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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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Woman working on her laptop while moving to the cloud
Law Firm Operations
When Is the Right Time to Make a Move to the Cloud?
We’re experiencing an unprecedented time in history, one in which most people are no longer working from their regular offices. For this reason, access to data from remote locations has become more important than ever.
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Migrating data into a law practice management platform
Matter Management
Migrating to a New LPM: How Much Data Should You Move?
Congratulations! Your firm has decided to move to a new practice management, billing or accounting platform. You have gone through the analysis, made a selection, and now comes the big question – What data should be brought over to the new application?
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Lawyer recording her billable hours for the month
Timekeeping & Billing
Productivity and Profitability: Thinking Beyond the Billable Hour
How do you measure productivity and predict profitability? With time-based billing, the simplest way is billable hours. How many hours can (and should) timekeepers work in a period of time and how many of the worked hours are billable? If we assume only two weeks of vacation per year and a forty-hour workweek, the formula will look something like this...
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Three coworkers working on the firm's trust accounting
Accounting & Reporting
Trust Accounting Software 101
All law firms are required to maintain accounting records for client funds deposited in trust accounts. Finding the right software solution to assist with the necessary record-keeping for those funds requires a complete understanding of the bar association rules. Trust Accounting Basics Client funds are held by lawyers for many reasons. A lawyer may hold…
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Woman with a face mask in an empty office
Law Firm Operations
Returning to the Office - the New Normal
The Coronavirus (COVID-19) pandemic has disrupted normal business life currently and for the foreseeable future. “Business as usual” is no longer a realistic expectation. We should expect a new normal once people are permitted to reoccupy their office space. What should law firms do to ensure their employees’ safety and make certain that policies are compliant with revised labor laws and public safety?
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