As you probably already know, the survival of any law firm depends on a healthy and uninterrupted cash flow. After all, if you can’t reliably cover your overhead, including salaries and vendor contracts, you can’t keep the lights on (or whatever the equivalent is if your firm offers remote or hybrid working). You also can’t reinvest in your business. Your … Read More
Four Signs Your Data Isn’t Ready to Migrate (And How to Get it Ready)
Isn’t it nice to make a fresh start? The opportunity is fast approaching as we move into the fourth quarter of 2023 and contemplate how to wrap up the year and make some changes for the next one. What’s on the list for some law firms? Adopting a new accounting software to kickstart 2024. The new year is an optimal … Read More
9 Tips for Planning Your Law Firm’s Year-End Accounting
The busy day-to-day work of a law firm can make tasks without a specific due date, such as year-end accounting, feel like something that can wait until the last minute. While putting off closing the books might seem like a reasonable time management strategy for a lawyer with a lot of pressing client work to complete, it can ultimately lead … Read More
Convenience and Security for All: Keeping Law Firm Client Payment Methods on File
Running a successful law firm is a delicate balancing act. Like an acrobat holding multiple spinning plates aloft, you must balance your legal work with various business tasks, including managing client payments, legal accounting, and trust funds. Adopting best practices for these tasks allows you to maintain regulatory compliance and enhance client satisfaction. It can also improve your firm’s overall … Read More
Accounting for Lawyers: Six Basic Concepts You Should Know
In the fast-paced world of law, managing the financial intricacies of a practice can often feel like being cross-examined by a particularly aggressive opposing counsel. In other words, stressful. But just like you can’t disregard questions from the opposition, you can’t ignore accounting either. Your law firm’s accounting isn’t an optional activity: it’s vital to your firm’s success, profitability, and … Read More
Six Accounting Practices of Highly Successful Attorneys
You probably didn’t take any accounting classes in law school, but if you’re running a solo or small law firm, you’ll get plenty of practice crunching numbers and dealing with the ins and outs of accounting processes. Effective accounting is an essential operational task in a law firm. With reliable processes in place, you can increase your profitability and client … Read More
Four Signs Your Law Firm Needs Legal-Specific Accounting Software
When it comes to software solutions that law firms can use to meet their accounting needs, there are a seemingly endless number of options. The issue, though, is that not all of these solutions are designed to meet the unique needs of those in the legal field. While you can use a hodgepodge of industry-agnostic accounting tools to get the … Read More
Transform Your Legal Practice with Cloud Accounting (Without Sacrificing Compliance)
In many ways, the legal field is no different from any other industry. Lawyers need to track their income, manage expenses, and plan for the future using accounting reports. However, this is only part of the story. When it comes to law firm accounting, lawyers have much greater responsibilities than other professionals, as they are required to maintain compliance with … Read More
Back to Basics: Accounting Compliance for Lawyers
How many times have you tossed a receipt into your filing system and forgotten to record the expense? Are you guilty of losing track of the time you spend working on a case? What’s the status of those un-cleared funds in your client’s trust account? Law firm accounting isn’t exactly straightforward. Nor is it something you went to school for. … Read More