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Law firms throughout the world are currently operating in unprecedented times due to COVID-19. In response, many firms have found ways to become innovative and flexible. One of the biggest adjustments for law firms has been learning to work remotely and support hybrid teams. Working remotely is not new, but
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.
Your accountant may be great at handling small business accounting, but you need to be sure your accountant understands the differences between law firm accounting and other small business accounting requirements. It is your responsibility to make sure your books are correct.
We’re experiencing an unprecedented time in history, one in which most people are no longer working from their regular offices. For this reason, access to data from remote locations has become more important than ever.
Congratulations! Your firm has decided to move to a new practice management, billing or accounting platform. You have gone through the analysis, made a selection, and now comes the big question – What data should be brought over to the new application?
How do you measure productivity and predict profitability?
With time-based billing, the simplest way is billable hours. How many hours can (and should) timekeepers work in a period of time and how many of the worked hours are billable? If we assume only two weeks of vacation per year and a
It’s important to keep bar association regulations in mind and ultimately choose a platform that will make compliance efforts more efficient. 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
The Coronavirus (COVID-19) pandemic has disrupted normal business life currently and for the foreseeable future. “Business as usual” is no longer a realistic expectation. We should expect a new normal once people are permitted to reoccupy their office space.
What should law firms do to ensure their employees’ safety and make
Law firms cannot escape uncollectible fees and unrecoverable costs. Fees and disbursements that are not paid by a client have a direct effect on the firm’s profitability. Most service industries report income based on the cash method of accounting. As a result, income is recorded only when received. The only
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