New Year’s Resolutions For Law Firms in 2016

Trust Accounting

Every year businesses look at the new year as a time to set goals that will hopefully bring their business to new heights in the coming year. Law firms are no different. Quite often when lawyers reflect upon the previous year, they are thrilled with how they actually practiced law, but the management of their firm can be a challenge and an area where they would like to improve.

For that reason a classic New Year’s Resolution for firms or the lawyers who manage them is to increase efficiency and the organization of their firm. Your casework will take care of itself, you know how to handle your business in the courtroom, but the following list of goals will help you to better manage the business of your firm in 2016!

Goals For Law Firms in 2016

1- Streamline the management of your firm.
Many firms use multiple systems to manage their day to day operations. This means data has to be entered multiple times, data needs to be converted into multiple formats, and your employees need to keep track of multiple logins! In 2016 look to employ a single solution that brings all of the functions you need to manage your firm into one system.

2- Improve cash flow.
It’s tough to find a business in the world where cash isn’t important. Law firms are no different. By employing a practice management system that allows your firm to track their time and expenses on the run, and increase the ease in which they bill clients through automation, your firm can increase cash flow by reducing leakage and more accurately billing clients.

3- End legal accounting nightmares.
A major pain point for so many law firms is their accounting! Legal accounting is subject to many regulations that general business accounting simply is not, and when firms violate these regulations the penalties are stiff and could even result in disbarment.  

Also keep in mind that your firm could be subject to an accounting audit at any time. Your firm can erase accounting nightmares by employing legal specific accounting solutions. CosmoLex actually ensures that all of your accounts are always audit ready by simplifying the reconciliation process down to a few clicks.

4- Have eyes on all facets of your firm’s business.
Managing a law firm goes far beyond just practicing law. You need to know what makes your firm money, who are you most productive attorneys, what client funds are available to your firm, and much more. Start to use useful dashboards that allow you to keep an eye on your entire firm in one place.

Knock Out All These Goals At Once
The new year is just beginning so you could take this list of goals and assign one to each quarter, but you could also knock them all out at once. CosmoLex is the only practice management system that will allow you to increase efficiency across your entire law firm in one solution. A single login provides your firm with Legal Billing Software, Legal Practice Management Software, Attorney Trust Accounting Software, Law Firm Accounting Software. Best of all they’re all in a single system communicating with each other so you don’t have enter data across a number of different systems to manage your firm.

Start the new year with a free 30 day trial of CosmoLex!


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