Running a law firm is a complex undertaking that requires a lot more than filing briefs or showing up in court. From managing cases to meeting with clients and keeping up with all your firm’s administrative processes, tasks and processes can slip through the cracks. While it may not seem like the most pressing thing on your plate, don’t underestimate … Read More
For Busy Law Firms, “Do It For You” Services Are a Smart Play
In the legal profession, expertise is paramount. You’ve honed your analytical skills, mastered the art of negotiation, and built a practice that stands as a testament to your capabilities. And yet, in an increasingly digital world, even the most prepared lawyers can find themselves grappling with additional challenges outside their area of expertise—namely, marketing and web development. An attractive, useful, … Read More
How to Determine Your Effective Payment Processing Rate
When it comes to choosing a credit card processor, it pays to read the fine print. Still, reading your statement isn’t always the most reliable option to know what your credit card processor is really charging. Many processors advertise a certain rate when you sign up, and then charge more than you expect in the form of hidden fees. Fortunately, … 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
5 Proven Ways to Maintain Accounting Compliance in Your Law Office
In the high-stakes world of legal practice, accounting compliance is the backbone of your firm’s credibility and financial stability. While the intricacies of law captivate your intellectual curiosity, the numbers in your accounting books hold the key to your firm’s reputation and, ultimately, its success. Navigating IRS regulations, ABA and state bar guidelines, and state data privacy laws can feel … Read More
Why Not All Payment Processors Are Created Equal
In our increasingly tech-driven world, law firms have more options than ever for how to accept and process payments. And there are important differences between the various processors out there. While many law firms use industry-agnostic payment processing options like Stripe, Square, or PayPal, there are drawbacks to using software that’s not tailored to the unique needs of the legal … Read More
A Primer on Deciding When to Change Your Law Firm’s Accounting Software
Is your law firm’s accounting software causing headaches, frustration, and general annoyance among its users? If so, it may mean it’s time for a change. As your law firm evolves, so do its needs, especially when it comes to accounting and practice management support. But how do you know when it’s the right time to upgrade your law firm accounting … Read More
The Do’s and Don’ts of Trust Account Management
In the world of legal services, trust accounting is a complex and frequently misunderstood practice that can be tricky to navigate successfully. Fail to adhere to the rules and requirements, and you could damage client relationships, incur fines and penalties, or even face disbarment. On the other hand, cumbersome processes can also create inefficient, productivity-draining workflows. The struggle can be … Read More
Five Reasons Why a Financial Forecast is Critical to Your Law Firm’s Success
In the dynamic world of legal practice, most principals, owners, and managing partners know that financial forecasting is an indispensable tool for law firms aiming to achieve stability and long-term success. By leveraging historical data and market trends, financial forecasts empower law firms to make informed decisions, set realistic goals, and ensure efficient financial management. Let’s explore the benefits of … 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