Frequently Asked Questions
What is CosmoLex?
CosmoLex is a cloud-based legal practice management software that uniquely includes built-in legal accounting. It's the only platform that combines case management, time tracking, billing, and full double-entry accounting in one system, eliminating the need for QuickBooks or separate accounting software.
How much does CosmoLex cost?
CosmoLex costs $89 per user per month, billed annually. This includes practice management, built-in legal accounting, trust accounting, unlimited support, and training. When considering the cost savings from not needing separate accounting software, it's competitively priced.
Do I still need QuickBooks with CosmoLex?
No, you don't need QuickBooks or any other accounting software with CosmoLex. It includes a complete, legal-specific accounting system built right into the platform, including general ledger, financial statements, bank reconciliation, and trust accounting.
Is CosmoLex suitable for firms without accounting experience?
Yes, CosmoLex is designed to be user-friendly even for those without accounting backgrounds. They provide unlimited training and support to help you learn the system. The legal-specific design means it follows law firm accounting practices automatically.
Can CosmoLex handle trust accounting?
Yes, CosmoLex excels at trust accounting with IOLTA-compliant features including three-way reconciliation, separate trust ledgers, automatic compliance checks, and detailed audit trails. It's designed to prevent common trust accounting violations.
What financial reports does CosmoLex provide?
CosmoLex provides comprehensive financial reporting including profit & loss statements, balance sheets, cash flow statements, trust account reports, aging reports, productivity reports, and over 40 legal-specific reports. All reports can be customized and exported.
Does CosmoLex offer data migration?
Yes, CosmoLex provides data migration services to help transfer your existing data from other practice management systems or QuickBooks. Their migration team handles matters, contacts, accounting data, and documents to ensure a smooth transition.