As we prepare to bid farewell to 2023, it’s time for law firms to take stock of their yearly performance to see where they stand as an organization. If things have been going well for your firm, it might be tempting to stick to the game plan that’s gotten you this far, but if you want to take things to … 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
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
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
8 Reasons Why Law Firms Fail at Trust Account Compliance
Proper trust accounting is critical to running a successful and ethical law firm. However, staying compliant can feel like a constant battle—and one with many obstacles to fight through. There’s a good reason for this. Trust accounting is a complex process that can feel difficult for even the most seasoned legal professionals. And the stakes for compliance are high. Attorneys … Read More
7 Things to Consider When Switching Your Accounting Software
Switching software platforms. Just the idea of changing the accounting software you use at your law firm is enough to make you break out in a sweat. Let’s call it the “software sweats.” You know the usual reasons for that prickly feeling: the legal industry is historically resistant to technological change, colleagues claim that they don’t have time to spend … 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
8 Common Trust Accounting Mistakes Made by Lawyers and How to Avoid Them
Trust accounting is one of the most onerous law firm tasks. Errors, even unintentional ones, can be damaging to attorneys and firms. No one wants that. So let’s dive right into the top mistakes lawyers can make with trust accounting, tips for avoiding those mistakes, and best practices to ensure your firm protects its reputation and doesn’t become a cautionary … Read More