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New Year’s Resolutions For Your Law Firm

 

Here we are, two weeks into 2017! How are you doing with your resolutions? Still hitting the gym, eating better, reading more? Maybe you’re not a “Resolutions Person”. That’s okay not everybody needs to set up resolutions for their personal life. Running a law firm is a different story, though. Just like any other business, a law firm needs to set goals and expectations for the new year, but what should your firm resolve to do in 2017?

Here is a list of resolutions you can set for your law firm in 2017.

Increase Accessibility- It doesn’t matter where you are or when you want to work, your clients will want their legal matters dealt with on their time. Luckily, technology allows us to be available wherever and whenever. Resolve to equip all members of your firm with the technology they need to effectively work on the go.

Reduce Time Spent On Technology Management- I may have just told you to use technology to increase your firm’s accessibility, but that doesn’t mean that you should be spending more time managing your firm’s technology. In 2017 look for cloud-based practice management solutions to manage the different aspects of your firm’s business like; business accounting, legal accounting, document management, and task management. By leveraging a 3rd party software vendor, your firm won’t have to worry about managing software and system. The software vendor, like CosmoLex, does it for you- and your firm can spend more time doing what you do well, practicing law.

Gain Visibility Into All Aspects Of Your Business- Managing a law firm goes far beyond what happens inside the courtroom. As someone who is in charge of the business’s success, you need to have visibility into all aspects of the firm’s operations. Utilize dashboards to gain quick visibility into legal accounting, business accounting, schedules, and even employee productivity.

Get Your Legal Accounting In Order- This may be one of the most important resolutions your firm can make. If you looked back through the years, you’d probably find that many law firms list cleaning up their legal accounting as a resolution year in and year out. Unfortunately, it tends to remain on the list, as so many firms struggle with their legal accounting.

It’s nothing to be ashamed of. Managing a firm’s legal accounting can be extremely difficult. There aren’t many accountants that are familiar with the unique set of rules and regulations that are specific to the legal industry, and you’d be hard pressed to find many attorneys who consider themselves an accounting expert as well.

There are many different aspects of legal accounting your firm needs to stay on top of in 2017. You need to consider:

  • The regular reconciliation of accounts
  • Case cost accounting
  • Differentiating between income and revenue
  • Integrating your billing and accounting systems
  • Understanding what generates income for your firm
  • And much more…

Register for our free webinar “6½ Legal Accounting Resolutions for the New Year”

There is so much to consider when it comes to your legal accounting and you need to make sure that your firm is focused in the right areas over the next year. We’ve identified 6½ New Year’s Resolutions related to your firm’s accounting that will help you get your practice in order during 2017! Register for the webinar on Thursday, January 12th.

 

Rick Kabra

Dr. Rick Kabra is President of CosmoLex Cloud, creator of cutting-edge technology solutions to help solo and small law firms law firms. Rick has a Ph.D. in Electrical Engineering from NJIT and has over 10 years of experience in the legal software industry catering to the specialized technology needs of small to mid-sized law firms. Rick has given numerous seminars and published articles on legal technologies such as law practice technology management, cloud computing, and legal billing, business & trust accounting compliance.