It’s not secret that when it comes to the legal world compliance is a big deal. So when it comes to your firm’s accounting it’s no different, compliance is a big deal. The problem is attorneys aren’t experts when it comes to accounting so navigating your firm’s financials can be challenging. Your firm needs an effective plan and legal accounting … Read More
Tech Tip #54 – Small Law Firms Can Leverage Technology and Remain Competitive
For too long smaller law firms have been held back by the technology that is available to them. It has always been a choice between high prices or messing around with multiple systems that don’t have the legal industry in mind. With the rise of SaaS & on-demand software, CosmoLex has created an affordable solution that levels the playing field … Read More
Benefits of Legal Solutions In The Cloud
In our last post, we explored the different ways law firms can utilize SaaS or legal software solutions in the cloud. In this post, we’d like to explore some of the advantages that come with using practice management solutions in the cloud. Benefits of Managing Your Law Firm In The Cloud Accessibility Without a doubt, one of the greatest advantages … Read More
Tech Tip #53 – Legal Solutions in a SaaS Market
Gartner expects the global SaaS market to be worth $37.7 Billion by the end of 2016, and legal software solutions are and will be a part of it. Law firms can utilize legal SaaS solutions across a number of different areas of need including; legal calendaring, courtroom deadlines, billing, document management, and law office accounting. Learn more here. Ready to … Read More
Tech Tip #52 – Is Your Firm Allocating Revenue Correctly?
When it comes to allocating revenue for your law firm things can get tricky. When money comes into your firm it doesn’t necessarily mean it’s considered revenue. First, your firm has to pay any liabilities. Second, your firm must reimburse any assets like advanced client costs. Third, any hard or soft costs related to the invoiced matter must be addressed. … Read More
How Are Law Firms Using SaaS?
The software world has made a significant shift in recent years. By now you have probably heard of the term SaaS or Software-as-a-Service. SaaS is a software delivery model that allows users to purchase licenses that are paid for on a subscription basis and is hosted on a central server. The end user can easily access the software through web browsers … Read More
Tech Tip #51 – How Secure Is Your Attorney-Client Electronic Correspondence?
When a law firm is handling a legal matter for a client, often multiple attorneys and legal professionals are involved. The problem is not all of your clients’ information and communications should be available to everyone in your firm. These communications can contain sensitive information and your firm should set permissions around email access accordingly. Click here to learn how … Read More
Tech Tip #50 – Not All Costs Are Created Equal
Attorneys & law firms can run into trouble when they try to treat all costs the same. Depending on which case types are being practiced, your accountant will advise you to identify case costs as either “Advanced Client Costs” or “Reimbursable Client Costs”. Failure to accurately differentiate between these costs each and every time a transaction is made will have … Read More
Why Law Firms Should Accept Credit Cards
There was a time when lawyers and law firms scoffed at the idea of accepting credit cards. The truth is with so many legal accounting regulations in place, the legal industry took a while to catch up to the rest of the world when it comes to accepting payment via credit cards. Lawyers had to worry about only being able to … Read More
Tech Tip #49 – Expense Leakage Can Hurt Your Cash Flow. Avoid It!
It doesn’t matter how you get paid by your clients, you or your firm is going to pay for your expenses on your own first and then get reimbursed down the road. Problems arise when firms fail to record or claim their expenses. Expense leakage is especially more prevalent for indirect (or soft) costs and when charges are paid by … Read More