In a significant win for the regulation follow administration platform CosmoLex, it has entered into an settlement with the 36,000-member Canadian Bar Association to be the CBA’s unique most popular follow administration software program for members.
In a rustic recognized for having strict regulatory necessities for authorized accounting, the CBA stated that CosmoLex “checks all of the containers” for offering compliant accounting and LPM options.
“We’re extraordinarily enthusiastic about partnering with the Canadian Bar Affiliation as their unique most popular supplier of authorized follow administration software program,” Ajay Khatri, CosmoLex basic supervisor, informed me in an interview final week.
“With this new partnership, we’ll be capable of increase our footprint much more with providing regulation companies in Canada software program they’ll belief,” he stated.
By way of the partnership, CosmoLex — which is owned by ProfitSolv, which additionally owns the regulation follow administration merchandise Rocket Matter, Tabs3 and TimeSolv — will supply CBA members an unique low cost on subscribing to its platform. It can additionally supply unique webinars and academic alternatives.
An end-to-end follow administration platform, CosmoLex has lengthy been recognized for offering sturdy, built-in enterprise and belief accounting and automatic financial institution reconciliations. Actually, it originally launched in 2014 as a billing and belief accounting program, including full follow administration options later that year.
It has additionally lengthy had a robust foothold in Canada, launching a Canada-specific version of its product in 2017 together with a knowledge heart positioned in Canada. In 2018, it won approval by the Law Society of Alberta as a software program vendor for its Digital Belief Transaction Reporting Program. It additionally gives types particular to the necessities of different regulation societies in Canada, such because the Type 9A required by the Regulation Society of Ontario for digital belief transactions.
Though the CBA already has quite a lot of private {and professional} companies corporations that it companions with to supply member reductions by means of its CBA Advantage program, comparable to LawPay and LexisNexis Canada, CosmoLex is the primary follow administration supplier added to this system.
Khatri stated that the CBA spent some 18 months evaluating suppliers, and thought of partnering with a number of corporations for various options. Nevertheless it in the end concluded that CosmoLex checked off all of the containers when it comes to what it was seeking to supply its members.
“Not solely does CosmoLex assist streamline and simplify the day by day duties of follow administration, together with the billing, the time and expense monitoring, the calendaring, the duties, the e-signatures, however what helps us differentiate from the opposite suppliers on the market available in the market is that we additionally assist them handle their belief in addition to their enterprise accounting,” Khatri stated.
He famous that CosmoLex additionally lately rolled out CRM and marketing automation.
“So it was like a one-stop store for every thing that they had been requiring,” he stated.