2023 stands out as a year of significant transformation for the legal field. Law firms, both large and small, found themselves navigating new and nuanced challenges, from the intricacies of remote work to pressing cybersecurity concerns. And then there’s the elephant in the room: generative AI. Yet, with challenges come opportunities. As we reflect on the past year, it’s evident … 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
Mid-Year Check-In: Have You Implemented These Four Legal Accounting Best Practices Yet?
Taking stock of your accounting isn’t just an end-of-year task—it’s a vital process that provides valuable insights into the health of your law firm. To run profitable practices, you need to be aware of your law firm’s year-round financial standing. Engaging in a mid-year accounting check enables you to have a solid understanding of exactly where your firm stands, so … 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
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
QuickBooks vs. CosmoLex: Billing and Payments
When lawyers think of all the daily tasks on their to-do list, invoicing accounts may not immediately come to mind. But without efficient legal billing and payment processes, busy lawyers and law firms will end up struggling to get paid for the hard work they do each day. Whether you’re scaling your business or looking to upgrade your current billing … Read More
3 Payment Methods Law Firm Clients Are Looking For
A positive client experience isn’t just about strong client relationships. It’s about making legal processes easier and more manageable for the people you serve, from client intake all the way through to closing out their legal matters. One way law firms can improve the client experience is by offering flexible, inclusive payment methods. When it comes to payment methods, many … Read More
Online Payment Dos and Don’ts for Law Firms
Providing online payment options opens up a world of opportunity to law firms seeking to streamline and improve their legal billing processes. But accepting credit cards can also put lawyers at risk of compliance violations—particularly if you don’t use a payment processor that has key safeguards in place. Do accept credit cards Clients are used to paying for almost everything … Read More