Now that we have made the turn past Christmas and we’re heading towards the New Year it’s important that your firm completes the necessary year end accounting tasks. Don’t forget to reconcile all of your accounts, ensure all retainer balances are up to date in your IOLTA Trust accounts, take a deep dive into your P&L statement, and audit your … Read More
3-Way Reconciliation Can Be Made Easy By Proper Legal Accounting Data Migration
Heading into the new year everybody begins to assess the current year and how they can improve. It happens in our personal lives- maybe it’s losing a couple of pounds, spending more time with your family, or reading more. In business, we all make resolutions too. For many law firms a great resolution, whether they know it or not, is … Read More
Tech Tip #95-Irrespective of Where You Keep Your Client Funds, Keep Them Separate
It’s not secret that lawyers utilize retainers to maintain positive cash flow for their firm. In most jurisdictions, all client funds must be kept in trust accounts, but in few jurisdictions, such as NJ, NY, client advances may be kept in operating accounts. Regardless of whether your firm keeps client funds in an operating or trust account, you must make … Read More
Tech Tip #94-Review Your Trust Accounts Before Year-End
With trust accounting being so heavily scrutinized there is never a good time for them to be out of order. While there isn’t a good time for this, the end of the year may be one of the worst times for them to be a mess. Don’t head into 2017 with messy trust accounts. Review our year-end accounting checklist to … Read More
Show Me The Money… And Where It Comes From
Cuba Gooding Jr. and Tom Cruise may have popularized the term “Show me the money,” but any attorney running their own practice should be saying the same thing. They may even want to say it over and over and over again. You’ve seen the movie, right? All kidding aside, attorneys not only need to see the money, they also need … Read More
Tech Tip #93-Complete Account Reconciliation Before Year-End
50% of businesses haven’t reconciled their bank accounts over the last 6 months! That means there is a one in two chance that your firm is going to head into 2017 without having completed your account reconciliation. An extended period of unreconciled accounts can be a recipe for disaster in the form of compliance issues and ethics violations. Watch our … Read More
CosmoLex Announces New Partnership With Collaborative Community Law Initiative
CCLI Members Will Receive Free CosmoLex Subscription Through New Partnership NORTH BRUNSWICK, NJ – December 13, 2016 – CosmoLex, a leading legal software developer, announced a new partnership with the Collaborative Community Law Initiative (CCLI) today. CCLI is a legal practice incubator in Saint Paul, Minnesota that teaches graduates of Mitchell Hamline School of Law the skills necessary to establish … Read More
Tech Tip #92-Review Your Profit & Loss Statement Before Year-End
No firm likes leakage. Especially not heading into the end of the year. Now is a great time to review your profit and loss statement. This will help your firm to ensure that all income has been posted and all reimbursable client costs are booked and billed properly. Learn more about this and other important year-end legal accounting tasks during … Read More
CosmoLex Announces New Partnership with Wyoming State Bar
Wyoming State Bar Members Entitled to Discount on Practice Management Software NORTH BRUNSWICK, NJ – December 8, 2016 – CosmoLex, a leading legal software developer, announced today that the Wyoming State Bar has become an affinity partner. This is the latest in a series of partnerships with bar associations across the country. One of the reasons this partnership is … Read More
The End Is Near: Year-End Legal Accounting Tasks
The end is near! The end of the year anyway. I’m sure by now you are coming out of your turkey coma and turning your attention towards the December holidays. Maybe that means you’re placing an elf on a shelf somewhere or a mensch on a bench. Either way, if you haven’t taken the time to deal with all … Read More