CosmoLex stemmed out of the concept for a single platform that handles all law practice operational needs. At $79/user/month, this software is certainly on the pricier side, but it is packed with useful features, so it seems to bring excellent value for money. Is that really so? We’ve analyzed hundreds of CosmoLex reviews to find out. Scroll down for the details!
Since 2012, CosmoLex LLC has been growing to streamline over 100,000 law firms’ daily work across North America. The software connects billing, accounting, and practice management, so you don’t have to enter data into multiple systems. The accounting is built into the software, keeping your accounting process flow smoothly. “Everything your law firm needs, all in one place” — that’s the motto CosmoLex works by.
With built-in accounting, effective time tracking and billing, as well as smart management capabilities, this integrated platform covers all your essential needs. For this CosmoLex review, we’ve evaluated the platform’s leading powers and drawbacks, analyzed what users think, and considered how the software stacks against the competition.
With CosmoLex, you can generate invoices and send them in bulk with one click. You can attach a personalized message to each invoice, add a copy of their bill, or print the invoices in bulk to have them ready for mailing. Invoices can be customized to include information like the last payment made, the total balance due, or you can simply add your logo.
CosmoLex reviews show that users love simple payment management that helps you be in the loop in real-time. There’s an option to send past-due and low retainer reminders, as well as set evergreen retainers.
CosmoLex allows you to capture time and expenses on any device by activating the timer. Hard and soft costs can be posted as soon as they are incurred, so you can maintain compliance at all times.
The Money Finder feature scans the records and alerts you for any unbilled events. Additionally, you can enter timecards attached to the relevant activity category and make sure that all billing items are accounted for.
As users point out in their CosmoLex reviews, the software helps you handle everyday accounting. It enables accurate accounting for hard and soft matter costs, cash and accrual basis general ledger accounting, and complete chart of accounts. Additionally, the software supports accounts payable tracking, revenue distribution calculations, write-offs tracking, and automatic payment invoicing allocated to the proper general ledger accounts.
The built-in trust accounting is one of CosmoLex’s strong suits. Comprehensive and compliant, CosmoLex automates the trust bookkeeping process in real-time. Thanks to its advanced features, you can manage individual client ledgers, automate the trust-to-general transfers, print disbursement checks, import electronic bank statements, auto-reconcile books, and more.
Our CosmoLex review discovered that the software supports an efficient matter-centric organization by automatically connecting every entry to the appropriate client matter. You can create task workflows and load them into new or existing case matters.
Matter-based management is made simple with CosmoLex. Every email is filed in its corresponding client-matter folder, and you’ll receive alerts if a match isn’t found or there is more than one match.
CosmoLex grants you complete control over who has the permission to view your communications so that sensitive data is never compromised. Emails can be categorized, and as you do that, they will be removed from your inbox, keeping it nice and tidy.
CosmoLex reviews confirm that the platform’s built-in storage option makes it easy to manage your case information, compliance requirements documents, and files. Additionally, the software integrates with all significant storage providers like Google Drive, Box, Dropbox, and OneDrive. Users appreciate this feature since it enables you to share files with the clients while maintaining the other files’ integrity and security.
Still, when comparing CosmoLex vs Zola Suite, we’ve discovered that the latter offers better document management functionalities with more advanced features. Zola Suite reviews reveal that users particularly love the automation feature that streamlines the entire document management process.
The client portal is an essential feature of the best legal practice management software. CosmoLex’s portal simplifies client communication using a two-way messaging system. CosmoLex reviews particularly praise the fact that all communications are logged within your matter records. Clients can also upload documents, which will be automatically stored in the appropriate matter, and you’ll get notified.
CosmoLex offers extensive reporting options that keep you on top of your firm’s financial situation. Reports about accounting, banking, billing, trust, matter activities, financial productivity, tax collection and payments — CosmoLex makes it easy for you to stay up-to-date in real-time and know where your money is coming and going at any given time.
CosmoLex takes a security-by-design approach to coding, creating a secure infrastructure. The software provides 256-bit SSL encryption, two-factor authentication, and automated backups every few hours. Advanced user management helps you assign security levels, access privileges, and roles at a user-level.
Besides the ticketing system, support is available via phone (Monday-Friday from 9 am to 8 pm ET) and live chat (Mondy-Friday from 9 am to 9 pm ET). CosmoLex reviews reveal that the support team is knowledgeable and responsive. Also, they like the option to request features that they think CosmoLex is missing. There’s also an extensive knowledge base that covers the basics, and there are weekly training sessions that can help you learn how to make the most out of the software.
The CosmoLex software has a unified pricing plan that includes all the platform’s features. The research for our CosmoLex review shows that signing up will cost you $79/user/month when billed annually and $89/user/month if you opt for a monthly payment. While this is a simple pricing structure, it might not be suitable for everyone. For example, if you’re a solo practitioner and need some basic functionality only, you’ll have to pay for all CosmoLex features.
Comparing CosmoLex vs PracticePanther, the latter offers more options that cater to solo practitioners and law firms of any size. PracticePanther reviews suggest that users like the platform’s scalability.
To see if CosmoLex would work for your practice, you can schedule a demo. If you want to see the software in action, you can also sign up for a 14-day CosmoLex free trial. Our review can confirm that the free trial has the same functionality as the paid subscription, but you’ll be limited to just one bank feed connection.
CosmoLex doesn’t lock you in long-term contracts; you can cancel your subscription at any time. They further offer a generous 90-day money-back guarantee — something that isn’t that common in the industry.
CosmoLex is an excellent choice if you’re looking for a full-featured, cloud-based practice management software that includes robust built-in accounting. The ease of use, responsive customer support, and great reports are just some of the strengths praised in CosmoLex reviews. On the flip side, if you need software that links to other platforms and applications like QuickBooks that aren’t part of the CosmoLex integrations list, this might not be the right fit for you. Additionally, the platform’s pricing is pretty steep, especially if you don’t need all the features. At the end of the day, if you’re not dependent on third-party integrations and you’re not on a budget, CosmoLex is an excellent option.