Tech Tip #199: Three Things You Can Do To Grow Your Firm

Most small firms are looking for ways to grow and expand their business. There are 3 things all of these firms can do to grow: Make sure you are tracking profit centers to understand what is driving business. Identify and recognize your firm’s rainmakers. This could be partners, employees, departments, or even freelancers. No matter who they are, make sure … Read More

Tech Tip #198: Trust Accounting Risks: General Business Accounting Software

Trust accounts are something that is specific to legal accounting, so your firm should be using an accounting system that is legal specific. Generic systems may offer workarounds, but they won’t stop you from overdrafting or commingling the funds of multiple clients. Use legal specific accounting software to manage your trust accounts. Learn more about 5 Trust Accounting Risks that … Read More

Setting Practice Priorities: Using CosmoLex to Track Financials & More

“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 a law practice, where should … Read More

Tech Tip #197: Trust Accounting Risks: Lenient Management of Matter Ledgers

Trust Accounting Risks

Attorneys need to strictly manage their matter ledgers. Failure to do so can result in overdrafts or the commingling of client funds. All of this can result in ethics violations and other infractions. Aligning your firm’s billing and accounting systems can go a long way in mitigating this risk. Learn more about 5 Trust Accounting Risks that Affect Your Bottom … Read More

Tech Tip #196: You Don’t Want Flexible Retainer Management

No Flexible Retainer Management

Many businesses will tout their flexibility in many different areas, but when it comes to retainer management your firm can’t afford to be flexible. Having clear and defined processes in place to manage your client retainers is a must. Find a legal-specific accounting solution that has safeguards in place to ensure that your firm remains on top of all client … Read More

Tech Tip #195: Three Pitfalls of Using Client Retainers

Pitfalls of Client Retainers

Most attorneys use client retainers to maintain positive cash flow for their firm. It’s important to be aware of the most common pitfalls associated with client retainers. If your firm is using retainers make sure you have the proper recording structure in place to keep track of all funds accurately, have a retainer replenishment method in place, and ensure that … Read More

Easy Solutions for Improving Your Legal Client Retainer Management

Legal Client Retainer Management

Properly managing client retainers may not be the most exciting part of an attorney’s professional life, but it is, nevertheless, often a key aspect of running a successful law firm. By definition, a retainer fee is an upfront cost incurred by a legal client to pay for the services of an attorney for legal counsel. Often, and depending on the … Read More

Why Integrated Accounting Is Essential for Law Firms

Integrated 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, law office accounting needs tools … Read More

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

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 needs to understand the differences … Read More