Top 10 Tips to Increase Your Financial Security

Trust Accounting

While providing clients with the best possible legal advice should be the goal of any reputable attorney, in order to run a trusted law firm, sound internal business practices must also be in place and prioritized. This goes beyond just protecting clients’ confidential documents, data, and financial information; a truly ethically-minded practice must also take steps to increase its own … Read More

Tech Tip #143: Accepting Credit Cards Makes Sense, But It Can Be Challenging

Trust Accounting

Just like any other business, your firm’s clients want to pay with credit cards. Credit card batching and disparate legal billing and accounting systems can make it challenging for firms to be able to accept payment via credit card. Use a legal specific accounting solution to effectively accept credit card payments from your clients. Watch this short video for more … Read More

Legal Accounting Challenges Only an Attorney Would Understand

Trust Accounting

At some point in your life, you sat down and made the decision to become an attorney. Maybe you were talking to your significant other, a friend, your parents, or even a stranger in a coffee shop. Regardless of who you were speaking to, it’s likely you discussed what type of law you were interested in practicing, how you pictured … Read More

Tech Tip #142: Can Your Credit Card Processor Handle Deposits From Your Clients?

Trust Accounting

Credit card processing merchants find themselves working across multiple industries. It’s important for law firms to know if their credit card merchant provider can manage credit card payments for a law firm. With typical client deposits amounting anywhere from $10-$30K, many merchant providers are not able to efficiently serve law firms as they put holds on larger deposits. Find a … Read More

CosmoLex Announces the Release of CosmoPay, a Service Designed to Remove Credit Card Acceptance Barriers for Law Firms

CosmoPay is powered by LawPay and has no fixed monthly fee.   MONMOUTH JUNCTION, NJ – June 29, 2017 –  CosmoLex, a leading cloud-based, law practice management software provider, has announced the release of CosmoPay — a credit card processing service powered by LawPay. CosmoLex users are now able to enjoy the full benefit of LawPay’s industry-leading online payment solution within the … Read More

Unique Challenges for Family Law Attorneys

Trust Accounting

Across all different practice areas, attorneys and law firms face unique challenges in managing their business that other industries simply do not face. Inside of the legal world different attorneys and firms who are focused on specific practice areas tend to have challenges that are unique to their case type. One case type or practice area where this is particularly … Read More

Tech Tip #141: Deposit Credit Card Payments To Trust Accounts Appropriately

Trust Accounting

When credit card deposits are made into a trust account it is important that none of the fees from the credit card merchant provider are deducted from the trust account. These fees need to be deducted from your firm’s operating accounts, otherwise, your firm will be guilty of ledger card overdraft and could face ethics violations. Find a credit card … Read More

The Way Your Firm Works Is Changing, The Solutions You Use Should Too

Trust Accounting

The way the world works is changing. Chances are the way your firm works is changing with the rest of the world too. More and more employees are working remotely, working outside of traditional hours, and are looking for a way they can collaborate despite not being in the same location as their colleagues. Luckily for law firms, legal technology, … Read More

Tech Tip #140: Reduce Leakage By Managing Legal Time & Billing In The Cloud

Trust Accounting

For anyone managing a law firm, they know one of their biggest enemies is leakage — losing cash because your processes are not foolproof. One of the biggest sources of leakage is time and expenses that go unrecorded. Today this can be an even bigger challenge with members of your firm working in multiple locations at various different times. Tracking … Read More

Credit Card Processing Tips For Law Firms

Trust Accounting

The use of credit cards when paying for goods and services is something that is no longer just acceptable, it’s becoming closer to the norm. Let’s be honest, the legal industry has been a little behind the rest of the world when it comes to accepting credit cards. Regulations and requirements associated with credit card payments that are specific to … Read More