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Clio and QuickBooks Transforming Your Law Firm

In the dynamic world of law firms, there's a powerful transformation happening that you won't want to miss out on – the seamless integration of legal tech, specifically Clio and QuickBooks, into your software stack. This isn't just about convenience; it's a game-changer that can revolutionize you...

Optimizing Law Firm Profitability - Strategic Management of Overhead Costs

As a legal firm, effectively managing overhead expenses is crucial for maintaining profitability. Identifying and addressing the primary contributors to high overhead costs, such as office rent, staff turnover, and administrative expenditures, is essential. By strategically analyzing these areas,...

Closing the Law Firm Client's Books at Year End

There are several tasks I like to accomplish for my clients at the end of the year, aiming to organize their files. December is the month that usually entails a period of tidying up. I aim to ensure that my existing clients' files are as prepared as possible. Considering we are entering Q4, atte...

Mastering Estimated Tax Payments: A Guide for Attorneys

Staying financially compliant is essential to maintaining a successful practice as an attorney. One aspect of financial compliance often overlooked is mastering estimated tax payments. Understanding how to navigate this process can save you from costly penalties and ensure you meet your obligatio...

The Importance of Financial Organization from Day One: A Blueprint for Legal Success

In the fast-paced world of legal practice, attorneys often juggle numerous responsibilities, from managing client cases to staying up to date with changing laws and regulations. Amid these demands, it's easy to overlook the significance of establishing complete financial records from the beginnin...

10 Steps for Managing Cash Flow in a Law Firm

As an attorney, you know that managing cash flow is critical to running your law firm. After all, if the money isn't coming in, you won't be able to pay the bills. But what strategies should you use to ensure that your firm has enough cash? Here are some processes we use and some best practices f...

Best Financial Statements for an Attorney to Review

As an attorney, you should review your law firm's financial statements to get a sense of the firm's financial health and identify any potential issues that may need to be addressed. Some key financial statements that you should ask your bookkeeper to provide so you can review include: Profit and...

10 Tips for a More Profitable 2023 for your Law Firm

 OK, you filed your taxes, or you've at least submitted your records to the tax professional for processing. It feels like a relief unless you didn't pay enough estimated taxes, and then you might be sitting here going. Why didn't I plan better? How can we make 2023 a more profitable year for you...

What's the Difference Between a Law Firm's Bank Account and The Lawyer’s Wallet?

A law firm is a business; as such, it's important to remember that it needs to be run like a business - which means ensuring your personal finances are kept separate from the business finances. This distinction is essential because if you start commingling the two, it will become difficult to tra...

Top 5 Bookkeeping Mistakes that Law Firms Should Avoid

We are in a full-on rush to get the books updated for our tax professionals. Are you looking at your books and seeing something "off"? There is a lot that goes into running a law firm. The most important aspect is keeping financial records and ensuring that the books are in order. You must keep g...