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
CosmoLex’s Financial Toolkit: Mastering Law Office Accounting with Ease
A toolkit is an important part of any successful business. Construction workers, cooks, physicians…They all have toolkits for every aspect of their operations. Without the right tools, they can’t complete their jobs and may even make grave mistakes that could cost them their business. Law office accounting is no different. Without the right tools, you may fall into the same … Read More
7 Steps to Jumpstart Your Law Practice in 2019
Beyond being a good lawyer, running a small law firm requires overseeing numerous activities on the business management side. This means that you may be heavily involved in billing and expenses, trust accounting, handling tasks and deadlines, and keeping up with client communications. For most firms, these tasks can take up a considerable amount of time and resources, cutting into … Read More
Tech Tip #236: A Big Picture View When Choosing a New Practice Management Program
The daily operations of law firms have more moving parts than you may even realize. As you plan to switch your practice management program and test out trials of various products, make sure to create a list of all the capabilities you’ll need along with “wish list” items. If there are specific areas in your practice that could use improved … Read More
Tech Tip #235: Consider Daily Reconciliations to Avoid Large Scale Trust Accounting Issues
The thought of a daily reconciliation of bank records versus book records can seem overwhelming, but reconciling accounts regularly cuts down on the time needed to fix errors and helps you stay out of trouble associated with trust accounting issues. Mistakes do happen, but catching them early on requires less digging and effort to rectify the issue. Watch this video … Read More
The First Steps to Becoming a Paperless Law Firm
An article by Law Technology Today says it best about paperless law offices: “Not only is it here to stay, it will be the norm for all practices. In short, there’s no escaping the need to turn your office paperless.” While the paperless office used to be more of a lofty dream than an actual possibility, technological advances have turned … Read More
Tech Tip #234: Go Paperless to Save and Build Collaboration
Going paperless used to be a far-fetched concept but today it’s a reality many firms are taking advantage of. Reduced costs associated with the purchase of physical paper and its storage have a high appeal, especially with the low and continuously decreasing cost of digital storage. Your staff’s collaboration will enjoy a boost as well, with the ability to access … Read More
3 Critical Mistakes Lawyers Make When Upgrading LPM Software
Upgrading your legal practice management (LPM) software can increase your efficiency and productivity by centralizing your billing, case management and time tracking in one location while automating tasks. When deciding to make the switch to a new program, it’s critical to be aware of the common mistakes many lawyers make during the process. Avoiding those pitfalls along with careful planning … Read More
Tech Tip #233: Track Usage of Resources & Revenue to Determine Firm Growth Strategy
To truly determine profit and develop a growth strategy, law firms should evaluate their use of resources and find out which practice areas, attorneys and activities are bringing in the most revenue. If resource use is high, the firm should look at improving workflows while high revenue intake could signal a key area for expansion. Tracking these metrics is critical … Read More