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
Why Law Firms with Payment Options on Their Websites Have Higher Liquidity
We don’t want to ruffle any feathers, but we have to say it: there’s more to operating a successful law firm than practicing law. Sure, it’s a pretty big prerequisite, but at the end of the day, a law firm is also a business. And as businesses, law firms do need to consider things like online reviews, payment processing, utility … Read More
How to Ensure Your Accounting Data is Kept Safe from Cyber Threats
Last year, cyber attacks cost companies over $6 billion. By 2025, that number is expected to climb to $10.5 billion. Considering that someone falls prey to a new cyber attack every 39 seconds, it’s essential for firms to implement robust security measures to protect sensitive financial data and client information. A data breach can result in a tarnished reputation, loss … Read More
How Secure File-Sharing and eSignatures Can Streamline the Legal Process
It’s no secret that legal professionals are some of the busiest people around. Even the non-billable operational tasks of running a law firm—from managing client intake to billing and invoicing—can leave attorneys to feel stretched thin. If you’ve been on the hunt for ways to increase your efficiency and streamline tasks at your law firm, you’re not alone. There are … Read More
Back to Basics: Legal Accounting vs. General Accounting
When it comes to keeping accurate records of your law firm’s accounts, it’s essential to make sure you’re using tools for the job that give you a clear picture of your firm’s performance and meet your legal, regulatory, and ethical requirements. Many firms, however, use outdated accounting methods or an assortment of industry-agnostic tools that don’t account for the unique … Read More
Six Common Legal Accounting Mistakes to Avoid
Managing a successful law practice is no easy task, and the financial aspect is as complicated as it is important to your firm’s overall health. In an industry where precision and accuracy are paramount, proper accounting is crucial to safeguarding your client’s interests and keeping your practice afloat. By better understanding common legal accounting mistakes, you’ll be better equipped … Read More
Avoid These Common Billing and Collection Inefficiencies (and Increase Your Cash Flow)
Money makes the world go ‘round—and that includes law firms. And that’s why billing and collection processes are a critical aspect of running a law firm of any size. Yet many small law firms and solo practices struggle with billing and payments because they operate with fewer resources than their larger counterparts. The result? Inefficient workflows and cash flow problems. … Read More
Back to Basics: Trust Accounting for Small Law Firms
Trust accounts are among the most complex aspects of running a law firm—and they can be especially intimidating for small firms because there are fewer people to bear the fiduciary responsibility. To add to the stress, compliance mistakes with trust or IOLTA accounts can lead to serious consequences, ranging from fines to disbarment. But you don’t have to let the … Read More
Back to Basics: Legal Invoicing and Getting Paid
Legal billing processes are not only labor-intensive and detailed. They can also eat into valuable time that could be better spent working on client matters or investing in business development opportunities. Moreover, without an optimized legal billing process, you could be waiting longer to get paid and losing billable hours simultaneously. But the good news is that you don’t need … Read More
What Lawyers Can Take Away From 2022
One of the most notable things for law firms in 2022? The high demand for legal services. Average caseloads among law firms increased by 10% from March 2021 to August 2022 when compared to 2019. And while concerns about a recession and inflation may put a damper on this trend, this surge in demand set the stage for many … Read More