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
When is it time for my law firm to hire another lawyer?
Your firm is growing and that’s a good thing, but hiring new lawyers to help with workload can be an expensive and time-consuming task. When is it the right time to add a new lawyer to your staff? When you turn down new work Being in demand is exciting and gratifying. But when you’re in so much demand that you … Read More
What tasks can an attorney delegate to someone else in the law firm?
Delegation can be a challenge when you care deeply about your work. Turning over responsibility for a part of your job requires thinking strategically about the best projects to redirect and trust in your colleagues to deliver quality work. Not all tasks are suitable for delegation, though. Here are some of the best contenders. Projects that are smaller in scope … Read More
How much should our law firm bill for paralegal work?
As part of a court ruling in Missouri v. Jenkins, the Supreme Court held that legal fees can include paralegal charges at a rate that relates to the market rather than what they’re actually being paid by the attorney[1]. To figure out what rate your law firm should be charging, it’s important to consider what the going market rate for … Read More
How can our law firm limit the potential for COVID-19 related lawsuits and claims?
As states begin to ease restrictions and law firms are returning to offices, many are concerned about the safety and welfare of the staff. At the same time, firms also want to be aware of the potential lawsuits that could stem from a COVID-19 diagnosis of one of their employees. In order to limit liability for COVID-19 related lawsuits and … Read More
What will law firm operations look like post COVID?
Speculating on what the “new normal” will look like has become a national pastime over the last several months. While this year has taught us all to be cautious with expectations, there are some takeaways from the pandemic that we’re more certain of than others. Remote working works If the American workforce has been resistant to remote work, then the … Read More
How can law firms remotely manage caseloads and deadlines?
Your team can’t always be in the same place working together, but cases still need to be managed properly in order to keep them moving forward and create satisfied clients. If your staff is working remotely, it’s important to have a plan in place to manage caseloads and upcoming deadlines. Set clear expectations & targets The massive shift to remote … Read More
What budget items can my firm reduce?
While open to change, budgets are an excellent way to anticipate costs and reduce the risk of overspending. However, there may come a time when it’s necessary to cut down on the budget, whether due to reduced income or to meet the goal of becoming more profitable. Wages and benefits You need employees and they need benefits. However, this is … Read More