Handle With Care: Managing Client Trust Accounts
Careless handling of trust accounts is the number one reason lawyers get audited and disbarred. Learn the best practices to stay compliant now.
Law Firm Financial Security:
Top 10 Tips
Running a law practice on a sound financial footing is not easy to maintain. Learn 10 proven tips you can use immediately to improve your financial habits.
Experience a True All-In-One Solution for Your Practice
Partial solutions don’t last. Once, we all had a cell phone just for talking. Blackberries were for email. Palm Pilots for calendar. iPods for music. Smartphones made them all obsolete, and we haven’t looked back… So why are you still using multiple solutions to run your law practice? CosmoLex combines the tools you need in a single solution. Timekeeping, trust accounting, calendar, secure communications, billing, and more. Register to see CosmoLex, a true all-in-one solution, in action.
Compliance Challenges of Legal-Specific Accounting
It takes a lot of effort to fit a square peg into a round hole, which is one reason why lawyers often struggle with legal accounting. Your general office accounting program (such as QuickBooksTM) simply doesn’t have the appropriate features to fit efficiently into your law firm. Stop trying to shave the corners off of your generic accounting program and find an accounting solution that fits your needs. Watch this webinar to learn a few tricks that will effectively end your legal accounting headaches.
Simplify Credit Card Processing at Your Practice
Join us as the teams at LawPay and CosmoLex come together and show off the benefits of CosmoPay. LawPay completes the card processing, CosmoLex handles the accounting. It’s all automatic — and 100% compliant. And the best part? CosmoLex covers the monthly $20 LawPay fee for qualified customers. This is a win/win for you and your clients!
Tackling Client Costs: QuickBooks v. CosmoLex
Attorneys know that each day is filled with dozens of small tasks and expenses that often don’t get tracked and eventually fall through the cracks unbilled. And when you track and bill, accounting for disbursements and its recovery is a whole new challenge. In this presentation, Law Firm Accounting Demystified co-author, Pamela Rozsa, will walk us through client cost accounting in QuickBooks, a popular program, and compare pros & cons with a legal-specific solution such as CosmoLex.
Preventing Billing Leakage With CosmoLex
Even the simplest client matter can be composed of dozens of activities from multiple timekeepers. Phone calls, emails, research, document prep, filings, and more… they all add up! With so much to keep track of, many lawyers accept “billing leakage” as inevitable. Not anymore! CosmoLex plugs billing leakage in ways you’ve never seen before. A true all-in-one solution, CosmoLex combines legal accounting, billing, and practice management in an intuitive, easy-to-use program.
The Battle for Trust Account Compliance
Concerns over trust accounting compliance weigh heavily on many small practice attorneys, and rightly so. Few lawyers truly have a full command of IOLTA rules. And many don’t have the time or tools to tackle the tedious particulars. Compliance can be a battle for the future survival of your practice — but successful lawyers know how to put preemptive shields in place to protect their firm. Learn the crucial aspects of trust accounting and the tools you need to have to remain compliant and secure. Don’t leave your trust account compliance to chance!
Navigating Your Accounts Payable: Bills & Beyond
Sometimes it seems like there’s a regulation governing every dollar you bring into the practice. And that goes double for money that needs to go the other way — just think about your vendor bills, 3rd party lien claims, and the rest. It’s not enough to have money in the bank to cover your checks. You need an adequate accounts payable solution to track where the money is going, when, and what matter it’s related to. And that’s just for starters! When you’re acting as the fiduciary for your clients, these are not your debts, but you are held responsible. If something goes wrong, it’s your firm that’s in trouble. What do you need to know to stay safe? View this webinar to find out.
Get A 360-Degree View of Your Practice with CosmoLex
There are many points of view in a law office. From accounting to scheduling, billing to communications, it’s easy to lose focus and lose sight of your targets. CosmoLex gives you a 360° view of your practice. By combining practice management, billing, and accounting in one program, you get a much needed, big picture dashboard of your practice…What’s working and what’s not. What needs attention. Where your time is well-spent. And where the best paths for growth opportunities lie. If you’ve never seen your practice like this — from all angles — you owe it to yourself to check out this free webinar.
Simple Legal Accounting in CosmoLex
Accounting is never a simple task — you know that, we know that. But CosmoLex is doing all we can to make accounting a simple task for attorneys across the country. We’re talking about “automatic accounting”. That’s right, by integrating comprehensive, legal-specific accounting within your practice management system, CosmoLex performs all major accounting tasks automatically as you make your routine time & billing entries. We don’t need to remind you about the giant headaches you get trying to keep up with the sheer amount of work needed to maintain compliant books. But to thousands of CosmoLex lawyers, those accounting migraines are a distant memory. You’re thinking “automatic accounting” is impossible. So we invite you to take a quick look at CosmoLex during this webinar. Seeing, as they say, is believing…
Find Your Practice Zen: Time and Stress Management For the Small-Firm Lawyer
Special Presenter: Heidi Alexander, Esq., Director of MassLOMAP As a small-firm attorney, you juggle everything – from administration to marketing to business development, not to mention actually practicing law. How can you manage your time and stress so you can get everything done, stop operating in “crisis mode,” and go home on time? If your firm is struggling with productivity or even part of your compensation is based on collections, this webinar is for you. You’ll learn how to build compensation models that are compliant & accurate — and how technology can streamline the entire process! Law firms already wait too long enough for collections to finalize. Don’t let a complicated compensation model delay your payments any longer!
Understanding Productivity & Compensation Models for Law Firms
Law firms commonly base employee compensation on collected revenue. This can get tricky when multiple attorneys are working on a single case. The act of computing collections — along with their equitable distribution — can be quite complicated. Especially when you need to figure out what parts of your firm are being productive and bringing in revenue. If your firm is struggling with productivity or even part of your compensation is based on collections, this webinar is for you. You’ll learn how to build compensation models that are compliant & accurate — and how technology can streamline the entire process! Law firms already wait too long enough for collections to finalize. Don’t let a complicated compensation model delay your payments any longer!
What Every Lawyer Using QuickBooks Should Know
It’s no surprise that many law firms use QuickBooks for their accounting. QuckBooks is a ubiquitous program, but one that was never intended to handle the complications of legal accounting. Eventually, you “hit the wall” with QuickBooks — adjustments, workarounds, and compromises that can turn clean books into a quagmire. Our next webinar will address the challenges working in QuickBooks and possible alternatives. Our host, Caren Schwartz, is one of the country’s foremost experts on legal accounting (and the author of QuickBooks for Lawyers). If you’re using QuickBooks, you’ll want to attend this session!
Law Firms Need A Daily Bank Reconcilaiton. Really.
A lot can happen in 30 days. And law firms that only perform a monthly bank reconciliation find this out the hard way. A check clearing early, or even a bounced check chargeback, can easily overdraw a trust account. A disaster if it goes unnoticed until the end of the month. These examples are just the tip of the iceberg. When it comes to accounting, we live in a real-time world. Tools for lawyers — things like “bank feeds” — are already in place. All you need to do is learn how to use them correctly. That’s why you’ll want to view this special webinar…
Moving to The Cloud, What You Need to Know
With the technology revolution in full-swing throughout the legal industry , you’ve probably heard a lot about moving to “The Cloud” (if you haven’t moved already!). Cloud-based legal systems give you 24/7 access to your critical data — that’s standard. Beyond that simple convenience, however, there are many other factors you must weigh when choosing a cloud-based solution. Because every law practice is different, there’s no one-size-fits-all solution. This webinar can give you the background you need to make an informed decision. Bonus Giveaway: Each webinar attendee will receive a free copy of the whitepaper Law Firm Security In The Cloud, a guide that will be useful for all practices using, or considering migrating to the cloud.
6 1/2 Legal Accounting Resolutions for the New Year
While casework has deadlines and usually gets closed on time, most practices have accounting books that are full of open issues– that never seem to go away. With a few New Year’s resolutions, accounting in your office can be different in 2017! Well, actually, there are six (and a half) resolutions. But it’s all very doable, as you can learn in our first webinar of 2017. Bonus Giveaway: To help you keep at least one of your New Year’s resolutions this year, all webinar registrants will receive the free whitepaper: How Should Law Firms Manage Client Retainers
Modernize Your Practice in 2017: Take a look at CosmoLex
The legal world is accelerating. No longer behind the curve, the legal industry is in a full-on technology revolution heading into 2017. What’s your plan to stay up-to-date? It’s now a necessity to automate and eliminate much of the day-to-day clerical work that used to be synonymous with running a law practice. And you can do this with CosmoLex. We’ll teach you how our unique solution eliminates problems such as Scattered Matter Records, Keeping Accounting Current, IOLTA Compliance, Collections, and Data Security. Get ahead of the curve in 2017 — run your operation on the most modern practice management system available. Then, you can focus on practicing great law and being a true 21st-century lawyer.
Start Your 2017 Accounting Off Right – Migrate Your Data Correctly
Are you constantly behind in your bookkeeping? Do you struggle to sync your billing with accounting, to balance your trust accounts? Then you probably have your eye on January 1st — because that is always the best time to switch to a new practice management system — one that is built for law firm accounting and keeps everything up-to-date automatically. You can’t really put a “freeze” on your practice, so migrating to a new package is like passing the baton in a relay race. It has to be done on the fly, at full speed. Of course, there’s a right way and wrong way to do it (and you can’t afford the wrong way!) We review the right way to transfer to a new practice management & accounting system in this free webinar that covers all the things you’ve simply got to get right — based on our experts’ experiences with hundreds of transitions at all types of law firms.
2016 Year-End Accounting Checklist & Tips
Picture this: You close your office at Christmas. Then, not a stitch of office work until the New Year because you’ve already wrapped up all of your year-end bookkeeping to-dos. You’ll learn how to make this vision a reality — by putting most of your accounting on “autopilot”! We’ll show you the steps that you need to take to close out your 2016 books. And how to make sure you’re starting next year off right with a practice management solution that does your accounting for you, including keeping “always current” trust accounts. If you follow our year-end accounting checklist (downloadable at the conclusion or below), you’ll take the holiday week off like everyone else. Really.
Automatic Time Tracking to Increase Billable Hours
As an attorney, you know that time tracking can be incredibly important as well as tedious and often inaccurate. Which is why Chrometa has built an app to track time on everything you do — automatically, passively, and accurately — in the background. But tracking your time accurately is only one part of the equation. You also need a system like CosmoLex to convert time into billing and measure your productivity. CosmoLex helps attorneys manage their practice, billing, AND accounting, all in one login (No QuickBooks required). Which is why Chrometa and CosmoLex are now partners. In this 30-minute webinar we will show you the integration flow and benefits along with a live demonstration. You won’t want to miss this!
The 7 Vital Attorney Trust Accounting Reports
Are your trust accounts “audit ready”? Your trust accounts need to be perfect. If you’re not sure of the answer to this question, this webinar is for you. This presentation will cover the seven vital reports you need to administer trust account and demonstrate compliance. We’ll also demonstrate one simple practice management tool to ensure that these reports are always current, 100% accurate, and available at a moment’s notice. Learning Objectives: Seven vital trust account bookkeeping reports — and why they are so important, how to generate and validate these trust accounting reports, practical methods for maintaining trust accounting records
Office 365 Productivity Gains for Small Law Firms
Lawyers everywhere are beginning to realize that Microsoft Office 365 makes a major productivity difference that can build a better bottom line the entire practice. While the big news about Office 365 is that it is firmly rooted in the Cloud, there’s a lot more to it. Join our “Office 365 Productivity Gains for Small Law Firms” webinar and learn 8 ways that Office 365 will make a real impact on your day-to-day workflows. You will also learn how you can further turbocharge Office 365 productivity by leveraging its ability to integrate with law practice management systems. Full utilization of Office 365 is one of the keys you need to keep your practice competitive as the pace of law accelerates. Join this webinar and see it in action…
How To Be A More Competitive Small Law Firm In 2017
You already know that small law firms will face an ever more competitive environment in 2017. So, what’s your plan? Here’s one idea that really works: Successful competitors focus single-mindedly on what they do best. They offload the rest. A lot has changed recently. New solutions exist to automate and eliminate back office distractions so you can focus. Attend this week’s webinar and we’ll teach you how to apply our unique solution to challenges such as: Scattered Matter Records, Keeping Current with Accounting, IOLTA Compliance, Upgrading Your Collections Process, Weak Data Security. Get a jump on the competition in 2017 — offload your practice management to a new, all-in-one solution. Then, you can focus on practicing great law — which is always your best competitive advantage.
Legal Accounting Webinar Series: IOLTA Trust Accounting
Lawyers know that traversing legal accounting can be like heading into the wild, wild west. It has its own set of rules and high-stakes penalties. That’s why legal-specific accounting requires a special set of knowledge. Please join us for a special, three-part webinar series on how to get on top of your accounting challenges for 2017. It’s specifically designed for small firms and solo attorneys and will focus on how to create systematic procedures that will automatically protect your firm. Session I: IOLTA Trust Accounting Trust Accounting. As the number one cause of disbarments, nothing could be more critical to your ongoing survival. Please register today, space is limited for this special webinar series.
Legal Accounting Webinar Series: Credit Card Accounting
Session 2: Credit Card Accounting Presented in partnership with LawPay Accepting credit cards is a great way to accelerate client payments and improve your cash flow. However, invoice and retainer payments by credit cards present real challenges for law office accounting. We’ll show you how to handle credit card payments the right way…
Legal Accounting Webinar Series: Business Accounting
Session 3: Business Accounting Co-host Caren Schwartz, 35*45 Consulting Business Accounting covers your back-office bookkeeping and focuses on nuances of law firm accounting. If you are wrestling with QuickBooks (or a similar program), this session is extremely important for you to attend.
Playing By The Rules: Choosing Billing, Time & Practice Management Software
Special presentation by industry expert Dana Riel With so many “rules” out there for lawyers, it’s easy to trip over one now and then. A good way to find your footing is to start with the American Bar Association (ABA) Model Rules of Professional Conduct — in areas like conflict of interest, attorney/client confidentiality, acceptable billing, trust accounting, and more. One big function of practice management software is to keep lawyers out of trouble. One way they help, among many others, is to have automatic safeguards in place that prevent you from making all kinds of unintended mistakes. At a special webinar this week, our guest host Dana Riel will go over the ABA Model Rules that you should be aware of and how your practice management system should be keeping them in check at your legal practice (or will be after the webinar!). View this webinar, and learn how you can always play by all the rules (even if you occasionally forget one).
Avoiding Common Legal Billing Pitfalls
How is it possible, that for so many small law firms, the basic task of billing clients feels like a trying to wade through a patch of quicksand? Part of the problem has to do with the intricacies and compliance requirements that go into legal billing. But that doesn’t begin to cover the challenges. You need a billing setup that controls leakage, creates good cash flow, and maintains good client relationships. To avoid getting bogged down, you need the right approach and the right tools — shoe boxes of sticky notes will only make you sink deeper. Make sure your billing practices are up to the needs of a successful law practice. Join us for an interactive session on Avoiding Common Billing Pitfalls.
Cyber Security Practices for Small Law Firms
Protection of client data, whether it’s kept in local systems or cloud systems, is a continuous challenge. Hackers are in the news constantly, and they are not just going after big organizations. At least 30% of all victims are small firms — no target is too small. There are things you can do — steps you need to take — but you can’t do them on your own. Achieving solid data security involves more than just keeping your antivirus program up-to-date. It involves using best practices and deploying modern methods like encryption, validated backups, two-factor authentication, client communication portals, and more. In this webinar, we’ll show you various methods law firms can deploy today to greatly mitigate the cyber data risks.
Essential Rules for Attorney Trust Accounting
Here’s one statistic that never changes. Every year, more law firms get into serious trouble from innocent trust accounting mistakes — than for any other reason. Because to an auditor, there is no such thing as an “innocent” mistake. The only defense for law firms is to be always current, compliant & audit-ready. And you can find out just what that entails at this week’s special, free webinar. At our “Essential Rules” webinar you’ll learn concrete tips that you can implement immediately: The most common trust accounting mistakes — and how to avoid them, How to perform the essential trust functions — bank reconciliations and 3-way reconciliations. Five reports you need to stay in compliance with trust bookkeeping regulations. Don’t become one more statistic. Learn the Essential Rules for Attorney Trust Accounting at our webinar.
Top Productivity Challenges for Small Firms
Fee-based client work is putting a lot of pressure on small law practices. It’s forcing every everyone to ‘get it done faster’ by finding better ways of working. It turns out that a few small changes in how you approach your projects can reward you many times over. We call these leverage points productivity multipliers. And as powerful as they are — most firms are not even aware they exist. You can learn about these productivity multipliers at a special 30-minute webinar. This is one webinar that is well worth your time. Because once you apply productivity multiplier in your practice, you’ll never worry about taking on fee-based projects again.
Untangling Law Firm Compensation Models
Most law firms compensate their partners, of-counsels, and staff based on the distribution of collections. Even Solos need to pay attention to collections, which are not same as invoice payments. To compute their collections, law firms typically rely on accounting software, such as QuickBooks™. However, like everything else that goes into the practice of law, the final act of computing collections and their accurate distribution is not a simple thing. And that can lead to a lot of frustration that is not good for anyone. If part of your compensation is based on collections, this webinar is for you. Learn from two industry experts: Caren Schwartz, an expert on law firm compensation (and author of QuickBooks for Law Firms: Smart Techniques That Will Save Time and Money), along with our own Erica Birstler. They will show you how to meet compensation model challenges with solutions that are compliant, accurate, and get executed promptly!
How Small Law Firms Maintain a Competitive Edge
For many years, small law firms and solo attorneys have been kept out of the legal tech revolution — caught in the middle between large systems that are too expensive and trying to patch together several pieces of programs that don’t really make things any easier. CosmoLex is different. And small law firms are noticing in a big way. Every month, small firms across the country are switching to CosmoLex. They’re coming from manual systems, from legacy desktop systems, and web-based practice management systems. Why? Because CosmoLex is the first true, total solution — built-from-the-ground-up to answer the real challenges faced by small law firms, including: Scattered Matter Records Keeping Current with Accounting IOLTA Compliance Making Progress on Receivables Weak Data Security By eliminating roadblocks like these, CosmoLex can make your small law practice more competitive than ever. Please view this special webinar to see for yourself…
Top 10 QuickBooks Challenges for Lawyers
Special presentation by Caren Schwartz, author of ‘QuickBooks for Lawyers’ QuickBooks, the most popular accounting program, is used by many small law firms and solo attorneys. However, legal accounting is not simple and this is a case where the “most popular” pick may not be the best fit in all situations. QuickBooks was not built for — and never intended to be — a thorough solution for legal-specific accounting. And, as you know, your law firm must adhere to a host of specialized accounting requirements (with stiff penalties) that are unique to the legal profession. Some of these requirements create challenges in QuickBooks — challenges you should know about. If you are using QuickBooks, you’ll want to watch this free Webinar.
Challenges of Credit Card Acceptance At Law Firms
Presented in Partnership with LawPay. As part of a push to speed up bill paying and trust retainer replenishment, many law firms are tempted to accept, and even promote, payment by credit cards. What could go wrong with faster cash flow? A lot. Credit card payments and trust retainers present real challenges for law office accounting. These include how the revenue is recognized, what account it lands in, when it is “earned”, and more. A simple merchant account will not comply with the special rules law firms must live by. In light of the accounting complications, many law firms still do not accept credit cards. But that’s a self-defeating (& non-competitive!) option. You are much better served by learning how to setup your merchant accounts correctly. In this webinar, we covered: How accepting credit card payments at your firm differs from accepting cash or checks. Challenges that can be caused by your merchant services provider. How you can avoid issues caused by an improper internal setup.
Trust & Business Accounting Survival Guide
When it comes to your legal work, there’s no question. It’s good. Very good. Your clients are happy. However, if you’re like most attorneys, when it comes to bookkeeping and accounting…well, you may have some questions. Lots of questions. And this is one area where you can’t afford to have any doubts. Because fiduciary malfeasance is the number one reason law firms dissolve and careers end prematurely. Call it “ledger liability”. To remind you of the fact that handling of client funds, income and expense accounts — even credit card payments — are all very real liabilities that you need to prepare for. You need a survival guide. And that’s what you’ll get at this special Webinar — Trust & Business Accounting Survival Guide.
Legal Accounting Shoot-Out: QuickBooks v. CosmoLex
Lawyers know that traversing legal accounting can be like heading into the Wild, Wild West. It has its own set of rules and high-stakes penalties. That’s why legal-specific accounting requires a special set of tools. These two went head-to-head during our Legal Billing Shoot-Out, now it’s time to see how they handle the rough terrain of legal-specific accounting. View Round 2 between these two top contenders — they couldn’t be more different: QuickBooks — the all-around “shotgun” package, often customized for legal work CosmoLex — a new “sharpshooter”, built from the ground-up for law firm accounting only, it didn’t take long. A 30-minute webinar. Eight tough questions. Each side took their best shot. Caren Schwartz (Author of QuickBooks for Law Firms) and Erica Birstler (CosmoLex Client Services) represented the two solutions. When the dust settles, it will be up to you to decide which one is best for your law practice.
Replacing Your Matter Circus with Matter Circles
Keeping an eye on all the details of every client matter is like watching a 3-ring circus. Lots of acts, each screaming for your attention. It’s a recipe for chaos, Until you put your practice on Matter Circles. CosmoLex makes it easy to spotlight any aspect of any matter instantly — with “Matter Circles”. This unique approach keeps all components of each matter together in one place: documents, workflow, billing, costs, payments, trust transactions, meetings — and even copies of your emails. This makes all the difference when you need to produce a rock-solid paper trail or get back quickly to a client with an urgent question. Free yourself from the matter circus and step into true 21st-century lawyering with Matter Circles! Watch this CosmoLex exclusive webinar to learn how.
Legal Billing Shoot-Out: QuickBooks v. CosmoLex
Slow cash flow can ambush any law practice. Matters get stuck in quicksand, while expenses never cease. And even the best clients often dodge their legal bills. That’s why your invoices need to be fired out as quickly as possible, and always on target. Join us for the first-ever shoot-out between two top contenders, and they couldn’t be more different: QuickBooks — the all-around “shotgun” package, often customized for legal work CosmoLex — a new “sharpshooter”, built from the ground-up for law firms only It didn’t take long. A 45-minute webinar. 8 tough questions. Each side took their best shot. Caren Schwartz (Author of QuickBooks for Law Firms) and Erica Birstler (CosmoLex Client Services) represented each of the two solutions. You’ll learn a lot about the specific issues of legal billing — what works and what doesn’t — solid information that you can apply to whatever solution you are currently using.
Law Firm Survival Skills: Business Accounting Basics
As a lawyer, you know this – sometimes a “simple thing” is not so simple. That’s indeed the case with law firm bookkeeping, where just the act of keeping your general ledger and journal entries accurate is no easy matter. That’s because law firms often use a general accounting program or a general practice CPA — and the complications and nuances of legal business bookkeeping go far beyond what general accounting solutions or general practice accountants can handle. On the plus side, proper attention to your legal business accounting can help you leverage your cash flow, uncover new revenue streams, and focus your energy on areas of your practice that are the most profitable. On the downside, keeping incorrect books leads to compliance or ethics violations that can sink even the best law practice. The stakes are high, so high that every lawyer needs to understand how to maintain precise, compliant accounting books. Please do justice to your firm, and take a few minutes to attend this special Webinar – Law Firm Survival Skills: Business Accounting Basics
QuickBooks Essentials for Lawyers
Many law firms use QuickBooks™ for billing and accounting. However, legal work is governed by unique billing requirements & accounting regulations — since QuickBooks is not built as a legal specific solution, this creates challenges that must be addressed. Every QuickBooks-user law firm should be aware of the the kinds of billing & accounting issues lawyers encounter in QuickBooks, and potential workarounds. Law firms cannot afford to keep “loose books” — the penalties are too severe. Learn what is required for law firms using QuickBooks from leading industry expert Caren Schwartz, author of QuickBooks for Law Firms. In this free 45-minute webinar, Caren shows you exactly what can (and can’t) be done within QuickBooks for law firm billing & accounting and alternative options.
Year-End Law Office Accounting Checklist & Tips for 2016
As the year end approaches, wouldn’t it be nice if you didn’t have a million bookkeeping & accounting issues to resolve as well? In this special webinar, you can learn how to simplify your legal accounting chores — putting many on “autopilot” — so that you can start the new year free of worries over the ledger and balance sheet. In this presentation, we’ll show you how to: Avoid common legal-specific accounting challenges Leverage daily practice management entries to feed accounting Maintain “always current” trust accounts, avoiding catch-up errors at reconciliations Manage your year-end bookkeeping/accounting checklist
Top 8 Pitfalls of Law Firm Management
If your airport limo driver showed up with a motorcycle, you’d call another car service. And yet, lawyers often try to “make do” with generic tools for work-flow and accounting -ignoring the specialized requirements for legal work. The result — too many law firms are plagued with poor cash flow, mishandled client funds, spotty paper trails, and more. Using the wrong tool is always a recipe for disaster. We’ll show you the top 8 traps law firms fall into when they rely on generic tools to manage their back office – and what you can do to avoid them.
Phishing: A Big Challenge for Law Firms
It’s a big challenge for any company, but an especially big challenge for law firms as the quantity and value of the data they possess makes them an attractive target. It’s estimated that 90 percent of recent attacks on law firms have included some level of phishing. Phishing works one of two ways, by getting an email recipient to visit a poisoned website, or to open a poisoned attachment.
The 7 Critical Reports of Trust Accounting
Trust accounting is one of those aspects of running a practice that comes with a zero tolerance for error. The penalties — for both the attorney and the firm — can be severe. However, it’s so tedious and time consuming to keep up with all the required documentation that many firms procrastinate or just do a partial job each month. Now, with random audits on the rise, it’s all the more important to stay current, complete, and compliant. So, the question is: are all of your trust accounts always “audit ready”?
How To Survive The Legal Audit Minefield
Do you worry about how well your firm would stand up to a legal audit? It’s a valid concern. That’s because so much of the practice of law involves strict compliance with numerous regulations. And these complicated legal regulations are often intertwined with peculiar accounting requirements — that are at times unknown to a general practice CPA.
Seven Cornerstones of Cash Flow Management
Cash flow at law practices can be notoriously slow. You already know that. However, you may not know that you can improve your cash flow – significantly – without running to your accountant or hiring a collection agency.
Escrow Account Controls in New CFPB Regulatory Environment
By now, we all understands how CFPB is transforming the real estate settlement industry. A significant compliance hurdle for settlement service provider is ensuring they have adequate escrow account controls.