Law firms can have difficulty finding a convenient, secure way to send confidential information to their clients. When discussing confidential information or exchanging case related documents, email isn’t a secure enough option while mail or fax is inconvenient for clients. A client portal provides a solution where clients receive an email notification about a message and can then securely log … Read More
Year-End Accounting Tips for Law Firms
While closing out your law firm’s books for the fiscal year tends to be one of the least favorite tasks for many people, its completion is critical for your accountant’s review and provides an accurate picture of the law firm’s financial stability. Your firm’s records will also be used to prepare your tax returns, so having accurate books will save … Read More
3 Simple Law Firm Accounting Tips
The hilarious/not-hilarious joke I probably hear most frequently from lawyers is some riff on the “I suck at math! That’s why I went to law school!” theme. Listen… I get it. Maybe that’s why law firm accounting has your head spinning and why its intricacies have you begging for a full-time controller to take over all things money. But I … Read More
CosmoLex Announces Member Benefit Partnership With the State Bar of Texas
Monmouth Junction, NJ – CosmoLex, a leading legal practice management and accounting software provider, and the State Bar of Texas have announced a new partnership which will provide Bar members access to CosmoLex’s cutting-edge legal software at a discounted price. CosmoLex software provides Texas lawyers with a way to ensure proper handling of IOLTA accounts, helping safeguard against compliance violations … Read More
Maximize Your Law Firm’s Efficiency with Simple Productivity Multipliers
No matter what size the firm, lawyers face an increasing demand on their time from billable hours, client satisfaction, and maintaining compliance — combined with everyday administrative tasks, it can seem like there’s never enough time in the day. Using strategic productivity multipliers can be the key to getting the most out of your resources, getting back time to devote … Read More
Tech Tip #230: Always Conduct a Year-End Review of Your Law Firm’s Financial Records
Taking time to review the firm’s accounting records before the end of the year is critical. You’ll save time and money when there is less for your accountant to question or correct as they prepare your taxes, and will also get a clear understanding of the firm’s financial stability. Going through these records may seem daunting but using a checklist … Read More
Tech Tip #229: Law Practice Productivity Multipliers to Increase Efficiency
You can combine solutions or fixes to address several areas in your firm. Rather than approaching each issue separately, looking at the big picture can show you where you can implement changes to positively affect multiple processes. Putting these changes together results in a productivity multiplier, giving you more for your efforts and increasing their impact. Learn more about productivity … Read More
Tech Tip #228: Why Firms Should Separate Their Direct and Indirect Costs
Be sure to classify direct costs (any amount paid as an expense to a vendor on behalf of a client) and indirect costs (in-house expenses associated with a matter like postage and long distance calls). Failing to properly record direct costs impacts the net income and can cause increased tax liability. If audited, inaccurate tracking can also present a compliance issue. … Read More
Tech Tip #227: The 3-2-1 Backup Rule Every Law Firm Should Follow
What would happen if suddenly all of your data disappeared? To make sure you never have to face that scenario, implement the IT industry’s golden standard of the 3-2-1 backup: three copies stored in two different formats with one copy offsite. Using a cloud-based solution makes it easy to automate the backup process, storing your data in a professional data … Read More
An Introduction to Matter Cost Accounting Software for Law Firms
Every law firm deals with matter expenses that are billed to their clients. All of these costs need to be accounted for, which would be easy if it weren’t for the fact that not all costs are treated the same. Thankfully, matter cost accounting software is available to make sure you’re handling these client expenses correctly and to help you … Read More