CosmoLex
Wave
| Feature | CosmoLex | Wave |
|---|---|---|
| Pricing | From $89/mo | Free / from $16/mo |
| Free Plan | ✗ No | ✓ Yes |
| Rating | 4.3 / 5 | 4.2 / 5 |
| Best For | solo-attorneys, small-law-firms, bookkeeping-challenged-firms, trust-heavy-practices | freelancers, solopreneurs, micro-businesses, side-hustlers |
| Founded | 2008 | 2010 |
| Practice Management | ✓ | ✗ |
| Legal Accounting | ✓ | ✗ |
| Trust Accounting | ✓ | ✗ |
| Time Billing | ✓ | ✗ |
| Document Management | ✓ | ✗ |
| Client Portal | ✓ | ✗ |
| Accounting | ✗ | ✓ |
| Invoicing | ✗ | ✓ |
| Receipt Scanning | ✗ | ✓ |
| Bank Connections | ✗ | ✓ |
| Financial Reports | ✗ | ✓ |
| Payroll Addon | ✗ | ✓ |
| Payments Addon | ✗ | ✓ |
✓ CosmoLex Pros
- Built-in legal accounting
- Trust/IOLTA compliance
- No need for QuickBooks
- All-in-one platform
✗ CosmoLex Cons
- Interface not the most modern
- Limited third-party integrations
- Steeper learning curve for accounting
✓ Wave Pros
- Core accounting and invoicing completely free
- Unlimited income and expense tracking
- Receipt scanning with OCR included
- Simple enough for non-accountants
✗ Wave Cons
- Payroll and payments are paid add-ons
- No inventory or project tracking
- Limited integrations compared to competitors
The Verdict
CosmoLex is built for solo attorneys and small law firms, with a focus on practice-management and legal-accounting. Wave targets freelancers and solopreneurs and leads with accounting and invoicing.
On pricing, Wave is the clear winner for budget-conscious users — starting at $16/mo compared to $89/mo for CosmoLex. That $73/mo difference adds up quickly for growing teams.
Wave has a free plan, which gives it a meaningful edge for individuals and small teams exploring their options. CosmoLex requires a paid subscription from day one.
Feature-wise, Wave offers broader built-in capabilities (7 features vs 6), while CosmoLex takes a more focused approach — which can mean a simpler, faster onboarding experience.
This is a genuinely close comparison. If you can, sign up for both free trials (where available) and run a one-week test with your actual team tasks before deciding.