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In a flat fee arrangement, a law firm provides specific services to a client for a specified fee, no matter how many hours the attorneys spend performing those services. The legal fees are decided before the work is undertaken, making billing more manageable and reducing attorneys’ pressure to achieve billable
Law firm clients increasingly favor the modern convenience and enhanced security of digital payments over paper checks. As this trend continues to accelerate, the payment options law firms offer will significantly impact clients’ choice of firms to hire. Read on to learn how enabling electronic payments through ACH bank transfers
Each year, the CARET Legal development team releases hundreds of updates and dozens of new features to help law firms be more efficient and profitable. While this year was full of updates and changes, CARET Legal users have spoken, and we’re pleased to share our top 10 releases of 2021.
No business owner wants to deal with a financial emergency due to lack of planning. In order to monitor how a firm is doing financially year to year, every law firm should maintain an internal budget/forecast. A budget/forecast report provides the owner a monthly snapshot of how the firm is
Although many people think that customer management relationship systems (CRMs) are relatively new in existence, the practice of keeping customer records has existed for centuries. Merchants, even those selling their wares in ancient times, understand that it’s much easier to sell your goods to a current or past customer than
Knowing how to determine what factors have the most impact on your financial health requires a solid law firm profitability analysis strategy. The invaluable insights this process produces will ensure that every ounce of your energy is helping you maximize your firm’s profits. But, remember: realization and profitability are not
Without legal project management software, it’s difficult for a firm to sustainably deliver high customer experience and service quality.
All organizations – particularly those that outsource crucial business operations to third-party technology businesses and SaaS companies – must ensure that their data is handled properly, protecting customers from data theft, extortion, and malware attacks. Service Organization Control 2 (SOC 2) provides a framework to help stakeholders ensure that vendors
Law firm leaders understand the concept and importance of profitability. Nevertheless, in many practices, expenses and revenue are not reviewed on a regular basis. While your firm may be focused on other aspects of maintaining business, it is imperative that steps are taken to ensure your firm continuously reviews its
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