In a major win for the law practice management platform CosmoLex, it has entered into an agreement with the 36,000-member Canadian Bar Association to be the CBA’s exclusive preferred practice management software for members.
In a country known for having strict regulatory requirements for legal accounting, the CBA said that CosmoLex “checks all the boxes” for providing compliant accounting and LPM solutions.
“We’re extremely excited about partnering with the Canadian Bar Association as their exclusive preferred provider of legal practice management software,” Ajay Khatri, CosmoLex general manager, told me in an interview last week.
“With this new partnership, we’ll be able to expand our footprint even more with offering law firms in Canada software they can trust,” he said.
Through the partnership, CosmoLex — which is owned by ProfitSolv, which also owns the law practice management products Rocket Matter, Tabs3 and TimeSolv — will offer CBA members an exclusive discount on subscribing to its platform. It will also offer exclusive webinars and educational opportunities.
An end-to-end practice management platform, CosmoLex has long been known for providing strong, built-in business and trust accounting and automated bank reconciliations. In fact, it originally launched in 2014 as a billing and trust accounting program, adding full practice management features later that year.
It has also long had a strong foothold in Canada, launching a Canada-specific version of its product in 2017 along with a data center located in Canada. In 2018, it won approval by the Law Society of Alberta as a software vendor for its Electronic Trust Transaction Reporting Program. It also offers forms specific to the requirements of other law societies in Canada, such as the Form 9A required by the Law Society of Ontario for electronic trust transactions.
Although the CBA already has a variety of personal and professional services companies that it partners with to provide member discounts through its CBA Advantage program, such as LawPay and LexisNexis Canada, CosmoLex is the first practice management provider added to the program.
Khatri said that the CBA spent some 18 months evaluating providers, and considered partnering with multiple companies for different features. But it ultimately concluded that CosmoLex checked off all the boxes in terms of what it was looking to offer its members.
“Not only does CosmoLex help streamline and simplify the daily duties of practice management, including the billing, the time and expense tracking, the calendaring, the tasks, the e-signatures, but what helps us differentiate from the other providers out there in the market is that we also help them manage their trust as well as their business accounting,” Khatri said.
He noted that CosmoLex also recently rolled out CRM and marketing automation.
“So it was like a one-stop shop for everything that they were requiring,” he said.
