Using dedicated attorney time tracking templates—whether daily, weekly, or monthly—ensures more accurate tracking of billable hours, reduces administrative errors, and streamlines billing for law firms. A couple of things to keep in mind:
Block billing is a billing practice where attorneys group multiple tasks into a single time entry instead of separately detailing each task. It can lead to confusion and client disputes over charges, as it lacks the transparency that detailed billing provides.
As a busy attorney, maximizing your billable hours is crucial to accelerating cash flow
Despite their practice area, size, or location, all law firms have one thing in common—they want less non-billable work. The Thomson Reuters’ 2023 State of U.S. Small Law Firms Report revealed that spending too much time on administrative tasks is a top challenge for 77% of lawyers.
Legal billing and invoicing can be especially time-consuming
There’s more to making money than simply earning it. After all, it doesn’t matter how many hours you work if you can’t properly track and bill for them. That’s why streamlined, effective legal billing systems are essential for law firms.
If systems run smoothly, legal billing can be a painless—and fruitful—endeavor. But if your firm
For over 23 years, Gonzalez & Morales Law Offices LLC has provided legal counsel on civil law matters ranging from wills and probates to collections. Located in Humacao, Puerto Rico, Jose Gonzalez Rivera, managing partner of Gonzalez & Morales, and his staff consistently work to achieve outstanding client outcomes and satisfaction. How can they ensure
The legal industry continues to evolve each year. With generative AI settling into the legal tech space, law firms adopting more technology, and client expectations shifting, it can be tough to keep up with the latest changes.
Understanding the state of the industry can help your law firm stay ahead of the curve. Below, we’ll
Key takeaway: Legal document automation software is a tool that creates smart, customizable templates for common legal files and forms. Law firms can use this software to quickly generate and share documents with clients—eliminating issues with human error, versioning, and access.
Document creation and management are non-negotiable parts of the daily grind in the legal
Key takeaway: Law firm accounts receivable is the money clients owe after a law firm delivers legal services. The process can be as simple as executing the work, sending the bill, and receiving payment. However, some law firms struggle to receive on-time payments and may not receive payments until well past the due date.
Most
Key takeaway: Law firm accounting is a process that involves meticulous recordkeeping to comply with regulations set out by local jurisdictions and the American Bar Association (ABA). Detailed information is crucial to reaching your law firm’s financial goals and maintaining client transparency.
Law firm accounting is a complex system that’s responsible for countless non-billable hours
Key Takeaway: An Interest on Lawyer Trust Accounts (IOLTA) account is a trust account that sends earned interest to local Bar Associations. Interest funds are used for charitable causes like pro bono legal work.
Whether you’re new to managing trust accounts or a seasoned attorney, you’ve likely heard the term “IOLTA” at this point in
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Revenue leakage is lost income due to internal inefficiencies ranging from uncollected invoices to administrative errors. These lost revenues are a pervasive business problem, with consequences ranging from earnings shortfalls to rising debt and deterioration of your firm’s financial health.
Identifying and plugging revenue leaks can put your firm on the fast track to profitable
Law firm productivity relates to a firm’s overall efficiency, a key factor in profitability. A productive law firm uses minimal resources to complete essential tasks accurately. Essential tasks include case-related actions and required administrative duties, such as billing.
Productivity optimization can improve law firm profitability, client satisfaction, and workplace morale. For this reason, productivity is
Lawyers, even those with a healthy caseload and many clients, might find themselves wondering why they’re struggling to turn a profit or keep the bills paid.
In a world of changing technology and client expectations, hard work and expert knowledge may not be enough to ensure a legal business stays financially healthy–especially in times of