streamlined Calendar & Task Management
  • Matter-centric organization: Automatically connect every entry to the appropriate client matter, so your paper trail is solid and able to demonstrate compliance or settle a client dispute.
  • Billing for Tasks & Meetings: Our Money Finder feature catches any billable events and tasks where time has yet to be tracked so you can review it as a possible billable item. Enter timecards and attach them to a task or event to mitigate potential client disputes.
  • Custom Workflows: Create task workflows and load them into new or existing matters. Custom workflows allow you to control what gets done by whom and when for excellent deliverability.
Optimized Email Management
  • Every email is filed in its correct client-matter folder and will alert you if a match can’t be found, or more than one match is located: Individual emails can be grouped into categories, like Client Discussion or Discovery, or create your own unique list of categories. As emails are categorized, they’re automatically removed from your inbox to keep you organized and decluttered.
  • Sensitive content is never compromised: Complete control over who has permission to view your communications within the firm.
Document Generation & Management
  • Document Storage: With a built-in storage option, we make it easy to manage your case information, files, documents, compliance requirements, and streamline productivity. Integrations with leading storage providers include OneDrive, Google Drive, NetDocuments, Dropbox, and Box.
  • Document Retrieval: Find any document you need instantly — simply go to the folder labeled with your client’s name and legal matter. Security: Security is a top priority with matter-level permissions and privilege settings to easily assign levels of access for specific members of your team.
  • Document Assembly: Create original document templates by designing it once in Microsoft Word and downloading your database of merge fields (including custom fields) from CosmoLex. Use the basic Word “mail merge” function to assemble the documents.
Secure Client Portal
  • Client Messaging: Communicate with clients using a two-way messaging system within the security of the CosmoLex Cloud environment. All communication is logged within your CosmoLex Matter Records.
  • Document Exchanges: Upload documents, which become automatically stored in the correct CosmoLex matter, and receive an alert when a client uploads a document as part of a daily summary of client activities.
  • Privacy & Permissions Controls: Control every aspect of privacy and permissions to prevent revealing matter records to the wrong client. Clients are only able to view their records, they do not have editing permissions. You can revoke access to a single record, an entire group of items, or even the entire portal if necessary.
  • Online Bill Payment: Your clients can view and pay invoices online if you accept credit card payments. Deliver invoices using the Client Portal and clients can pay instantly.

PRODUCT SCREEN CAPTURES

1. Comprehensive Dashboard

2. Easily add matters and related information.

3. Every email is filed in its correct client-matter folder and will alert you if a match can’t be found, or more than one match is located. Individual emails can be grouped into categories.

4. Billing for Tasks & Meetings: The Money Finder feature catches any billable events and tasks where time has yet to be tracked so you can review it as a possible billable item.

5. Custom Workflows: Create task workflows and load them into new or existing matters. Custom workflows allow you to control what gets done by whom and when for excellent deliverability.

6. Use Custom fields throughout CosmoLex as unique as your firm requirements.

7. Client Portal: Communicate with clients using a two-way messaging system. Upload documents and receive an alert when a client uploads a document. Control every aspect of privacy and permissions to prevent revealing matter records to the wrong client. Securely deliver and receive payments for Invoices.

8. Get an overview of each client invoice. Quickly edit and send client invoices in a few clicks. Manage the entire payment flow— from cumulative time and expenses to billing to payments and remaining client funds – while automatically staying current in real-time

9. CosmoLex features cash and accrual basis general ledger accounting with legal-specific and customizable chart of accounts. Accurate and automated accounting for direct/ hard and in-direct/soft matter costs. Invoice payments automatically allocated to the proper general ledger accounts

10. Easily generate deposit slips.

11. Import electronic bank/credit card statements for automated data entry. Built-in, adaptive mapping rules can correct payee names and learn a chart of account(s). You can even post matter-cost related transactions while importing to prevent missed expense.

12. Full-featured Bank Reconciliation.

13. Track and pay all office bills and vendor credits, and always have a comprehensive financial picture. You can even set recurrent bills, such as rent or utilities. CosmoLex automatically performs the required accounting to link each vendor bill to the correct client matter(s).

14. CosmoLex includes Positive Pay features.

15. A variety of reports across all feature-sets keep you on track.