Firms that still manage their practice using legacy desktop programs are missing out on modern functionality that their competitors are already taking advantage of. This will lessen their ability to collaborate and create a more agile work environment for members of their firm. Increase your firm’s capabilities by moving to the cloud! Interested in keeping your law firm competitive? Read … Read More
Tech Tip #190: Ensure Proper Handling of Client Funds in 2018
When it comes to handling client funds there are a number of things you must do and a number of things you absolutely cannot do. Failing to meet the requirements associated with handling the funds of clients can land your firm in hot water. As we jump into 2018 find a legal-specific accounting solution that has safeguards in place to … Read More
Staying Competitive in 2018: Why The Cloud Matters
Recently, we discussed What to Look Out for When Moving Your Practice to the Cloud, and focused on the full migration picture to prepare firms with an understanding of what to expect once they decide to make the switch from one practice management application to another. However, it’s important also to consider how a company reaches that place, to begin … Read More
Tech Tip #189: Recover Client Costs in 2018
Attorneys work everywhere. You could be meeting a client on the road, practicing in the courtroom, or even researching on a plane. Throughout the day attorneys run into a myriad of tasks and expenses, but many are not tracked and eventually go unbilled. Make sure your firm has a solution in place to track time and expenses wherever and whenever … Read More
Tech Tip #188: Move Towards Matter-Centric Recordkeeping in 2018
Compliance demands that all records are linked to their respective specific legal matter. A legal-specific solution keeps matter activities in one place, which saves you time and serves as an additional layer of protection in the event of a malpractice claim or audit. In 2018 use legal specific-solutions that organize activities and records by the matter they are associated with. … Read More
Five Legal Accounting Resolutions for the New Year
What did you resolve to do in the New Year? From saving money to losing weight, many of us vow to make improvements to our personal lives, and it’s important to consider how we might better ourselves professionally as well. Especially if you run a law firm, it is critical to not only take a close look at your business … Read More
Tech Tip #187: Commit to “in the moment” recording in 2018
Delayed time and expense tracking often results in delayed billing and an increase in fee disputes. In 2018, make it a resolution to find a legal-specific time and expense tracking solution that offers an “in the moment” recording system that allows you to capture events as they occur and automatically link these items to the appropriate matter. Learn more about … Read More
Tech Tip #186: QuickBooks Lacks the Trust Reports Needed By Law Firms
Trust accounting is much more in-depth and more heavily scrutinized than your firm’s operating accounting. It requires that a three-way reconciliation is performed monthly. QuickBooks can break down activity and balance by matter, but it doesn’t allow firms to run reports breaking down book balance, bank balance, and the sum of individual card balances- which are all necessary for law … Read More
Streamlining Your Law Practice in 2018 with CosmoLex
As you are likely already aware, tax legislation has been a hot topic in the news recently, and the bill appears set to be signed, sealed, and delivered by year’s end. A tax overhaul like this one will surely take some time to sort out (even for accountants), and because of the new rules and regulations involved, it means added … Read More
Tech Tip #185: QuickBooks Lacks the Flexibility Needed For Law Firms
QuickBooks is extremely popular across medium and small sized businesses, unfortunately that popularity doesn’t translate into effectiveness if you’re managing a law firm. QuickBooks lacks the flexibility needed by firms to set different rates for different clients and services. For law firms this can cause a major headache when it comes time to bill clients for services performed. Learn more … Read More