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Controlling receivables directly affects a firm’s financial health. Therefore, it is imperative that a law firm has an organized and detailed method for collecting client payments in a timely manner.
Has your firm’s growth stalled? Are you struggling to scale your operations or your team?
It’s often hard to pinpoint one reason why a firm seems to be stuck in neutral, cruising along but not accelerating. The cause is often a combination of things ranging from ineffective teams and poor
Keeping track and recording billable time, especially after the fact, is time consuming. A law firm with attorneys, paralegals, and an administrative support staff might even spend too much time (and money) filling out billable time sheets and sending paper records to accounting. That’s where time and billing software can
It may not feel like it, but the end of the year is fast approaching! Between running reports for shareholders, generating 1099s for every vendor, and figuring out employee bonuses, there can be a lot to deal with and you don’t want to be scrambling to do it all at
Email is one of the most popular forms of communication in modern law firms. According to the American Bar Association’s 2019 Legal Technology Survey Report, 91% of respondents used email to communicate with clients. Despite its prevalence, many attorneys aren’t using the right systems or tools to efficiently manage the
There are only so many hours in a day and a finite period of time to work. Therefore, the questions remain: How can billable hours and productivity be increased? How can a timekeeper increase productivity? How can a timekeeper feel more confident about the billable time recorded?
Earn More Without Working More?
Sounds like a dream, but the key is collecting. If you work hard but don’t get paid, you’re losing money. Even a delay of 60 or 90 days costs you money. So, how do you improve collections?
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.
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