As a law firm owner, you’re no stranger to the complexities of running a practice. You’ve got a million things on your plate, and accounting is just one of them. It’s easy to think your current business accounting software is doing the job just fine. But the truth is, legal practices have unique needs that standard tools often overlook. We … Read More
Accounting for Lawyers: Six Basic Concepts You Should Know
In the fast-paced world of law, managing the financial intricacies of a practice can often feel like being cross-examined by a particularly aggressive opposing counsel. In other words, stressful. But just like you can’t disregard questions from the opposition, you can’t ignore accounting either. Your law firm’s accounting isn’t an optional activity: it’s vital to your firm’s success, profitability, and … Read More
Common Compliance Challenges for Law Firms and How to Overcome Them
Let’s face it, most legal professionals don’t wake up in the morning excited to run to the office and tackle their accounting. Instead, you probably studied law so that you could help people and make a difference in the world, resolving problems and delivering results for your clients. Tracking transactions and crunching numbers? Not so much. On top of that, … Read More
Get Going and Keep Growing with Lawyer’s Business Suite from CosmoLex
Running a law firm in the digital age poses unique challenges. From attracting new clients to managing your leads, cases, time, billing, and accounting, a successful law firm needs more than just a team of skilled lawyers. It requires effective systems in place to ensure smooth operations. Fortunately, there’s a solution that can streamline these processes and accelerate your firm’s … Read More
The True Cost of Non-Compliance for Your Law Firm
It’s indisputable that law firm regulatory compliance processes can be complex and take time and money to implement—but the cost of non-compliance can go far beyond just dollars and cents. From failing to consider data privacy and trust accounting to human error with data, foregoing ethics and compliance duties can open your firm up to risks like censure, client dissatisfaction, … Read More
What Every Attorney Needs to Know About IOLTA
Are you grappling with the complexities of managing Interest on Lawyer’s Trust Accounts (IOLTA)? Ever felt overwhelmed by the meticulous record-keeping, stringent regulations, and the high stakes of handling client funds? You’re not alone. Many attorneys, solo and small law firms, new attorneys, and paralegals face these challenges daily. But understanding IOLTA accounts is not just a regulatory requirement—it’s a … 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
How to Choose the Best Legal Practice Management Software for Your Firm
Managing a law practice without the right technology can quickly become overwhelming, as administrative burdens and lack of organization can detract from your efforts to provide top-notch legal services. The right legal practice management software can be a real game-changer, though. When you choose the right software for your firm, you enjoy improved efficiency, collaboration, and case management. But how … 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
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