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Keeping track and recording billable time, especially after the fact, is time consuming. A law firm with attorneys, paralegals, and an administrative support staff might even spend too much time (and money) filling out billable time sheets and sending paper records to accounting. That’s where time and billing software can
Knowing how to foster collaboration in law firms is critical for successfully managing your firm. Clients expect their attorneys to address increasingly complex issues that cross areas of expertise and jurisdictions. Continuing to adhere to monolithic models and approaches will result in frustrated and unsatisfied clients, and ultimately less revenue.
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
There are only so many hours in a day and a finite period of time to work. Therefore, the questions remain: How can billable hours and productivity be increased? How can a timekeeper increase productivity? How can a timekeeper feel more confident about the billable time recorded?
Earn More Without Working More?
Sounds like a dream, but the key is collecting. If you work hard but don’t get paid, you’re losing money. Even a delay of 60 or 90 days costs you money. So, how do you improve collections?
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
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.
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