If you want to avoid client disputes altogether and be prepared to address them should they happen, record and show all charges on invoices, including any fees you have waived so they have a full picture of what’s being included. Make these readable, accurate and descriptive to give clients a clear idea of the bill items and avoid vague references. … Read More
Tech Tip #244: Don’t Let Communication Breakdowns Stand in the Way of Getting Paid
It’s absolutely critical to your firm’s financial health that invoices get paid. To avoid payment issues, stay in constant communication with your clients. This includes setting expectations, keeping clients in the loop (consider a client portal to maintain regular contact) and creating a clear contact person for the case. Organize all communication by matter to keep track of every piece … Read More
5 Legal Accounting Resolutions for 2019 (don’t worry, there’s still time)
If you’re looking to simplify and improve your legal accounting in 2019, there’s still plenty of time to commit to resolutions to make it happen. Five resolutions, in particular, will help you take charge of your accounting, avoid improper accounting and streamline your processes. Putting these changes into place and adding in integrated accounting can completely change how you view … Read More
Tech Tip #243: Trust Accounting Best Practices: Keep All Matter Funds in One Bank
If your firm is keeping trust accounts at different banks for any reason, make sure the funds for each particular matter are all at the same bank. Keeping half of Matter A’s funds in Bank 1 and the other half in Bank 2 creates a number of potential issues, like increased probability of bookkeeping errors, complications in paying invoices from … Read More
Tech Tip #242: Is Your Firm Inadvertently Shielding Income?
Income and tax shielding could land your firm in serious trouble and you may be doing it without even realizing. When invoices aren’t paid from trust retainers in a timely manner or if they’re not generated fast enough, it could be seen as delaying income. Avoid commingled funds and create an efficient process for tracking and transferring from trust accounts … Read More
Tech Tip #241: Steer Clear of Legal Accounting Mistakes in 2019
Legal accounting mistakes are costly and time-consuming to fix and can even lead to sanctions, especially when trust accounting is involved. Take some time to become familiar with potential pitfalls and address how to avoid them. Poor handling of client funds, incorrectly posting income and failing to track billable time and expenses are just a few of the typical legal … Read More
Tech Tip #240: Stay Ahead of Collections To Keep Your Firm Profitable
No lawyer likes having to chase after their clients to get paid. To avoid the collections process where possible, use bulk invoicing and set up automatic reminders. Evergreen retainers, where replenishment notices are automatically sent to clients once the balance hits a certain amount, will also help your cash flow. Automating these tasks will make sure you get paid without … Read More
Tech Tip #239: Avoid Legal Accounting Pitfalls with The Right Tools
Legal accounting is one of the least favorite responsibilities of many lawyers. It can be time-consuming, prone to errors and difficult to remember all of the rules and requirements. Using the right practice management program can make the process much less complicated, with safeguards in place to prevent errors, legal-specific capabilities to handle every unique requirement and tools to cut … Read More
Tech Tip #238: Leverage Financial Data to Grow Your Law Firm
Increasing billable hours, keeping clients happy, never missing a deadline — these are things most lawyers focus on to grow their firm. But don’t discount the benefit of regular analysis of your accounting data. Tracking and reviewing this data keeps you on top of the financial health of your firm, highlighting areas for expansion in practice areas and showing places … Read More
Tech Tip #237: Never Miss a Billable Item – Capture Activity As It Occurs
Legal work doesn’t happen only in the office. With paper timesheets or spreadsheets and a busy schedule it can be easy for items to never make it on to an invoice. Lawyers need to make sure to enter billable time as it occurs, no matter where they are. With the right practice management solution and their mobile app, you can … Read More