It may sound like a silly question, but do you know where your firm’s money is coming from? I’m sure you keep your books and understand how much money you have, but what cases are generating the most revenue? What’s more, which cases offer the best ROI on your marketing dollars. In order to run a successful firm, it’s important … Read More
Tech Tip #72 – General Accounting Software Doesn’t Have The Appropriate Chart Of Accounts
Many law firms will try to use general accounting software. The firms that do this will inevitably come up short in finding an accounting system that truly satisfies their needs. One reason, in particular, is that general accounting software does not include the legal specific accounts needed to appropriately manage a law firm’s accounting. Make sure your firm uses an … Read More
What You Need To Know About Trust Accounting
If you are a lawyer, manage a law firm, or handle an attorney’s accounting it is imperative that you know how to manage trust accounts. If you don’t know how to manage trust accounts and you are working inside of legal accounting- read this post and familiarize yourself with these important components of trust accounting. Not having a good understanding … Read More
Tech Tip #71- Accepting Credit Cards Creates New Responsibilities for Your Firm
It’s extremely important to find a credit card processing company that has the specific needs of a law firm in mind, but when your firm decides to accept credit cards you will need to make sure you take the proper action internally too. Understanding how your firm will handle voids and chargebacks, credit card batching, and invoice payments are extremely … Read More
Tech Tip #70 – Realizing Income For Your Firm
When your firm wants to realize income it is important that any invoice payments that are made go through the appropriate hierarchy before you consider any of that money yours. Any payments made to your firm must first be applied to liabilities, hard costs, soft costs, and any finance charges or late fees. Legal Accounting can be hard, see how it could … Read More
Retainer Management & Your Law Firm
For a law firm, retainers can be the lifeblood needed to stay afloat. It allows firms to maintain a positive cash flow and ensures that client invoices are paid in a timely manner. While retainers can be extremely beneficial for firms, if they aren’t properly managed they can bring a great deal of trouble to your firm too. With extremely … Read More
Tech Tip #69 – Looking Ahead To Year-End Activities
Here we are in September, and before you know it we will be staring down the end of the year. Closing out the year there are important accounting activities your firm must complete. Make sure your firm has plans in place to handle depreciation & amortizations, manage and account for bad debts, and post all P&L to retained earnings. Ready … Read More
Tech Tip #68 – What Do Your Legal Invoices Look Like?
When you send legal invoices to a client does it look professional? Is it easy to identify where it came from? Can your clients understand what they’re being billed for? Can clients pay your invoices via credit card? If you didn’t answer yes to all of these questions you should read more about how CosmoLex can help to improve how your … Read More
How Does Your Firm Manage Internal Communication?
When law firms think of communication, the first thing that generally comes to mind is how they communicate with clients. Client communication is extremely important. It plays into getting necessary information from clients, ensuring smooth payment processing, and building a strong trusting client-attorney relationship. With that being said attorney to client communication isn’t the only communication your firm should be … Read More
Tech Tip #67 – Easier Legal Billing Makes It Easier To Get Paid
When your firm utilizes legal billing solutions that make all of your billing chores easier, it will ultimately make it easier for you to get paid. Find a solution that allows you to batch process invoices, easily send past due notices, and low retainer reminders. CosmoLex does all of this and even allows your clients to pay bills or fill … Read More