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For firms, enforcing time tracking, and legal time management in general, is crucial for maintaining a positive cash flow, pricing services, accurate forecasting, and sound budgeting. However, manual time tracking is inefficient, time-consuming, and prone to human error.
Law firms have unique accounting requirements — like being bound to a code of ethics to account for any funds held in trust on behalf of clients. It’s important to keep these requirements in mind when selecting the proper legal accounting system to streamline your processes. As an example, law firms are
Implementing clear legal billing guidelines is crucial for effectively managing client relationships and avoiding unnecessary disputes. No doubt you’ve heard the old phrase, “Harmony is achieved when everyone is singing from the same song sheet.” The same is true of billing – when everyone knows the rules, there are fewer
Relentless incrementalism embodies the concept of making consistent, gradual advancements in technology, recognizing that rapid innovation without proper integration can lead to inefficiencies and unrealized potential. As Voltaire once noted, “perfect is the enemy of good,” and this sentiment resonates deeply in the realm of law firm technology adoption. In
Offering payment flexibility has become a paramount consideration for law firms. Clients increasingly demand options that align with their financial situations, and embracing attorney payment plans can be a strategic advantage.
The legal industry, in recent years, has witnessed a seismic shift towards the adoption of “flat fee billing”, an alternative to the traditional “hourly rate billing.” This trend has emerged in response to client demands for greater predictability and transparency in legal costs. T
Most businesses keenly understand the ebb and flow of seasonal cycles. Service companies like air conditioning contractors, vacation travel firms, resorts and airlines see peak business during the hot summer months, while many retailers tend to see their busiest season right around the holidays and tax attorneys and accountants see
Setting the right billing rates for your law firm is crucial for your success. It’s not just about being competitive; it’s also about ensuring profitability while considering market realities, such as prevailing rates, your firm’s reputation, and your clients’ ability to pay. In this blog, we’ll explore the key factors
Despite the limited vacation time that most Americans receive, billions of dollars’ worth of paid vacation days still go unused. Even when people do manage to take time off, many find it challenging to relax fully. According to a Glassdoor survey conducted in 2022 of over 20,000 professionals, 54% expressed
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