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
A Primer on Deciding When to Change Your Law Firm’s Accounting Software
Is your law firm’s accounting software causing headaches, frustration, and general annoyance among its users? If so, it may mean it’s time for a change. As your law firm evolves, so do its needs, especially when it comes to accounting and practice management support. But how do you know when it’s the right time to upgrade your law firm accounting … Read More
8 Reasons Why Law Firms Fail at Trust Account Compliance
Proper trust accounting is critical to running a successful and ethical law firm. However, staying compliant can feel like a constant battle—and one with many obstacles to fight through. There’s a good reason for this. Trust accounting is a complex process that can feel difficult for even the most seasoned legal professionals. And the stakes for compliance are high. Attorneys … Read More
The Do’s and Don’ts of Trust Account Management
In the world of legal services, trust accounting is a complex and frequently misunderstood practice that can be tricky to navigate successfully. Fail to adhere to the rules and requirements, and you could damage client relationships, incur fines and penalties, or even face disbarment. On the other hand, cumbersome processes can also create inefficient, productivity-draining workflows. The struggle can be … Read More
8 Common Trust Accounting Mistakes Made by Lawyers and How to Avoid Them
Trust accounting is one of the most onerous law firm tasks. Errors, even unintentional ones, can be damaging to attorneys and firms. No one wants that. So let’s dive right into the top mistakes lawyers can make with trust accounting, tips for avoiding those mistakes, and best practices to ensure your firm protects its reputation and doesn’t become a cautionary … Read More
Get Going and Keep Growing with Lawyer’s Business Suite from CosmoLex
Running a law firm in the digital age poses unique challenges. From attracting new clients to managing your leads, cases, time, billing, and accounting, a successful law firm needs more than just a team of skilled lawyers. It requires effective systems in place to ensure smooth operations. Fortunately, there’s a solution that can streamline these processes and accelerate your firm’s … Read More
Transform Your Legal Practice with Cloud Accounting (Without Sacrificing Compliance)
In many ways, the legal field is no different from any other industry. Lawyers need to track their income, manage expenses, and plan for the future using accounting reports. However, this is only part of the story. When it comes to law firm accounting, lawyers have much greater responsibilities than other professionals, as they are required to maintain compliance with … Read More