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An IOLTA/Trust account is an account that lawyers use to hold client's up front deposits, which are more commonly know in the industry as retainers, until the money is earned. It is at that time that the funds are transferred to the attorney's operating account to be applied to any open invoices....
A couple of weeks ago, I wrote an article that was all about Direct/Hard costs when working with attorney clients. This week we are going to dive into what Indirect/Soft costs are.These expenses are fees that are law firm overhead and are expenses that are sometimes allocated to clients or mat...
I know I have written many articles on this topic. But it seems to be the one topic that keeps attorneys and bookkeepers awake at night. Let's dive in. Hard Costs/Direct Costs Definition: They are fees that the law firm pays on behalf of a client. The attorney may a...
Do you work with attorneys? What is the differences in working with law firms and payroll? The short answer is not much. But it all comes down to the entity. Are they a PC? LLC? Inc? That makes a difference in payroll. Do the partners take distributions and pay them to an ou...
If you work with attorneys and law firms, you know that their payroll is complex. Many times the most basic payroll service options won’t do. Additionally, add to that the compensation reporting that can get quite interesting. And will get into more of that next week. In our prior mee...
I think the second most popular topic that I get asked about after talking about trust accounting is advanced client costs. What is it? When do we use it? How do we use it? All great questions if you are new to the advanced client cost account or working with attorneys and law fi...
When you start to work with the larger firms, you'll find that the compensation reporting can get a bit tricky. There are multiple ways of compensating attorneys. The most common are: 1. Ruler or Monarch Method 2. Partner Share Method 3. Eat what you Kill Method 4....
Budgeting? Do I need to create a budget for my law firm? So many things to do; is this essential to running my law firm? This discussion is half the conversation I hear when I bring up the topic of budgeting. Some clients are all in, and they really want to get organized and stick to a budge...
As we wind down 2020, it has been an interesting year for sure. Some clients thrived, while others struggled with closed courtrooms. The one resounding message I get from my clients is they are hopeful and optimistic that 2021 will be better. I love this! Optimism at its finest. People ar...
This week was supposed to be about pricing your first attorney-client lead. Part of a series you can find here. However, what is that saying, "life got in the way"? We have a pretty big client migration underway and it is at the "first billing" stage which typically requires much more tr...
