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I wanted to share my four best tips for keeping your law firm in tiptop shape. Clients often reach out to us and share stories of how their books have become unruly and messy. Tip #1: Trust Account Compliance Trust Account compliance is perhaps the most important, making it number one. It’s als...
If you are new to law firm accounting or an attorney just starting, you might find it puzzling how to enter any expenses for your clients. Learning about client costs is where the lingo gets a bit fun. Are they hard costs? Are they soft costs? And how should these be booked into the accountin...
The cash flow rollercoaster is a term used to describe the unpredictable ups and downs of cash flow, which can cause problems for attorneys. This article overviews the different types of cash flow and what to do when your cash flow gets stuck. Cash flow is the lifeblood of your business Cash...
As I finalize my month on Clio, the legal tech software, the month has certainly flown by. I've received some great responses and questions on the topic. Since this is the #1 software for the legal industry, I am hoping I can convince my business partner, Sarah Prevost, who is a Clio exper...
With training our new staff, we find a lot of times, there’s some confusion around the transactions in Clio that are pushed into QuickBooks and then matched at the bank level. See the article last week about why you should be connecting Clio to your QuickBooks file so you don’t miss out on ma...
Next up is a personal injury firm. Many personal injury attorneys I've spoken to have said, "My practice area is straightforward, and I don't need any external software because the trust tracking happens at the end of the case." While this is true, the one thing that attorneys forget is these ...
When working with clients who have the practice area of family law, several areas stand out that can be challenging. First of all, with this practice area, you will have a good volume of transactions of a similar amount and possibly some similar names. The Chart of Accounts, even for a family...
The cost of running your firm is an important metric to track when you are starting a law practice. Knowing your cost of operations will allow you to decide where to focus your efforts and what you need to do to break even. As an attorney, do you know the cost of running your firm and breaking e...
Our firm works exclusively with law firm clients and attorneys, and I've been privy to seeing many different spins on a law firm's chart of accounts. I'm bringing this up at the beginning of this article because the chart of accounts is truly the foundation of how you analyze and interpret finan...
What's the Difference Between a Law Firm's Bank Account and Their Wallet? This is a post about the differences between law firm finances and personal finances and how to book those personal finances into the accounting records. A law firm is a business. It's important to remember that, but i...
