Stories about cryptocurrency and non-fungible tokens (NFTs) are popping up left and right in the news. From the purchase of a piece of digital art through Christie’s Auction House for $69.3 million to the push to pay taxes with crypto, digital currency is everywhere—and creating new opportunities for law firms. Understanding NFTs and cryptocurrency Before we jump in, it can … Read More
Setting Up Your Law Firm’s Budget: The Business Approach
No matter what size your law firm is, a budget is essential to keeping your business running. It’s the key to prioritizing the most important aspects of your firm. Yet even the most experienced lawyer can feel overwhelmed when building their budget. Where do you start? What should you include? How much percentage should be allocated? There’s a lot of … Read More
Back to Basics: (Part 2) Improving Your Law Firm’s Financials
This post is part two of a two-part series that focuses on getting Back to Basics in your law practice. Please read part 1 here, Fine-tuning Your Legal Practice Management. Like most businesses, the factors that contribute to a law firm’s financials run the gamut from the relatively straightforward—are you getting reimbursed for hard costs?—to the complex—what’s your five-year plan? … Read More
How (and Why) to Avoid Write-Offs in Your Law Office
How much of your work are you writing off? The average law office writes off about 14% of their bills annually, with discounts increasing each year. If your office gives an average amount of write-offs, and you calculate your bills for a 30% profit margin, then those write-offs eliminate almost half your profits. Ouch! Why write-offs happen To reign in … Read More
Taking the Mid-Year Financial Pulse of Your Law Office
Knowing where your law firm stands financially is always a wise practice, but checking your firm’s financial pulse halfway through the year can be particularly helpful. If you need to make adjustments, they’re easier to implement now than at the year’s end. Barring any significant tangles, we recommend going through these tasks yourself—even if you’d prefer to hand some of … Read More
4 Law Firm Strategies to Continue Increasing Profit in 2021
As we move into the second quarter of 2021, take a moment to consider where your firm is at. What goals have been set, and how are you working to meet them? Which additional strategies might help bring you closer to those objectives? If you’re not employing them already, these four strategies can help your firm increase profit—and set you … Read More
5 Key Benefits of Streamlining Your Legal Billing & Accounting
Every lawyer wants to put as much work time as possible toward billable hours, yet determining how best to do that presents a challenge. Which non-billable tasks can be streamlined or eliminated? Popular accounting tools like QuickBooks®️ can seem like they’re saving time, but because such software is generic—and not legal-specific—it can create challenges and tangles in a firm’s workflow. … Read More
Your Law Firm’s 2020 Year-End Accounting Checklist
Ready to say goodbye to 2020? If so, you’re in good company. This year has been a challenging one, and many of us are more than ready to throw out the old and ring in the new. But that doesn’t mean that law firms should neglect key end-of-year tasks. While pandemic fatigue might make it tempting to skip out on … Read More
Budgeting in an Uncertain Year
Markets don’t like uncertainty. Most cliches are rooted in truth, and this one is no different. And although there isn’t always a correspondence between individual experience, profit margins, and market performance, uncertainty is one driver that cuts across every industry, including legal: nobody likes it. It isn’t hard to see why uncertainty is so unpopular. Having clear projections provides a … Read More