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 can make any necessary course … Read More
Commingling Funds: Understanding the Risks and Legal Implications
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 to accept client fee advances … Read More
Streamlining Legal Practice: The Power of Simplifying Workflows in 2024
In general, simplicity is an underappreciated virtue. But think about it: the simpler your system, the fewer ways it can go wrong, either because of technical glitches or human error. In addition, when things do go wrong, the source of the problem is easier to locate when your systems are optimally streamlined. These procedural truths apply to your law firm’s … Read More
Your Firm Website as Part of Your Practice Management System
In today’s tech era, your law firm’s website is more than just a digital billboard for your practice—it’s your very identity online. In fact, you could say you ARE your website. So why settle for a mere online presence when your website can be a powerhouse tool that seamlessly melds with every aspect of your practice? From lead generation to … Read More
Navigating Law Firm Growth Through the Four Forces of Scaling
This blog post was contributed by Trevor McCandless, CPA, MTax, Fusion CPA. Watch our webinar with Trevor to learn more. Growing a law firm quickly isn’t easy, but if you’re ready to expand and want to do so as fast as possible, you’ll need to focus on these key forces of scaling: Finances Operations Human resources Marketing and sales To … Read More
Set Your Firm Up for Success in 2024: Strategies to Have Your Best Year Yet
As we prepare to bid farewell to 2023, it’s time for law firms to take stock of their yearly performance to see where they stand as an organization. If things have been going well for your firm, it might be tempting to stick to the game plan that’s gotten you this far, but if you want to take things to … Read More
The Best New Year’s Resolutions for Law Firms for 2024
As you flip your calendar to December and anticipate 2024, you may be thinking, “New year, new me.” But let’s be honest—it’s still the same you, and that’s a great thing! It’s time to embrace a variation on this phrase instead: “New year, new practice.” After all, what truly matters is the opportunity to refine the processes and habits that … Read More
2024 Technology Trends to Help Grow Your Practice
In today’s rapidly evolving legal landscape, firms of all sizes and in all areas of legal practice need to stay ahead of the technological curve to succeed. As our technological capabilities advance faster than ever before, law firms that use software solutions to manage their practices can experience lower overhead costs, increased lead conversions, better compliance and data security measures, … Read More
6 Takeaways from 2023: A Reflection on the Year’s Challenges and Successes
2023 stands out as a year of significant transformation for the legal field. Law firms, both large and small, found themselves navigating new and nuanced challenges, from the intricacies of remote work to pressing cybersecurity concerns. And then there’s the elephant in the room: generative AI. Yet, with challenges come opportunities. As we reflect on the past year, it’s evident … Read More
11 Questions for a Successful Year-End Close
As the year draws to a close, law firms are presented with a unique opportunity—a chance to reflect, recalibrate, and refocus. While the end of the year is associated with holiday festivities and time away from the office, it’s also a critical period for law firms to assess their financial health, client relationships, and future growth strategies. The questions you … Read More