
How Firms Can Prevent the Co-Mingling of Client Funds
When law firms blend client funds with operational money, even unintentionally, they open the door to ethical violations, regulatory penalties, and reputational damage.
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When law firms blend client funds with operational money, even unintentionally, they open the door to ethical violations, regulatory penalties, and reputational damage.
Even the most skilled legal professionals can lose revenue to something as simple as a missed time entry or a misapplied rate. Billing errors aren’t just small oversights—they impact cash flow, reduce staff efficiency, and can create friction with clients.
Even your firm’s most loyal clients can be the ones who take the longest to pay. It’s not always intentional – and it’s not always obvious until it starts impacting your bottom line. Getting paid on time keeps cash flowing, and delays can have a serious impact on your firm’s
It’s rare for litigation teams to lose cases purely for lack of legal skill. More often, they run into problems during preparation.
Financial problems rarely make a loud entrance. Most start quietly – a reconciliation delay here, a missed invoice there. Delays in the account reconciliation process can lead to financial issues, causing minor problems to snowball over time. This can result in significant challenges with profitability, compliance, and cash flow that
Keeping tabs on your firm’s finances shouldn’t feel like a scavenger hunt, especially when using a comprehensive accounting system. When data is split between platforms and nothing talks to each other, getting a clear picture of your financial health takes more time than it should.
Litigation often involves expert witnesses to address topics that fall outside the typical scope of legal knowledge. Experts also represent one of the most expensive case-related costs. When coordination is inconsistent, it can result in firms losing track of how funds are used and paying more than necessary for expert
General ledger reconciliation might not be the flashiest part of running a law firm, but it’s one of the most important. Without accurate reconciliation, financial records start to drift, compliance risks grow, and cash flow becomes harder to track. It’s not just a back-office task – it’s the foundation for
You can’t improve what you can’t see. When a law firm doesn’t have clear insight into where money is going, what’s been billed, or which matters are profitable, it’s hard to grow with confidence.
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Company
Leave standalone software behind
Manage all your cases in one place
Manage your documents
Gather insights into your firm’s performance
Increase billable time and cashflow
Reach and collaborate with your clients
Grow your client list
Read all about the latest industry topics
Learn from industry experts
In-depth legal insights
Real perspectives from real people
See an extensive list of CARET Legal partners
Join CARET Legal’s partnership program today