CosmoLex helps lawyers keep their trust accounts audit-ready, according to Erica Birstler, the firm’s director of strategic communications.
Birstler tells AdvocateDaily.com that the special nature of trust accounts — which see lawyers acting as fiduciaries for their clients’ money — adds an extra layer of responsibility for legal professionals.
“The many rules and regulations surrounding trust accounting can be overwhelming for lawyers and can cause even more anxiety in the event of an audit,” she says. “The good news is, with some planning and technology, you can keep your accounting ready for an audit at a moment’s notice.”
While regulations differ by province, Birstler says every Canadian law society takes trust account violations very seriously as part of their duty to protect the public.
“With strict audits and severe consequences for violations, it can be extremely helpful for lawyers to leverage legal-specific technology to take a proactive approach to keep audit-ready trust accounts,” she says, explaining that CosmoLex’s cloud-based practice management software is designed specifically for Canadian accounting rules.
Having made its name in the U.S. market as a total law practice solution, incorporating time and expense tracking, billing, business accounting, trust accounting, calendaring, and task, email and document management in a single cloud-based application, CosmoLex recently moved into the Canadian market.