CosmoLex Review

Category: Case Management Founded: 2011 Headquarters: Riverdale, New Jersey

CosmoLex stands out as the only cloud-based legal practice management platform with built-in, compliant legal accounting. By eliminating the need for QuickBooks or separate accounting software, CosmoLex provides a truly all-in-one solution that simplifies law firm management while ensuring complete financial compliance.

Overview

CosmoLex revolutionizes legal practice management by integrating full-featured accounting directly into the platform. This unique approach eliminates the complexity and potential errors that come from syncing practice management software with external accounting systems. Designed specifically for law firms, CosmoLex ensures that every financial transaction is properly tracked, categorized, and compliant with legal accounting regulations, making it an ideal choice for firms that want a comprehensive solution without the hassle of multiple systems.

Key Features

  • Built-In Legal Accounting: Complete double-entry accounting system designed for law firms
  • Trust Accounting: IOLTA-compliant trust management with automated three-way reconciliation
  • General Ledger: Full chart of accounts, journal entries, and financial statements
  • Time & Expense Tracking: Multiple time capture methods with automatic WIP tracking
  • Billing & Invoicing: Flexible billing arrangements, batch invoicing, and payment processing
  • Matter Management: Comprehensive case tracking with custom fields
  • Document Management: Secure cloud storage with version control
  • Financial Reporting: P&L statements, balance sheets, and 40+ legal-specific reports
  • Bank Integration: Direct bank feeds and reconciliation
  • Client Portal: Secure communication and document sharing

Use Cases

  • Firms wanting to eliminate QuickBooks and consolidate systems
  • Small to mid-size firms needing compliant accounting
  • Practices with complex trust accounting requirements
  • Firms seeking true all-in-one practice management
  • Common practice areas: Personal injury, family law, estate planning, real estate, business law

Pros

  • True all-in-one solution with built-in accounting
  • No need for QuickBooks or accounting software
  • Ensures legal accounting compliance
  • Eliminates sync errors between systems
  • Comprehensive financial reporting
  • Bank-level security and compliance
  • Excellent customer support
  • Cost-effective when considering accounting software savings

Cons

  • Higher price point than basic practice management
  • Learning curve for accounting features
  • Limited third-party integrations
  • Mobile apps could be more robust
  • Some users find interface less modern

Integration Capabilities

CosmoLex focuses on being self-contained but offers key integrations:

  • LawPay for credit card processing
  • Microsoft Office 365 and Google Workspace
  • Bank feeds from 15,000+ financial institutions
  • Dropbox for document backup
  • Gmail and Outlook for email
  • Check printing services
  • Data export to Excel and PDF

Security & Compliance

CosmoLex maintains rigorous security and compliance standards:

  • Bank-grade 256-bit SSL encryption
  • SOC 1 and SOC 2 Type II certified
  • AICPA compliant
  • Daily automated backups with redundancy
  • Two-factor authentication
  • Role-based permissions with audit trails
  • IOLTA and state bar compliance
  • PCI DSS compliant for payment processing
  • 99.9% uptime guarantee

User Reviews

5★
55
4★
23
3★
7
2★
3
1★
1

Rachel Martinez

Managing Partner • Estate Planning Firm
★★★★★

"CosmoLex is the complete package - practice management and accounting in one. No more syncing with QuickBooks or dealing with integration issues. Everything just works seamlessly together. The built-in accounting has saved us hours each month and eliminated sync errors."

John Patterson

Solo Attorney • Real Estate Law
★★★★★

"Finally, a system that handles trust accounting correctly without needing separate software. CosmoLex's accounting features are designed specifically for law firms, not adapted from generic software. The support team is incredibly knowledgeable about legal accounting requirements."

Linda Chen

Office Manager • Family Law Practice
★★★★☆

"CosmoLex has streamlined our entire operation. Having accounting built-in means no more reconciliation headaches between systems. The learning curve for the accounting features was worth it. My only wish is for more integration options, but the all-in-one approach works well for us."

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.