If you are managing a law firm there’s a good chance you have implemented practice management software by now. If you haven’t implemented practice management software yet, there is an even better chance that you have considered it.
For those law firms that have implemented practice management software or are looking to do so, the reasons are fairly obvious. Of course, you have the benefits of software in the cloud; with easy implementation, minimal IT investment, anytime-anywhere access, and the price is certainly manageable via the subscription model. It doesn’t stop at the cloud either. Law practice management software also brings state of the art billing, calendaring, to do lists, and many other features.
With all that being said, are you ready for practice management software’s major downfall? The number one frustration that most firm’s express after implementing practice management software is the lost money trail. It sounds awful doesn’t it?
The truth is almost all instances of modern practice management software do not include the legal accounting capabilities that all law firms need. For a law firm, receiving funds from a client isn’t the same as it is for other businesses. All funds must be allocated to the appropriate client trust funds and matters. Any slip ups here can result in lack of compliance to legal accounting regulations resulting in disbarment. So it is quite understandable why the lack of these attorney trust accounting features can cause such frustration.
As a way to get around this many law firms will try to implement general office accounting software. This will only add to the frustration. Legal accounting is far different from that of non legal specific accounting and the system will need to be customized, costing your firm time and money.
Some firms will attempt to implement features to export, import, and sync legal accounting data between multiple systems. Entering data multiple times across multiple systems will only open your firm up to legal accounting data infidelities that could result in your firm falling on the wrong side of compliance. Monkeying around with accounting software that wasn’t made for legal accounting is like driving a car with a truck tire and bicycle tire- it simply won’t work and could very well result in disaster!
Rid Your Firm of Frustration- Implement an Integrated Practice Management System
Firms that are successful in implementing a legal practice management system without frustration- choose an integrated system. The frustration of the lost money trail can be completely avoided if your firm implements a practice management system that comes with legal accounting capabilities built in.
Your firm of lawyers shouldn’t be concerned with accounting. They need to do their job and practice law.