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It’s safe to say that 2020 threw us all a curveball. Despite the hardships this year brought, the legal industry rose to the challenge, adapting operations and offering new services to help clients through these unprecedented times. We asked CARET Legal partners to share some of the trends they witnessed
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 processes
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
In these unprecedented times, many people are working remotely without having signed a remote work policy from their employers. This puts the employer at risk. For protection, employers need appropriate remote work policies in place. Each state has its own specific requirements and regulations regarding types of employees. Please be
As more and more companies are implementing remote and hybrid work models, firms should review the checks and balances established in their internal procedures. Management has an obligation to administer relevant internal policies that will maintain the firm’s financial and professional integrity.
Whether your state calls it an “IOLTA account” or an “ILTA account,” attorneys are responsible for any trust/escrow/IOLTA funds. Most bar associations require a three-way reconciliation of the IOLTA account. Depending on the software you use for managing your firm’s trust funds, this could be as simple as pressing a
Due to current events, remote work has now become routine. In this new environment, many law firms have not adequately considered how to attract and retain their clients. One issue that should be of concern to every practice is cybersecurity—law firms are second only to financial institutions in being targeted
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
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