In a big earn for the regulation exercise management platform CosmoLex, it has entered into an arrangement with the 36,000-member Canadian Bar Association to be the CBA’s exclusive favored follow management software for members.
In a place recognised for having demanding regulatory specifications for legal accounting, the CBA reported that CosmoLex “checks all the boxes” for offering compliant accounting and LPM solutions.
“We’re particularly thrilled about partnering with the Canadian Bar Affiliation as their unique preferred company of lawful observe administration software program,” Ajay Khatri, CosmoLex common supervisor, advised me in an job interview final 7 days.
“With this new partnership, we’ll be equipped to increase our footprint even more with offering legislation companies in Canada software program they can belief,” he stated.
As a result of the partnership, CosmoLex — which is owned by ProfitSolv, which also owns the law apply management solutions Rocket Subject, Tabs3 and TimeSolv — will offer you CBA customers an special lower price on subscribing to its platform. It will also present unique webinars and instructional possibilities.
An conclude-to-conclusion apply administration system, CosmoLex has prolonged been known for providing sturdy, constructed-in enterprise and believe in accounting and automatic financial institution reconciliations. In point, it originally introduced in 2014 as a billing and have confidence in accounting method, incorporating complete observe administration attributes later that 12 months.
It has also lengthy had a solid foothold in Canada, launching a Canada-certain variation of its solution in 2017 along with a info middle positioned in Canada. In 2018, it received acceptance by the Regulation Culture of Alberta as a application vendor for its Electronic Have faith in Transaction Reporting System. It also features sorts certain to the needs of other regulation societies in Canada, these kinds of as the Form 9A necessary by the Law Society of Ontario for digital trust transactions.
While the CBA now has a wide range of particular and experienced solutions providers that it associates with to give member special discounts through its CBA Advantage software, such as LawPay and LexisNexis Canada, CosmoLex is the 1st practice management supplier added to the plan.
Khatri claimed that the CBA put in some 18 months assessing providers, and regarded as partnering with a number of firms for unique options. But it ultimately concluded that CosmoLex checked off all the containers in phrases of what it was on the lookout to offer its associates.
“Not only does CosmoLex support streamline and simplify the day-to-day obligations of follow management, such as the billing, the time and expense tracking, the calendaring, the duties, the e-signatures, but what assists us differentiate from the other companies out there in the market is that we also assistance them regulate their believe in as nicely as their company accounting,” Khatri explained.
He noted that CosmoLex also lately rolled out CRM and advertising automation.
“So it was like a a person-stop store for everything that they were being requiring,” he stated.