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Flat fees, contingency fees, and hybrid models have shifted from niche offerings to a more common practice in the legal market. Corporate clients increasingly ask firms to replace or supplement hourly billing with a legal payment model that provides predictable costs. Smaller clients, too, prefer arrangements that avoid large retainers
Without organized systems and reliable reporting, firms struggle to maintain trust account compliance, track profitability, or plan for sustainable growth. Law firm accounting requires calls for processes designed around legal billing rules, client trust funds, and practice-specific financial workflows.
When law firms blend client funds with operational money, even unintentionally, they open the door to ethical violations, regulatory penalties, and reputational damage.
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 funds requires a complete understanding of the bar association rules.
Keeping a close eye on expenses isn’t just good business—it’s essential for success in insurance defense law, where profit margins are notoriously tight.
Picture this: no more law firm billing headaches, fewer payment delays, and happier clients. That’s the power of a smooth billing process. When your invoices are clear, professional, and transparent, you’re not just asking for payment – you’re building trust.
An age-old joke goes something like this: a person walks into a bank and says, “How can I not have any money, I still have checks left?”. Although checks may be unfamiliar to some younger generations, the comparison between revenue and income is akin to this difference. A firm can
Congratulations! Your law firm is thriving, attracting a steadily increasing stream of clients and handling a diverse array of cases. However, with success comes new challenges. How do you manage a growing caseload while maintaining the high-quality service your clients have come to expect? The answer lies in embracing technology,
While most law firms are starting to see the benefits of legal tech, the headache of onboarding a new legal practice management system (LPMS) — especially one that touches all processes — is a real barrier to becoming a more modern firm.
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