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Although it is very comforting to carry large bank balances, this represents very little about a law firm’s profitability or financial health. The financial health of a law firm is ascertained by analyzing and evaluating many different pieces of information. Law firms, like many other businesses, sometimes evaluate their success
Last week, we explored several key elements of legal accounting that differ from general small business accounting, looking at cash basis vs. accrual, account types and costs advanced. In this article, we’ll explore trust accounting which is arguably the most intricate, and ultimately error-prone, component of legal accounting.
We’re experiencing an unprecedented time in history, one in which most people are no longer working from their regular offices. For this reason, access to data from remote locations has become more important than ever.
In the new normal since the Coronavirus, it is expected that 80% of lawyers and professionals will do some work via their smartphones. This statistic is indicative of a trend that we expect to continue for many years to come — the legal industry, like so many others, must embrace
Congratulations! Your firm has decided to move to a new practice management, billing or accounting platform. You have gone through the analysis, made a selection, and now comes the big question – What data should be brought over to the new application?
How do you measure productivity and predict profitability?
With time-based billing, the simplest way is billable hours. How many hours can (and should) timekeepers work in a period of time and how many of the worked hours are billable? If we assume only two weeks of vacation per year and
It’s important to keep bar association regulations in mind and ultimately choose a platform that will make compliance efforts more efficient. All law firms are required to maintain accounting records for client funds deposited in trust accounts. Finding the right software solution to assist with the necessary record-keeping for those
As a complete cloud-based solution, CARET Legal allows you to access your firm’s data from any device with internet access whether you’re in the office, courtroom or at home. Using CARET Legal’s native iOS and Android apps, you can keep track of upcoming meetings and appointments, retrieve contact information and
Law firms cannot escape uncollectible fees and unrecoverable costs. Fees and disbursements that are not paid by a client have a direct effect on the firm’s profitability. Most service industries report income based on the cash method of accounting. As a result, income is recorded only when received. The only
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