Avoid These Common Mistakes In Trust Fund Accounting

Trust Accounting

Trust Accounting is a relatively simple accounting process. Unlike most accounting needs there isn’t any profit or loss to track. There is no depreciation or amortization to deal with. You don’t need to calculate interest accumulation. There is no tax accounting required, and you don’t have to calculate account management or banking fees. How, then, do mistakes happen in trust … Read More

Tips For Improving Your Law Practice Cash Flow: Bill Early, Bill Often

Trust Accounting

In this last piece in our series on improving law practice cash flow, we look at how you bill. It doesn’t do you any good to provide services if you don’t get paid for them. How you use your legal billing system to invoice is even more important to your cash flow than what is listed on the bill. Invoices … Read More

Tips For Improving Your Law Practice Cash Flow: Billing Procedures

Trust Accounting

Improve your cash flow to improve the success of your practice. In the latest in our series on cash flow we want to look at your billing procedures. In particular we want to look at what you bill and how it is tracked in your legal office management software. Legal billing tends to be divided into two areas: expenses and … Read More

Tips For Improving Your Law Practice Cash Flow: Evergreen Retainer

Trust Accounting

Over my next few blogs I want to explore methods I’ve seen successful law firms use to maintain a positive cash flow. Since a healthy cash flow means a healthy business, it’s imperative that you find a way to ensure future income. The most common way I’ve seen attorneys secure a reliable future cash flow is by using an evergreen … Read More

Cash Flow: Introduction

Trust Accounting

One of the most important lessons in business is this: cash is life. It doesn’t matter if you are running an ice cream parlor, building military aircraft or operating a legal practice. You can have millions of dollars in net worth and yet have to file for bankruptcy because you don’t have any cash to pay your bills. I want … Read More

Productivity Multipliers: Billing And Trust Accounting

Trust Accounting

This is the second in our four part series on productivity multipliers. Last time we went over the concept of a multiplier. Today we are going to show you how efficient billing, collections and trust management help your practice. We will also show how they support and enhance each other when they work together through an integrated law firm billing … Read More

Productivity Multipliers: An Overview

Trust Accounting

Don’t make the mistake of being so focused on the law that you forget about managing your legal practice. Without a unified practice management strategy and the legal software to support it, you are doomed to constantly floundering around wondering why your work never gets done. A well-organized office handles more cases and generates more revenue but there are other … Read More

New Release of CosmoLex Law Office Software Adds Comprehensive Practice Overview

Dashboard Feature Gives Attorneys Eagle-Eye View of Practice Management   NORTH BRUNSWICK, N.J. – February 10th, 2015 – Today CosmoLex released version 2.4 of their popular law practice management software. This update adds several new features including a Dashboard that gives users a one-screen overview of all critical practice management features, making it easy to gauge the health of the law … Read More

Who Owns The Documents You Manage With CosmoLex?

Trust Accounting

Now that CosmoLex has added cloud-based document management, you may be asking yourself what that means in terms of document ownership. If you save a document through our legal office management software, does that give us the right to access it or keep it if you leave? Absolutely not. We Don’t Have Your Stuff Contrary to what you might think, … Read More