Product Overview of CosmoLex
CosmoLex is a comprehensive, cloud-based law practice management software designed to integrate various essential functions of a law firm into a single, streamlined platform. Here’s a detailed look at what CosmoLex does and its key features:
What CosmoLex Does
CosmoLex is an all-in-one solution that caters to the diverse needs of law firms, from solo practitioners to large firms, across various legal specialties. It combines practice management, trust and business accounting, time tracking, billing, email and document management, and more, to help law firms operate efficiently, stay compliant, and enhance their profitability.
Key Features and Functionality
Legal Case Management
CosmoLex employs a matter-centric approach, connecting every entry to the appropriate client matter. This ensures optimized calendar, document, and email management, keeping all team members on the same page.
Legal Billing and Payments
The software includes features like on-the-go time capture and Money Finder, which help prevent billable time leakage. It also offers one-click billing and built-in electronic payments through CosmoLexPay, making it easier to get paid while ensuring compliance.
Law Office Accounting
CosmoLex provides legal-specific trust and back-office accounting, automatically keeping financial records current and compliant. It includes over 100 reporting options to analyze the firm’s performance and boost the bottom line. The accounting system is tailored for law firms, with features such as a customizable chart of accounts, automatic payment allocation, write-off tracking, and accounts payable tracking.
Timekeeping Tools
The software includes mobile timers and a desktop time tracker that passively tracks work activities, which can be edited and assigned to specific matters. The Money Finder feature ensures that all billable time is captured by scanning records for unbilled time on completed events and tasks.
Document Management & Creation
CosmoLex offers robust document tools for assembling, storing, sharing, and securing electronic signatures. It includes adjustable templates for document construction and secure file sharing through LexShare, enabling a paperless workflow that enhances efficiency and security.
Calendar Management & Workflows
The platform integrates calendar management and matter workflows directly into case management. Meetings are automatically invoiced to the correct matter, and workflows can be customized for each case. The personalized Dashboard and Matter pages display all related meetings, due dates, and deadlines.
Client Intake and Relationship Management (CRM)
CosmoLex CRM is designed to streamline client intake, track prospective clients, and keep current clients engaged. It helps automate outreach through customized text and email drip campaigns and identifies the most profitable marketing campaigns.
Payment Processing
CosmoLexPay provides end-to-end electronic payment processing with no monthly fees, hidden costs, or compliance worries. It offers competitive processing rates, improving cash flow and enhancing client service.
Security and Compliance
CosmoLex boasts enterprise-grade security with SOC 2 Type II certification, ensuring that data is safe, secure, and reliably available. The software also automates compliance tasks, such as trust accounting and bank reconciliations, to keep financial records complete and compliant.
Additional Features
- Expense Tracking: Managing expenses efficiently.
- Email Integration: Integrating emails directly into the platform.
- Client Portal: Keeping clients informed and engaged.
- Mobile Access: Accessing the platform from Android and iOS devices.
- Reporting & Analytics: Providing extensive reporting options to analyze firm performance.
- Conflict Checking: Ensuring no conflicts of interest.
- Batch Billing: Simplifying the billing process.
- Customizable Invoices: Tailoring invoices to the firm’s needs.
- Retainer Management: Managing retainer agreements effectively.
Pricing and Support
CosmoLex starts at $59 per user per month, with a free trial available. The software offers various support options, including phone support, live support, and training.
In summary, CosmoLex is a powerful tool that centralizes and streamlines the operations of law firms, enhancing efficiency, compliance, and profitability through its comprehensive set of features and functionalities.