Accounting for Lawyers: Six Basic Concepts You Should Know

Accounting for Lawyers Six Basic Concepts You Should Know

In the fast-paced world of law, managing the financial intricacies of a practice can often feel like being cross-examined by a particularly aggressive opposing counsel. In other words, stressful.   But just like you can’t disregard questions from the opposition, you can’t ignore accounting either. Your law firm’s accounting isn’t an optional activity: it’s vital to your firm’s success, profitability, and … Read More

Common Compliance Challenges for Law Firms and How to Overcome Them

Common Compliance Challenges for Law Firms and How to Overcome Them

Let’s face it, most legal professionals don’t wake up in the morning excited to run to the office and tackle their accounting. Instead, you probably studied law so that you could help people and make a difference in the world, resolving problems and delivering results for your clients. Tracking transactions and crunching numbers? Not so much. On top of that, … Read More

Get Going and Keep Growing with Lawyer’s Business Suite from CosmoLex

Get Going and Keep Growing with Lawyer's Business Suite from CosmoLex

Running a law firm in the digital age poses unique challenges. From attracting new clients to managing your leads, cases, time, billing, and accounting, a successful law firm needs more than just a team of skilled lawyers.   It requires effective systems in place to ensure smooth operations.   Fortunately, there’s a solution that can streamline these processes and accelerate your firm’s … Read More

Six Accounting Practices of Highly Successful Attorneys

Six Accounting Practices of Highly Successful Attorneys

You probably didn’t take any accounting classes in law school, but if you’re running a solo or small law firm, you’ll get plenty of practice crunching numbers and dealing with the ins and outs of accounting processes.   Effective accounting is an essential operational task in a law firm. With reliable processes in place, you can increase your profitability and client … Read More

Four Signs Your Law Firm Needs Legal-Specific Accounting Software

Four Signs Your Law Firm Needs Legal-Specific Accounting Software

When it comes to software solutions that law firms can use to meet their accounting needs, there are a seemingly endless number of options. The issue, though, is that not all of these solutions are designed to meet the unique needs of those in the legal field. While you can use a hodgepodge of industry-agnostic accounting tools to get the … Read More

The True Cost of Non-Compliance for Your Law Firm

The True Cost of Non-Compliance for Your Law Firm

It’s indisputable that law firm regulatory compliance processes can be complex and take time and money to implement—but the cost of non-compliance can go far beyond just dollars and cents.  From failing to consider data privacy and trust accounting to human error with data, foregoing ethics and compliance duties can open your firm up to risks like censure, client dissatisfaction, … Read More

What Every Attorney Needs to Know About IOLTA

What Every Attorney Needs to Know About IOLTA

Are you grappling with the complexities of managing Interest on Lawyer’s Trust Accounts (IOLTA)?   Ever felt overwhelmed by the meticulous record-keeping, stringent regulations, and the high stakes of handling client funds?   You’re not alone.   Many attorneys, solo and small law firms, new attorneys, and paralegals face these challenges daily. But understanding IOLTA accounts is not just a regulatory requirement—it’s a … Read More

How to Prevent Losing Potential Clients (Hint: It’s Marketing Automation)

How to Prevent Losing Potential Clients (Hint: It’s Marketing Automation)

Most law firms know that marketing is a critical component of success, but keeping clients moving through the sales funnel can be challenging for busy attorneys who are already stretched thin with billable work.  Using marketing automation with a client relationship management (CRM) software is an excellent strategy for keeping prospective clients from slipping through the cracks or turning to … Read More

Deter Cyber Threats with a Secure Website by CosmoLex

Deter Cyber Threats with a Secure Website by CosmoLex

A great website is an essential component of any law firm’s marketing success, but your firm’s website doesn’t just need to look polished and professional.   It also needs to be secure, for the sake of both your clients and your practice.   Cyber-attacks are expected to increase in 2023. According to a poll, 34.5% of executives reported that their accounting and … Read More

Mid-Year Check-In: Have You Implemented These Four Legal Accounting Best Practices Yet?

Mid-Year Check-In Have You Implemented These Four Legal Accounting Best Practices Yet

Taking stock of your accounting isn’t just an end-of-year task—it’s a vital process that provides valuable insights into the health of your law firm.  To run profitable practices, you need to be aware of your law firm’s year-round financial standing. Engaging in a mid-year accounting check enables you to have a solid understanding of exactly where your firm stands, so … Read More