Legal Billing Made Easy

We handle the details with precision and care, giving you back your time while saving you the cost and stress of managing everything in-house. Free up your time and reduce stress with streamlined invoicing and bill pay solutions. Our packages let you offload time-consuming admin work while staying organized and profitable. To learn how we can enhance your accounting practices, consider connecting with our team today. Invensis has been an outstanding business partner for over four years.

Responsive support

By consolidating tasks, calendars, email, and billing in one platform, you reduce administrative overhead and improve operations. This means that law firms can take on more billable work, without the hassle of https://ranawaxman.com/the-importance-of-expert-bookkeeping-for-law-firms/ manual processes. Learn more about how CosmoLex increases productivity on our Law Practice Management page. Take the guesswork out of compliance and focus on serving your clients. Sign up today and join 150,000+ legal professionals who trust LawPay with their transactions.

Accurate and timely trust reporting

Always consult your accountant or registered tax agent for advice specific to your situation. Legal practices often have strong WIP and receivables but poor cash flow because time is not billed promptly and clients delay payment. Recording disbursements as direct expenses rather than WIP causes incorrect profit reporting.

• This lets your firm stay compliant and focused on legal work.
• Actionable reporting into your cases, clients and opportunities make it easier to run a smarter, more organized firm.
• NSW and Victoria require quarterly statutory interest payments.
• Many partnerships track which partner originated matters and who performs work, with profit distribution affected by each partner’s contribution to firm revenue.
• Navigating trust accounting for law firms is challenging, requiring busy attorneys to keep a watchful eye on all client funds while juggling state bar regulations.

Let’s simplify your law firm’s finances—starting today.

Communication features such as secure email and client portals facilitate seamless interaction with clients and colleagues. Additionally, firms benefit from legal CRM (Customer Relationship Management) features to manage client interactions and improve client service. Get paid 70% faster by accepting credit card, ACH, or eCheck with PantherPayments. Offer payment plans, create custom payment links, and seamlessly manage trust accounts—compliantly. We invite you to try our legal practice management software for free. Payments made to your firm through credit cards or third-party processors like 8am LawPay or PayPal are reported by the processor on a 1099-K.

• TimeSolv uses bank-level encryption, secure cloud hosting, and routine data backups to protect your firm’s sensitive information.
• You might have a bar audit coming—or you’ve already received notice.
• Confirm your trust accounting format meets state requirements.
• Our financially focused workflow connects time tracking, invoicing, payment collection, and accounting—precisely tailored to meet the unique financial needs of law firms.
• Bill4Time’s time tracking features provide timers and time entry functionalities across desktop and mobile, with support for common billing increments like 0.1 or 0.25 hours.

Discover What Growth Looks Like with Rocket Matter

Trust accounting is a cornerstone of our work, and we understand the compliance standards required by your state bar and the ABA. We reconcile How Bookkeeping for Law Firms Strengthens Their Finances trust ledgers monthly, track client balances, and support 3-way trust compliance—without the overwhelm. You can expect reconciliations, IOLTA trust accounting, financial statements, and ongoing guidance that connects the dots between your numbers and your next move.

Effortless Invoicing

Discover how small law firms are leveraging Lexis+ AI to enhance productivity and efficiency. Forrester Consulting conducted a Total Economic Impact™ study of Lexis+ AI for large law firms, commissioned by LexisNexis in May 2025. Rocket Matter is part of ProfitSolv, a collection of best-in-class software solutions for professional services firms, allowing the freedom for growth and innovation. Using a product-centric and customer-first approach, ProfitSolv collaborates with firms to offer better client services. These plans are designed to scale with your firm, whether you’re a solo practitioner or managing a larger team.

• View our integrations page for more information on what common tools CosmoLex can integrate with.
• A trusted law firm trust accounting service ensures deposits, withdrawals, and recordkeeping comply with legal requirements.
• This material is for informational purposes only and should not be construed as financial or legal advice.
• Law firm accounting services ensure your financial foundation is solid and well-managed.
• Record all deposits and withdrawals, and note any fees deducted directly from investment statements or bank accounts.
• Establish proper IOLTA accounts and organize your trust fund structure to ensure regulatory compliance.
• Let CPN Legal be your trusted partner in managing your law firm’s trust accounts efficiently and effectively.

Keep receipts for all expenses paid by the trust and maintain a file for all correspondence with beneficiaries. Four years later, the son — frustrated with a lack of communication and distributions — filed suit against his sister, demanding a complete trust accounting from 2020 forward. The sister, unfortunately, lacked supporting documentation.

Firms Behind on Compliance

External examination costs typically range from $2,000 to $5,000 depending on transaction volume and complexity. The examination must be completed within three months after financial year end, with the report lodged with your state regulator. Today’s attorneys want more than just compensation—they’re seeking forward-thinking firms with strong legal tech investments. Read the whitepaper that breaks down five ways AI is helping firms improve attorney experience, increase productivity, and build a reputation for innovation.