Find out more about CosmoLex, how it works, and whether it’s a good fit for your law practice
A law firm’s day-to-day activities may become overwhelming not only for its lawyers, but also for its management and staff. To ease their burden, software like CosmoLex is here to provide solutions for these lawyers and their law firms.
In this article, we will be discussing the highlights and features of ComsoLex, including its pros and cons. This piece is for lawyers and law firms who want to check whether CosmoLex is a software that meets your organizational needs.
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What is CosmoLex?
CosmoLex is a cloud-based practice management software which helps lawyers or law firms run their operations. It integrates a law firm’s work sections in just one software or application.
The software is based on the idea that administrative and other business aspects of lawyering are taken away from lawyers and law firms, so that they can focus on practicing law.
Some of the work sections that CosmoLex integrates are:
- Accounting
- Billing
- Calendaring
- Emails and documents management
- Time tracking
Subject to a charge depending on the specific services or add-ons that clients sign up for, CosmoLex is offered as a “one-stop shop” to answer the different demands and transactions in managing a law firm.
Features and functionality of CosmoLex
CosmoLex has its main feature, the CosmoLex Accounting and Legal Practice Management Software. Depending on a law firm’s specific needs, this can be complemented by other add-ons or features that subscribers can choose from.
Main features
The main accounting and management software has various features, such as:
Integrated program:
Merges all transactions of a law firm in just one application or system. It also includes syncing documents and all shared information on all gadgets between the lawyers and the law firm’s employees. This eliminates switching between different programs or using different accounts for numerous purposes.
Organizing files and documents:
Stores, organizes, and secures soft copies of documents and e-signatures all in one unlimited storage. Access to files may also be controlled by a designated administrator. This will ease locating files of clients out of this centralized location.
Calendar management:
This features personalized Dashboard and Matter pages. Case management is embedded and customized in one’s calendar management and matter workflows. Meetings are also automatically invoiced to the correct matter. Updates can also be given to clients through the Client Portal.
Finances monitoring:
You can monitor the law firm’s incomes, expenses, trust accounts, and client funds and retainers in one place. This includes automatic syncing of the law firm’s bank feeds with their financial data through automated bank reconciliations.
Additional options to receive payments (e.g., credit card payments) are offered to the law firm’s clients. Monitoring and payment of bills and other payees can also be done through the software.
Legal-specific accounting:
Bookkeeping and accounting processes are done in a single legal accounting software program. This makes it easier for users to create financial reports for compliance purposes.
Tracking billable hours:
Track hours spent on any completed task, event, or note to be tagged as billable.
Compliance with law:
CosmoLex ensures that all procedures and features are compliant with regulations and other relevant laws.
Watch this video to know how CosmoLex solves a law firm’s problems on accepting credit cards as payment from clients:
Add-ons
While the main software is the CosmoLex Accounting and Legal Practice Management Software, there are add-ons that users can choose from. These add-ons are subject to an additional fee (except for CosmoLexPay).
These add-ons are:
CosmoLexPay:
Streamlines billing and invoicing, making it easier for clients to pay their bills. This also allows law firms to accept credit cards and electronic payments. Scheduling recurring payments is an option too.
In addition, the law firm’s external accountant or bookkeeper can qualify as a CosmoLex Accounting Partner, upon the law firm’s consent. This allows them to access the law firm’s account remotely at no additional cost.
CosmoLex CRM:
This provides additional tools, such as marketing automation, client intake, and contact management. This allows law firms to immediately send personalized messages via text or email to follow up existing or prospective clients.
It also allows sending e-signature requests via text message to clients and prospects. For the CRM add-on, user must be a full subscriber.
CosmoLex Websites:
Helps law firms establish or improve their existing website by letting the program handle all the work. This includes improving the website with a client-friendly design, SEO-optimized content and FAQ pages, with the necessary protection against cyberattacks.
As with the CRM add-on, users must be full subscribers.
CosmoLex File Sharing and eSignature:
This feature allows file sharing among lawyers at the firm and between the firm and its clients. It also allows the law firm to send virtual requests for e-signatures to clients and lawyers.
These requests for file sharing and e-signatures are done via an email link, which ensures that privacy is safeguarded. E-signatures through this add-on are also compliant with the Uniform Electronic Commerce Act.
Compatibility
Being a cloud application, CosmoLex runs on both Mac and Windows. However, users may also have concerns over its compatibility with other services or applications.
CosmoLex subscribers can continue using their usual third-party applications such as emails, calendars, and document management.
What this system does is integrate these third-party applications with its centralized application, making it easier for lawyers and law firms to monitor all these applications.
Some external and third-party applications that users can integrate with CosmoLex include:
Google:
CosmoLex clients can continue using their Gmails, GSuite Emails, Google Calendars, and Google Drives. These will be integrated into CosmoLex, with some additional features, such as:
- making the files from a Google Drive still accessible within CosmoLex
- syncing one’s Google Calendar with CosmoLex
- creating communication logs when emailing clients with Gmail
Microsoft Office 365:
CosmoLex subscribers can continue using their Outlook, Office Calendar, and OneDrive. Integration means that:
- users can access and edit their files from their OneDrive with their CosmoLex
- Officer Calendar can be synchronized with one’s CosmoLex
- users can archive their email communication to their respective matter files within CosmoLex
Chrometa:
The User’s Chrometa can be integrated for a seamless passive time tracking tool. This will help lawyers track billable time for more accurate calculations of fees when charging clients.
LexShare, DropBox, or NetDocuments:
While CosmoLex has its own Document Management tool, third-party tools or services offering storage and management of documents may also be integrated with it.
How can I apply for CosmoLex?
Applying involves two steps: taking a free trial, then paying the subscription fee after the trial period ends.
Free Trial
First, a 10-day free trial will be offered to interested clients who want to set up CosmoLex for their law firm. The free trial will be handled by an account manager, who will be assigned to a specific user.
Except for certain add-ons like CosmoLex CRM and LexShare/LexSign, the free trial has the same functionality as with the paid subscription. Free trial users will also have access to the CosmoLex support team and other resources.
Interested users can also request a demo of the add-ons on top of the accounting and management software.
After the Free Trial
The lawyer or law firm can decide whether to continue with CosmoLex or not. If they do, they will have to pay the subscription fee after a prompt in the software appears.
Alternatively, free trial users can manually upgrade to a subscription account through the User Management option.
Watch this video to get a visual idea of how a free trial works:
How much is CosmoLex?
CosmoLex – specifically the CosmoLex Accounting and Legal Practice Management Software – costs US$89 per user/month, which is billed annually. Its month-to-month charge is US$99 per user/month.
The optional add-ons are billed on top of the accounting and practice management software:
1. CosmoLexPay: no monthly fees
2. CosmoLex CRM:
-
- One-time onboarding fee of $399, on top of the monthly fees
- Fee of US$147/month (billed yearly) or US$177 (billed monthly) for up to 3 users
- Fee for every additional user is US$49 per user/month (billed yearly), or $59 per user (billed monthly). Additional usage fees may also apply.
3. CosmoLex Websites:
-
- One-time onboarding fee of US$599
- Fee of US$149/month (billed yearly) or US$177/month (billed monthly) for up to 3 users
- Additional features and services are available at extra fees
4. CosmoLex File Sharing and eSignature:
-
- Fee of US$52/month (billed yearly) or US$60 (billed monthly) for the first user and only for the first 200 envelopes
- Cost per user decreases as more users are added
How can I contact CosmoLex’s customer support?
When users have immediate concerns regarding their account, they can reach out to the account managers assigned to them.
They can also contact CosmoLex through:
- Chatbot: a chatbot is located on the lower right portion of its website. These are operated by an automated response or by a live chat operator.
- Tickets: users can reach out to their support team by submitting a ticket via the website.
- Phone calls: the support team is available through the numbers found on their website.
What are the pros and cons of using CosmoLex?
To fully understand and look at whether CosmoLex is a good fit, it's best to maximize the 10-day free trial and judge it from there.
From what we have seen, here are some of the pros and cons of using CosmoLex:
Pros: ease of use
At first glance, it has an interface that is mostly user-friendly. Lawyers and law firms can easily find what they’re looking for.
When subscribers have difficulty coursing through their CosmoLex, they can refer to support videos to guide them through a specific topic.
Pros: legal field-specific
While there are other management software on the market, CosmoLex is programmed just for lawyers or their law firms.
Pros: complete package
CosmoLex stays true to its vision of providing everything to its subscribers – from legal documentation to accounting or financial matters, and even to marketing.
While this may come at a cost, its all-in-one software makes the jobs of lawyers and law firms easier.
Pros: integrations
Before switching to CosmoLex, users or subscribers may already use other services or websites for their emails, calendars, etc.
To eliminate operations involving many applications or programs, CosmoLex can integrate these applications or programs into its own system.
Cons: costs
The higher fees of CosmoLex compared with other similar software may be a disadvantage. It can be said that CosmoLex is worth it due to the complete package that this program offers.
Cons: no free version
Compared to other similar software that offer a free version, CosmoLex only has a 10-day free trial. Beyond the trial period, subscribers must spend to continue using CosmoLex, even at its basic version.
How can CosmoLex work for your firm?
CosmoLex is an all-in-one system that helps law firms manage their daily tasks. These include financial management, scheduling, communication, and document handling.
Subscribers can go with just the CosmoLex basic software or enhance it with addons. There are different subscription rates for the basic software, and addons come at an extra cost. CosmoLex offers a 10-day trial period so that customers can test if the software is a good fit for their law firm.
Whether you go for the basic or enhanced version, you can leverage CosmoLex to simplify day-to-day tasks so that you can focus on the practice of law.
Are you curious to try out CosmoLex? Which feature are you most interested in? Let us know in the comments.