Law firms work with dozens, or even hundreds, of different vendors each month. Without the right tools, tracking all of the contracts, invoices and tax information for these companies can be a full time job. Zola Suite’s robust vendor management tools help firms efficiently manage all invoices and outgoing payments (including the ability to cut checks and even associate expenses with a matter). Zola’s dedicated Vendor Reports provide a holistic view of all payments, outstanding balances, expenses to be passed along to a matter and tax information.

Zola Suite’s Split Billing Feature allows users to divide the invoiced amount for services and expenses on a singular matter between multiple parties. Users can set unique rates for each client and split percentages independently for fees and costs. Once Split Billing has been configured on the Matter-level, users can generate invoices as usual. Using the previously-entered percentages, this tool generates a unique invoice for each billing client listed with its own unique invoice number. Each invoice will include the Matter, as well as each individual billing clients’ contact information.

In many firms, “succession planning” is important, but not urgent. It is human nature to deal with tactical issues and delay any strategic initiatives, but many professionals do not have an end-goal in mind. Many believe that they will “die at their desks.” However, no one can remain in a leadership role forever. Succession planning is a critical component to maintaining and growing the business by maintaining current talent and developing future leaders. It is a continuing process and has to become part of the culture.

Each year, the Zola Suite development team releases hundreds of updates and dozens of new features to help law firms be more efficient and profitable. While it can be difficult to narrow down our list of favorites, Zola Suite users have spoken, and based on their feedback, we’re pleased to share our top 10 releases of 2020.

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.

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 the last minute.

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 button and reviewing the report; however, even if your process is that simple, it is important that you understand the “magic” behind the report.

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 based on the amount of money they have in the bank. Although it is very comforting to carry large bank balances, this represents very little about a…