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Timekeeping & Billing

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Law Firm Operations
Shopping for Legal Practice Management Software: 7 Questions to Ask
According to a McKinsey Global Institute report, over 23 percent of a lawyer’s work can be handled by technology. In addition, half of all lawyers are already using some form of workflow automation. Legal practice management software is a valuable part of a law firm’s toolkit that will save time by automating tedious, low-value tasks, allowing attorneys to focus on substantive legal work instead.
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Accounting & Reporting
QuickBooks for Legal Accounting: 4 Risks Your Law Firm Should Consider
Law firms have unique accounting requirements. Selecting the proper accounting system for a law firm requires an understanding of those unique requirements. For example, law firms are required by the code of ethics to account for any funds held in trust on behalf of clients.
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Law Firm Operations
Firms are Implementing Practice Management Platforms with Integrated Payment Processing. Here’s Why.
Payment management is a critical workflow that every law practice must manage. The reality is that payment management is no longer just about invoices mailed to clients or waiting to receive payments by mail. It has evolved into something more mobile and flexible, which benefits both firms and clients.
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someone typing on a calculator with papers and bills in front of them
Law Firm Operations
Flat Fee Practices Should Still Track Time
In a flat fee arrangement, a law firm provides specific services to a client for a specified fee, no matter how many hours the attorneys spend performing those services. The legal fees are decided before the work is undertaken, making billing more manageable and reducing attorneys’ pressure to achieve billable targets.
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Case & Matter Management
A Few of Our Favorite Things from 2021
Each year, the CARET Legal development team releases hundreds of updates and dozens of new features to help law firms be more efficient and profitable. While this year was full of updates and changes, CARET Legal users have spoken, and we’re pleased to share our top 10 releases of 2021.
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woman sitting at a mpatop while writing on a legal notepad
Law Firm Operations
Best Techniques For Reviewing Revenue and Expenses
Law firm leaders understand the concept and importance of profitability. Nevertheless, in many practices, expenses and revenue are not reviewed on a regular basis. While your firm may be focused on other aspects of maintaining business, it is imperative that steps are taken to ensure your firm continuously reviews its finances and expenses.
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person holding receipts while using a calculator
Law Firm Operations
Controlling Expenses
The goal of all law firms is to be profitable, but achieving that goal can be difficult for some lawyers. Generating income is, obviously, the first step towards making a profit; of course, income can only be generated if billable hours are accurately recorded and invoiced to clients, and if payments for those invoices are collected.
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Law Firm Operations
Increase Profitability in a Law Firm by Improving Operations
In most law practices, a qualified professional can predict the costs associated with operating a firm relatively accurately. Most expenses are easily forecasted including salaries, facilities and technology. However, revenue is a bit more difficult to predict.
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someone writing in a notebook
Updates from CARET Legal
CARET Legal Feature Spotlight: Dedicated Timekeeper Goals Setup Page
Legal professionals use a wide variety of tools and methods for tracking time spent on billable matters. Some are sophisticated, while others are more problematic and error-prone; for example, lawyers who use giant spreadsheets that are updated at the end of each day or week or sticky notes to jot down each task by hand.
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