CosmoLex Reviews & Pricing

Key Features

• Time and Expense Capture: Add timecards to relevant activities and automatically scan case records of unbilled events. Use a single timesheet to track daily billable tasks and activities. Instantly log direct and indirect expenses in compliance with regulations. 
• Legal Billing: Create and mail bulk invoices. Customize built-in invoice templates with relevant information, including last payment, billing cycle, legal services, the total balance due, firm’s logo and additional financial information. Supports UTBMS codes and actions. 
• Payments: The CosmoLexPay portal facilitates credit card processing for online invoice and trust retainer payments. Send automated reminders when the retainer balance falls below the minimum amount and add replenishment amount to invoices. 
• Law Office Accounting: General ledger accounting supports direct and indirect matter expenses. Automatically assign invoice payments to related general ledger accounts and create custom charts of receivables. Import bank statements and track accounts payable and write-offs. Generate preconfigured management and financial reports. 
• Credit Card Processing: Process payments for a flat fee. Offers bookkeeping services associated with credit card transactions. Allow clients to pay via credit card for trust retainers, fee prepayments and ongoing invoice payments. 
• Bank Reconciliations: Get real-time access to bank feeds and automatically match new transactions with book transactions. Automatically import and log credit card statements. Leverage adaptive mapping rules to correct payee names and post matter-cost related transactions. 
• Accounts Payable: A central dashboard tracks all payees, including office bills and vendor credits. Set up recurring payments for rents and utilities and differentiate client-related expenses from firm bills. Link vendor bills to associated client matters. 
• Fee Collection and Revenue Distribution: Specify the distribution percentage to automate payments to billers, matter owners, working attorneys and originating attorneys. Run finance productivity reports based on billing and collection data. 
• Calendar and Task Management: Create custom workflows with specific due dates and assign them to new or existing legal matters. Delegate tasks to team members and connect calendar entries to associated cases. 
• Email Management: Automatically file emails in respective client-matter folders. Set up permission-based access to safeguard sensitive information. Group billable emails into relevant categories to declutter the inbox. 
• Document Management: Securely store case-related documents in compliance with data protection laws. Assign role-based permissions at the matter level to protect confidential documents. Create folders with custom labels to aid document searching capabilities. 
• Integrations: Featured integrations include OneDrive, Google Drive, Box, NetDocuments and Dropbox. 
• Client Portal: Provide clients with a secure two-way communication channel. Request specific documents and get automated notifications when a document is uploaded. Send digital invoices and accept credit card payments. Add, edit and revoke viewing permissions based on requirements. 
• Trust Accounting: Use the built-in trust accounting feature to manage individual client ledgers and bulk invoice payments. Automatically import bank statements and perform three-way reconciliations. Run in-depth accounting reports and track third-party payments. Transfer funds from trust to general accounts and print disbursement checks. 
• Audit-Ready Reconciliations: Run monthly reconciliations. Maintain complete oversight over bank statements and transactions. 
• Trust Reports: Access numerous trust reports, including trust ledger balance, trust activity, trust client balance and more. 
• Security: Employs bank-grade 256-bit SSL encryption for data during transit and at rest. Secures user accounts with username and password and two-factor authentication. Assign security levels and roles at the user level. 
  • Data Backups: Backs up firm data every few hours. Encrypts and stores information in multiple physical locations. 

Limitations

•  Lacks a dedicated tab for adding consultations during conflict checks. 
•  Data migration services incur additional charges. 
•  User-based pricing makes it an expensive option. 

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