Law Firm Accounting Archives

Tech Tip #204: Your Firm Needs A Complete Picture of Matter Balances

March 27, 2018 / by CosmoLex Team / Attorney Trust Accounting, Law Firm Accounting, Tech Tips

When putting together a complete picture of your firm’s matter balances it should include account A/R, WIP, and your trust balances. Open invoices with trust retainers must first be cleared by drawing funds from trust (if any) into general and AR balances. Employing an automated legal accounting solution can help firms manage their matter balances […]

Setting Practice Priorities: Using CosmoLex to Track Financials & More

February 21, 2018 / by Rick Kabra / Law Firm Accounting

Tracking Financials - Class-based Accounting

“Follow the money. Always follow the money.” When Deep Throat said this to Woodward in All the President’s Men, he may not have been referring to legal practice, but the rule still applies. Whether you’re trying to uncover a scandal or grow your income, tracking financials is key. But, with so many moving parts to […]

Why Integrated Accounting Is Essential for Law Firms

January 31, 2018 / by Rick Kabra / Law Firm Accounting

Solo and small law firms are small businesses. Because of that, law office managers often think that they can survive by using the same solutions as other small businesses to manage their practice. This common misunderstanding can lead to headaches, disorganization, and even ethics violations for law firms. More so than in any other area, […]

Tech Tip #193: General Accounting & Legal Accounting Aren’t the Same Thing

January 30, 2018 / by CosmoLex Team / Law Firm Accounting, Tech Tips

Legal accounting is far more complicated than accounting for any other small business. That’s why a law firm can’t rely on the same accounting solution as any other small business. General business accounting software doesn’t account for things like; client funds accounting, matter cost accounting, 3rd party billing, fee allocation, and revenue distribution. Your firm […]

Five Legal Accounting Resolutions for the New Year

January 10, 2018 / by Rick Kabra / Law Firm Accounting

5 resolutions - Legal Accounting in 2018

What did you resolve to do in the New Year? From saving money to losing weight, many of us vow to make improvements to our personal lives, and it’s important to consider how we might better ourselves professionally as well. Especially if you run a law firm, it is critical to not only take a […]