If you’re running a legal practice, managing your cash flow effectively is a necessity for survival and growth. One of the more frustrating aspects of cash flow is dealing with late invoices. For law firms, managing partners, and firm administrators, chasing down clients to pay late invoices can be all too familiar. It’s time-consuming and diverts your attention from billable … Read More
Is Surcharging Right For Your Law Firm?
Should your law firm pass the baton of credit card processing fees to your clients, or bear the burden itself? This question gets at the heart of surcharging decisions faced by law firms that are considering whether to offer digital payments. While allowing clients to pay by credit card can help improve payment rates, the accompanying service charges can take … Read More
The Best New Year’s Resolutions for Law Firms for 2024
As you flip your calendar to December and anticipate 2024, you may be thinking, “New year, new me.” But let’s be honest—it’s still the same you, and that’s a great thing! It’s time to embrace a variation on this phrase instead: “New year, new practice.” After all, what truly matters is the opportunity to refine the processes and habits that … Read More
Top 5 Year-End Accounting To-Dos for Legal Teams
As the year winds down, everyone is looking forward to holiday festivities and a well-deserved break from the whirlwind of cases, clients, and courtrooms. But there’s a looming task you have to take care of before that end-of-year break: year-end accounting. Wrapping up the year is an excellent opportunity to analyze the year’s progress, ensure compliance, and set the stage … Read More
Maximize Your Law Firm’s Cash Flow Before Dec. 31
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
Make Year-End Closing a Breeze with These Q4 Accounting Tips
Depending on your firm’s accounting practices, the end of the year can either be a struggle or a breeze. If you don’t plan ahead, you can count on it being the former. The key to a hassle-free year-end close for law firms lies in careful planning and proactive accounting practices. By laying the groundwork well in advance, your firm can … 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