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Accounting & Reporting
6 Reasons Why Electronic Payments with APX Are the Best Way for Law Firms to Get Paid
Let’s be honest: Billing and invoicing are no one’s favorite tasks. Manual processes have long made these tasks time-consuming and tedious. Nonetheless, they’re still critical to the success of any firm. Thankfully, there’s a better way, and many firms are starting to realize it. Manual processes are slowly giving way to automated online payments that result in faster and more secure payments. Abacus Payment Exchange (APX) is the automated, integrated, secure way to handle business payments that offers your clients the convenience they need while seamlessly working with the realities of a post-pandemic, virtual world.
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Law Firm Operations
Legal Practice Management Software Pricing: 6 Quick Tips
Purchasing a new practice management system is a major step in moving towards increased productivity, efficiency and collaboration. However, when it comes to purchasing a legal practice management system (LPM), it is not a one-and-done deal. Your law firm will come to see that there are many LPMs to choose from, with varying degrees of transparency among the brands. Whether you work in a small practice or a larger one, firms of all sizes can benefit from understanding the costs associated with choosing a legal practice management software.
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Accounting & Reporting
QuickBooks for Legal Accounting: 4 Risks Your Law Firm Should Consider
Law firms have unique accounting requirements. Selecting the proper accounting system for a law firm requires an understanding of those unique requirements. For example, law firms are required by the code of ethics to account for any funds held in trust on behalf of clients.
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Law Firm Operations
Cloud-Based Practice Management Software Benefits
Adoption of legal technology is on the rise and legal professionals are using legal practice management software to enhance the productivity of their practices. Not only because of more individuals working from home, but advancements in technology overall have contributed to the legal industry embracing technology in the workplace.
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Law Firm Operations
Firms are Implementing Practice Management Platforms with Integrated Payment Processing. Here’s Why.
Payment management is a critical workflow that every law practice must manage. The reality is that payment management is no longer just about invoices mailed to clients or waiting to receive payments by mail. It has evolved into something more mobile and flexible, which benefits both firms and clients.
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Law Firm Operations
Flat Fee Practices Should Still Track Time
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 targets.
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payment apps on a phone
Law Firm Operations
Can I Venmo You? How to Enhance Client Service as Payment Preferences Evolve
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 and credit cards can help your firm meet clients’ evolving payment preferences as well as get paid faster and hold on to more profits.
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Law Firm Operations
Law Firm Budgets and Forecasts 101
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 doing at least yearly with monthly updates.
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woman sitting at a mpatop while writing on a legal notepad
Law Firm Operations
Best Techniques For Reviewing Revenue and Expenses
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 finances and expenses.
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