When it comes to handling your law firm’s finances, your practice benefits from hiring experienced financial professionals. But while you’ve likely considered – or already hired – an accountant, you may wonder if you also need a bookkeeper. “Bookkeeper” and “accountant” are terms that are often used interchangeably. But while there is overlap in their skill-set, they are two separate … Read More
How should law firms approach clients about past due accounts?
When your clients have invoices that have gone unpaid, even after a couple of reminders, it’s important to set a consistent internal policy when it comes to how these past due accounts should be handled. Having consistent expectations makes this difficult job a little easier. When resolving past due bills, remember that there may be a number of reasons behind … Read More
When should our law firm’s client accounts be sent to a collections agency?
When clients repeatedly fail to address an outstanding invoice, you have to evaluate all your options for collecting the debt. First, you’ll want to be familiar with the laws and ethics rules in your jurisdiction. You want to have the client settle their account, not run afoul of the law yourself. The scope of some state laws on debt collection … Read More