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Law Firm Operations
Year-End Needs a Fresh Start
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.
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Woman working from home
Law Firm Operations
Your Team Is Staying Remote. Now What? Recommended Remote Work Policies for a Dispersed Workforce
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 sure to defer to those policies and regulations to ensure that any remote work policy you create is compliant. When formulating your firm’s policy, here are some things to consider.
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Employees working together
Accounting & Reporting
Keeping Employees, Business Partners and Clients Honest
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.
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Three-way trust reconciliation report
Accounting & Reporting
Three-Way Trust Reconciliation Explained
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.
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Attorney on his laptop
Law Firm Operations
Security Key to Attract and Retain Clients
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 for attack.
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Reports on tablet
Compensation and Performance Tracking
Assessing Your Firm’s Financial Health: 6 reports you should be running every month
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…
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Team members discussing how to upgrade their firm's technology
Law Firm Operations
Investing in Major Technological Upgrades
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 many firms have had to figure out how to effectively transition their entire workforce to remote work.
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Law firm accounting
Accounting & Reporting
Law Firm Accounting: It Is Not the Same!!!
(Part 2)
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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Law firm accounting
Accounting & Reporting
Law Firm Accounting: It Is Not the Same!!!
(Part 1)
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.
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