Immigration firms have higher volumes of matters. Instead of a single $50,000 litigation matter that lasts several months, an immigration firm will have a dozen smaller matters. The amount of IOLTA transactions within each matter is also higher than other practice areas. A single matter can require a handful of filing fee checks to different agencies. When combined, these factors create high volumes of IOLTA transactions.
To manage the increased IOLTA transaction volume, immigration firms require a combined practice management and accounting system with good controls to prevent users from overdrawing client IOLTA balances. The below videos demonstrate how we use CosmoLex in Immigration firms. CosmoLex includes an internal accounting system. There is no syncing information between the practice management system and QuickBooks or Xero. With the integrated accounting system, CosmoLex provides a stable IOLTA workflow.
We help immigration law firms implement CosmoLex and train their team on using the system for daily activity. We then provide monthly accounting services within the firm’s CosmoLex system which includes financial statements, complete IOLTA reconciliations as reporting required by the state bar, and full account reconciliations.