Opening a law practice can be challenging for an attorney. Many attorneys don’t have business degrees and have never run a business in the past, so it can be overwhelming for them to know where to start when opening a law firm. The following is a high-level overview of the steps to take when opening a law firm: Step One: … Read More
Can general accounting programs like QuickBooks send out bill batches?
Many general accounting programs can generate identical invoices for multiple clients at one time through a process called .[1][2] This is different from printing or emailing personalized invoices to clients through a or process.[3][4] Since law firms create personalized invoices, they do not need a batch invoicing feature in their accounting program. What firms need is for the program to … Read More
What is a break-even analysis?
Law firms, like most businesses, are created to generate a profit for the partners.[1] Generating revenue alone does not guarantee that firm will earn a profit because businesses only generate profits when their revenues exceed expenditures.[2] The “” is the point at which the revenues begin exceeding the firm’s expenses.[1][2] The first step in a break-even analysis is to determine … Read More