Redefining Modern Practice Management: Legal Accounting

Redefining-Modern-Practice-Management-Legal-Accounting

Making sure your accounting books are up-to-date and compliant can bring up a laundry list of concerns for lawyers including reconciliations, error-free ledgers, and overall compliance. Using dated technology can make the task even harder than it needs to be, with lots of customizations needed to make your software work for the specific needs of legal accounting.  Taking the approach … Read More

10 Metrics Law Firms Should Track 

Like every other business, law firms should be making data-driven decisions in order to succeed. Data can provide insights to answer key questions such as to what initiatives have the most likelihood of increasing profits or where expenses can be reduced. By analyzing and reviewing key metrics, you can make informed decisions for the firm’s future.  Work in Progress & … Read More

Feature Spotlight: Custom Soft Cost Import

Feature-Spotlight-Custom-Soft-Cost-Import

Soft Costs refer to overhead or indirect costs which are billed to the client for reimbursement. Common examples are photocopies, printing, a postage meter, or other disbursements. Not only are these costs incurred through an outside device, but often firms use specific software to keep track of these costs as well (ex: Copitrak, Papercut). The question that’s presented here is … Read More

Ask an Expert: Basics of Billing and Accounting Compliance

Basics-of-Billing-and-Accounting-Compliance

The words “billing” and “audit” are often the last ones an attorney wants to hear. We spoke with Amy Reynolds of Law Office Systems on ways to take advantage of legal technology to take the pain out of running your firm, while meeting the various rules and regulations surrounding billing, accounting and the security of personal data. Maintaining compliance and … Read More

Tech Tip #264: Separate Your Firm’s Direct & Indirect Costs to Avoid Tax Liability

Avoid-Tax-Liability-Direct-vs-Indirect-Costs

When handling a law firm’s accounting, you’ll need to accurately differentiate between direct and indirect costs. If you don’t, you could incorrectly increase or reduce the net income of the firm in a given tax year. This could create increased tax liability, lead to a legal accounting audit and further result in more compliance issues. A “Direct Cost” (aka Hard … Read More

Question of the Week: How Can I Prevent Embezzlement at My Law Firm?

How-Can-I-Prevent-Embezzlement-at-My-Law-Firm

Running an effective law practice means you can’t always be involved in every single detail of the firm’s operations. If you did, there would be no time left to do actual billable work. So how do you prevent embezzlement without handling the accounting yourself? Employee theft costs U.S. businesses $50 billion every year and due to the nature of their … Read More

Tech Tip #250: Use The Right Reports to Ensure Accounting Compliance

Use-The-Right-Reports-to-Ensure-Accounting-Compliance

Legal accounting, and trust accounting, in particular, has very specific rules and requirements. To make sure your firm is properly managing its books, you should regularly produce specific reports that will show whether or not your entries are accurate and in compliance. Don’t wait until there are issues and risk sanctions due to improper accounting. To simplify the process consider using … Read More

Better Business Practices for Lawyers

Better-Business-Practices-for-Lawyers

This month, CosmoLex is focusing on overall “Better Business Practices” for lawyers and small law firms.  When you’re in charge of a law practice, it can be easy to focus on the clients and your cases, while forgetting that you also have a business to run. There can seem like a lot to manage, so we’re to help with ways … Read More