Planning for the upcoming year often starts in the final quarter of the year. Annual plans vary widely depending on the structure and scope of the firm, but there are some topics that appear in most effective strategic plans for law firms. Finances & Operations Every firm should evaluate their finances. This may include reviewing their current budget situation and … Read More
What type of bank accounts should our law firm have?
Whether a firm is a new solo practice or an established AmLaw 100 firm, a law firm needs to have at least three bank accounts. These bank accounts should include: A business operating account. This account(s) are designated for practice income and expenses. If you’re audited, you would provide records for this bank account. A business savings account. Set aside … Read More
How can our law firm avoid a billing dispute?
Billing disputes are stressful for everyone. They’re time-consuming, stressful, and can hurt your reputation. However, there are a number of ways you can avoid disputes over billing and collection. By implementing these best practices, you may be able to head off conflict before it begins. Focus on transparency Be clear and honest with your clients about costs, timelines, and possible … Read More
Can my law firm charge our clients for credit card processing fees?
The ability to take credit card payments is a major need for law firms. 80% of consumers prefer using cards over other forms of payment and more than half of all credit cardholders use their cards for daily expenses. That’s a lot of credit card users. Credit cards are convenient but they do come with downsides for the payee. The … Read More
How should our law firm choose a bank?
Business bank accounts are a necessity for law firms. Choosing where to open these accounts requires some research, along with asking specific questions, to make sure you’re selecting the bank that’s the right fit for your firm, needs and compliance. Fees and limits Most bank accounts have fees associated with them. However, depending on the amount of money you’ll be … Read More
How can our law firm start accepting credit cards?
Accepting credit cards helps cash flow, provides a convenient way for clients to pay, and gets rid of the time spent processing checks and applying payments. To start accepting credit cards, your firm should take the following steps. First, you need to decide on a credit card merchant. Be sure to keep in mind that accepting credit cards for law … Read More
How much will our law firm be taxed?
The amount that a firm is taxed varies by firm, but it’s likely a big expense for your firm. A wide number of factors play into what the total dollar amount is, but one factor you should pay particular attention to is your tax rate[1]. The Tax Cuts and Jobs Act of 2017 made substantial changes in tax rates for … Read More