Accounting for Law
Legal Suppliers

Cloud bet pays off for practice management leader CosmoLex

Small and solo law firms can boost bottom lines by combining all of their practice management software in a single cloud-based service, says Rakesh Kabra, president of CosmoLex.

CosmoLex has made its name in the American market as a “total law practice solution” by incorporating time and expense tracking, billing, business accounting, trust accounting, calendaring, and task, email and document management, all in one cloud-based application, he tells AdvocateDaily.com.

“CosmoLex takes care of your entire practice, so that you can take better care of your clients,” Kabra says. 

The firm services a range of law firms in the U.S. and Canada, including solo practitioners and small firms, while some customers have as many as 30 lawyers on staff.

“We’re here for anyone who is looking to leverage technology to do two things: first, to provide a better client experience, and second, to reduce the operational cost of hardware and software,” Kabra says.

He says CosmoLex helps firms get the most out of their administrative budgets by eliminating the need for multiple programs handling separate tasks, while its web-based nature of the service means lawyers and clerical staff will not be tied to a particular computer or location.

In addition, the commitment to increased efficiency goes down well with the clients of law firms who are often taking similar steps, Kabra says.

“Law firms have to innovate to stay relevant to their customers,” he adds.

CosmoLex has its roots in a New Jersey-based software company that built a strong following of small firms and sole practitioners for its popular desktop practice management products.

At the start of the decade, Kabra says the firm’s U.S. clients began swamping it with requests for cloud and web-based practice management options, and in 2012, he made a big bet on the trend.

“We decided to split the company, sell off all of our desktop products, and focus entirely on one product, which is our complete law practice management in the cloud,” he explains.

Seven years later, the gamble appears to have paid off in spades.

“It was a leap of faith, but at the same time we could see the legal industry had started to shift and we would be able to fill a gap,” Kabra says. “The cloud was maturing, and other industries were already starting to move much of their infrastructure in.”

Back then, the comprehensive nature of the CosmoLex offering was the company’s primary selling feature, and it remains so today, he says.  

“Other products may be good on the front side in terms of billing, but none of them can handle the back office end, where the business and trust accounting happens,” Kabra explains. “Customers love us because the accounting is built in, so they don’t need to buy a separate accounting software.”

CosmoLex was given the chance to expand its operation to Canada when the Law Society of Alberta asked the company to look at providing its members with a cloud-based option for practice management.

Kabra leapt at the opportunity, and after an adjustment process to allow the service to match Canada’s unique accounting rules, it began recruiting Canadian clients.  

“It’s very exciting to us to be able to move to a new market, and we’re growing nicely,” he says.   

Kabra says Canadian lawyers have been a little slower to embrace cloud and web-based applications as part of their practice. But he mainly puts that down to the lack of a viable option, and as firms here wake up to the potential advantages offered by CosmoLex, Kabra adds that he senses the beginnings of a similar revolution to the one he experienced several years ago south of the border.

If there is a barrier to wider adoption, Kabra says it lies in concerns about the fate of firms’ existing data in their old practice management systems.

“It can seem overwhelming,” he says, adding that CosmoLex has created a dedicated data migration department to help firms through the transition.

To Read More CosmoLex Posts Click Here
Lawyer Directory
New Media Forensics (keep up until June 30, 2019)Hexigent Consulting (to remain until August 31/19)DivorcemateFeldstein Family Law (post until May 31/19)Jordana Goldlist (post until Sept. 30/19)Stancer Gossin Rose Benson Percival Brown - Flat Box Ad Unit - 300x125Leanne Townsend