New CosmoLex Upgrades Meet Large Law Firm Needs

USA/Canada News

23
May
2016

Editor

With its latest release, CosmoLex shows it’s ready to handle the requirements of even the largest law firms

CosmoLex, a leading cloud-based, law practice management software provider, has announced a major upgrade with its v4.1 release.   The upgrade will bring their cloud-based total solution to the attention of larger law firms. 

“Large law firms have complex needs that were not addressed with earlier, first-generation cloud-based systems. These include complex profit and fee sharing models, as well as billing requirements imposed by corporate and government clients,” according to CEO Rick Kabra. “With the release of CosmoLex v4.1, we’ve taken a big leap towards meeting those needs with features not available in any other cloud-based system.”

To that end, the new CosmoLex release includes: 

• LEDES 1998B Billing Codes - LEDES defines the global standard formats for legal industry billing codes (e.g., bankruptcy, litigation, patent, trademark, etc.) They are an absolute requirement for prompt payment when billing at the corporate level. CosmoLex gives full control for adding or restricting LEDES codes at the firm or matter level.
• UTBMS Task Management Codes (The ABA standard) - UTBMS codes are now supported in this new release. These can be used in conjunction with eBilling or as stand-alone codes.
• Income Distribution - Collected fee income can now be distributed based on parties’ roles (such as billable contribution, originating attorney, responsible attorney, etc.) A new "Collected Fee Income Allocation Report" can be used for productivity measurement, facilitates fee allocations, and more.
• Online Trust Retainer Collection - The CosmoLex/LawPay integration has been enhanced to handle online credit card payments to fund client retainers (in addition to invoice payments.) Thanks to CosmoLex built-in business accounting, all credit card payments automatically post to the correct bank account and are always ready for batching & reconciliation.
• Grouping/Categorization - Practice management items such as events, tasks, emails, notes, etc. can now be organized under user defined labels such as “Client Discussion” or “Discovery” within each matter. This will help in better organization of details for complex client matters. 
• System Email Communication Logs - All emails sent from CosmoLex (such as invoices, reminder notices, etc.) are now automatically recorded to a log and tagged by matter. This allows for a thorough review of communication history in case of any doubt, dispute, or audit.

“Of course, all these features can be used to tighten up operations at small law firms as well,” Kabra continued.  “For larger law firms, these enhancements will put CosmoLex on the short list of ‘must see’ systems.”