Nearly every lawyer will be responsible for managing client funds at some point, and knowing how correctly protects client relationships and helps avoid legal issues.
When holding money in a trust account, the number one thing to remember is that it doesn’t belong to the attorney or the firm. Instead, the attorney holds the money
Billing inefficiencies cost law firms more than time—they can erode client trust. Untracked billable hours, delayed invoices, and slow payments frustrate clients, undermining their confidence in your firm.
But what if you could turn cumbersome processes into easy-to-manage workflows that result in happier, more satisfied clients?
Read on for strategies that will help you get
Digital transformation has a significant influence on the world of law. Legal professionals are increasingly tapping into various technologies to work smarter and automate accounting functions.
AI and automation are potent forces in the future of accounting that can help firms reduce overhead and allow lawyers and legal professionals to focus more on client service.
The last thing your firm would ever call itself, or advertise itself as, is basic.
But are the tools you use to manage client relationships stuck in basic mode?
Your firm needs to be able to intake clients, deliver personalized responses to inquiries, and keep your established clients engaged without increasing your administrative burden. And
Effectively managing law firm accounting is a vital process that provides valuable insights into the health of your firm.
A clear picture of your law firm’s financial state enables you to run profitable practices and prepare for the following year. Doing a year-end accounting check-in will tell you exactly where your firm stands so you
Mastering the intricacies of legal bookkeeping is essential for any law firm’s long-term success and sustainability. While it may seem like a mundane administrative task, efficient bookkeeping ensures compliance with regulatory requirements and is critical to your firm’s financial health and ability to build a robust clientele.
The foundation of your law firm’s stability, bookkeeping
Improving your practice is a great goal, but it’s not always easy to figure out what changes will have the biggest impact.
While there are plenty of tactics you can use, integrating your payment processor with a practice management solution is a game changer. By adopting a fully integrated solution, you reduce your overhead
For legal professionals, maintaining accurate financial records is not just about tracking income and expenses; it’s about ensuring that every financial transaction is documented to support regulatory compliance and promote sound financial management.
Journal entries serve as the foundational records that capture the details of every financial transaction, allowing your law firm to monitor cash
Cash and accrual basis accounting are both methods for recording law firm transactions. The most significant difference between cash and accrual basis of accounting is how the transactions are logged.
Choosing an accounting method is crucial for any business, helping ensure accurate financial reporting and enabling better decision-making. Effective law firm accounting, which includes
State Bar Rules dictate how law firms should manage client funds, and when lawyers inadvertently or purposely mix client funds with personal or business ones, it is known as commingling.
Rules on managing client funds vary by state. Most jurisdictions require attorneys to keep client funds separate from their own. However, some states allow you
Digital marketing costs for lawyers have increased in recent years, due to more competition between law firms for cost-per-click advertising and stricter data privacy laws. Today, the average law firm spends $500 to $2,000 to acquire one new client.
To ensure a profitable bottom line, it’s in a law firm’s best interest to
There’s nothing like a confusing invoice or a complicated payment process to take the shine off great work. Yet for many law firms, billing frustrations are commonplace.
Consider that a 2023 Thomson Reuters survey reports that the average law firm has an 18% realization loss because of billing-related issues. Or that according to the
Successful law firms work to enhance productivity and profitability while delivering exceptional client service. Tracking and optimizing utilization rates is a significant help in this effort.
What is utilization in the legal industry? Utilization means looking at how much of your working day is spent doing things that directly bring in money. Billable hours are
Maintaining a robust online presence helps your law firm increase brand awareness and attract clients. A well-crafted professional website serves as your virtual storefront, giving potential clients their first impression of your firm.
Your website must communicate your firm’s expertise, services, and impact through high-quality content. Effective law firm website content will engage visitors,
Think of your law firm’s website like a digital front door. It needs to get the attention of potential clients, make a positive first impression, and provide useful information that sets you apart from your competitors.
But if you’re a small firm or solo practitioner, getting a new, professional website off the ground may
Properly managing IOLTA accounts is crucial to maintaining ethical standards and complying with legal requirements. However, the complexities and variations in IOLTA regulations can present significant challenges, particularly for solo practitioners and small law firms.
Streamlining IOLTA trust account management is essential for regulatory compliance. It also frees up valuable time to focus on core