What financial red flags should law firms look out for?

CosmoLex Team

We all want financial security – and to keep our firm’s financial house in order. After all, a law firm’s money troubles frequently lead to team stress, which can mean a lower quality service for clients. And stress can cause employees and partners to make poor decisions that worsen the situation or lead to professional repercussions. It can also mean … Read More

Can our law firm write off bad debts?

CosmoLex Team

Bad debt is when a customer won’t pay their bill and you can’t collect it. It’s frustrating but you don’t have to take a total loss on bad debt. You may be able to take a deduction for them. However, there are caveats to this. To write off bad debt, it must meet several requirements. First and foremost, the debt … Read More

Does my law firm need a bookkeeper if we have an accountant?

CosmoLex Team

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