Tech Tip #118-Managing The High Volume of IOLTA Transactions Related To Immigration Law

Trust Accounting

IOLTA Trust accounting is often one of the most difficult aspects of managing a law firm. Immigration law sees a higher volume of IOLTA transactions than other practice areas. Immigration attorneys looking to efficiently manage their trust accounting need to employ a practice management system that features an accounting system with safeguards in place to prevent overdrafts of client IOLTA … Read More

Tech Tip #117-Does Your Firm Have the Right Legal Technology To Grow?

Trust Accounting

You’d be hard-pressed to find a law firm that isn’t looking to grow its practice. While most firms want to grow their business, many don’t have the appropriate technology in place to easily do so. Utilizing legal technology like practice management software in the cloud allows your firm to easily scale the systems used to manage your business with fluctuation … Read More

Using Legal Accounting Software to Increase Financial Security

Trust Accounting

  As lawyers, you have an ethical obligation to secure your clients’ confidential documents, data and financial information. Being entrusted with highly sensitive information should never be taken lightly. Today, financial security goes beyond having locks on the doors and filing cabinets. The potential for loss permeates your law practice from end-to-end. From billing leakage to growing receivables, from fuzzy … Read More

Tech Tip #116-Properly Manage Your Revenue Distribution Model

Trust Accounting

Most attorneys understand what it takes to develop an effective revenue distribution model for their firm, but fewer attorneys have the knowledge and systems in place to carry their model through an effective implementation. Find a solution that allows you to integrate the multiple systems and data that factors into compensation at your firm. Integration and automation make for effective compensation … Read More

Tech Tip #115-Are You Using Outdated Practice Management Software?

Trust Accounting

Attorneys need to constantly be on top of the rules and regulations that govern their industry. Failure to do so can result in harsh penalties, even disbarment. Attorneys who use dated practice management software may be putting their business at risk. Quality practice management systems adapt to ensure that firms are always in compliance with the latest rules and regulations.    … Read More

Trust Accounting 101: The Fundamentals

Most law firms have Trust or IOLTA Accounts. While the rules vary from state to state, one thing doesn’t change, the law firm has a fiduciary responsibility to track the funds and use them for the benefit of the client. Anything else is a breach of responsibility and will leave the attorney liable for disciplinary action, or worse. Below, you’ll … Read More

Tech Tip #114-It’s Easy to Maintain Evergreen Retainers

Trust Accounting

The reality is, retainers deplete, but there’s a way to prevent your business from slowing down! Have a process in place that will track a minimum balance (Evergreen Retainers) allowed and help prevent the dreaded zero balance. CosmoLex software lets you know when retainers are low and gives the option to send a customizable e-mail reminder or an invoice that … Read More

What to Consider When Developing A Legal Revenue Distribution Model

Trust Accounting

When attorneys decide to put up a shingle and manage their own practice, they are no longer just a lawyer. The attorney has made the decision to become a business man or woman. Part of running any successful business is compensating those who contribute to your success. Attorneys and legal professionals work for your firm and you pay them. Simple, … Read More

Tech Tip #113-IOLTA Transactions For Immigration Attorneys

Trust Accounting

Many firms work on matters that last for several months and carry a large price tag. For immigration attorneys, this isn’t the case. Dealing with multiple matters that feature more IOLTA transactions inside of each matter is the norm. Multiplication tells you that this is more IOLTA transactions than any attorney wants to manage manually. Check out this video produced … Read More