CosmoLex, which provides software for the law practice industry, is introducing a new solution to help its clients manage cash and make payments.
The company said Tuesday (May 2) that it has revamped its accounts payable solution after offering it in beta only months ago. Its Accounts Payable Module aims to reduce friction unique to the legal services sector.
Specifically, it supports client cost recuperation, vendor invoice allocation to the appropriate cases and “post-settlement lien-claim disbursements for personal injury firms,” reports said. In cases like personal injury, law firms struggle to manage medical and insurance bills and other financial documents that must be disbursed to the appropriate people once a case is settled.
“We consider ourselves leaders in the legal technology space and think that our latest set of new features further [solidifies] our position as such,” the company’s CEO Rick Kabra said in a statement. “Accounts payable is much like any other aspect of legal accounting. There are many requirements and regulations that are unique to law firms.
“We have designed this module with these unique needs in mind, as we do with all of our product enhancements,” Kabra added.
The CEO noted that current accounts payable solutions may be numerous, but they rarely address the particular needs of the law services industry.
“Attorneys in both small and large firms have struggled to find solutions that can track and manage third party lien-claims,” he said. “In this release, we set out to solve that very problem.”