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 […]

Running a successful law firm is a delicate balancing act. Like an acrobat holding multiple spinning plates aloft, you must balance your legal work with various business tasks, including managing client payments, legal accounting, and trust funds.   Adopting best practices for these tasks allows you to maintain regulatory compliance and enhance client satisfaction. It can […]

As a law firm owner, you’re no stranger to the complexities of running a practice. You’ve got a million things on your plate, and accounting is just one of them. It’s easy to think your current business accounting software is doing the job just fine. But the truth is, legal practices have unique needs that […]

In the fast-paced world of law, managing the financial intricacies of a practice can often feel like being cross-examined by a particularly aggressive opposing counsel. In other words, stressful.   But just like you can’t disregard questions from the opposition, you can’t ignore accounting either. Your law firm’s accounting isn’t an optional activity: it’s vital to […]

Let’s face it, most legal professionals don’t wake up in the morning excited to run to the office and tackle their accounting. Instead, you probably studied law so that you could help people and make a difference in the world, resolving problems and delivering results for your clients. Tracking transactions and crunching numbers? Not so […]

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 […]

You probably didn’t take any accounting classes in law school, but if you’re running a solo or small law firm, you’ll get plenty of practice crunching numbers and dealing with the ins and outs of accounting processes.   Effective accounting is an essential operational task in a law firm. With reliable processes in place, you can […]

When it comes to software solutions that law firms can use to meet their accounting needs, there are a seemingly endless number of options. The issue, though, is that not all of these solutions are designed to meet the unique needs of those in the legal field. While you can use a hodgepodge of industry-agnostic […]

It’s indisputable that law firm regulatory compliance processes can be complex and take time and money to implement—but the cost of non-compliance can go far beyond just dollars and cents.  From failing to consider data privacy and trust accounting to human error with data, foregoing ethics and compliance duties can open your firm up to […]

Are you grappling with the complexities of managing Interest on Lawyer’s Trust Accounts (IOLTA)?   Ever felt overwhelmed by the meticulous record-keeping, stringent regulations, and the high stakes of handling client funds?   You’re not alone.   Many attorneys, solo and small law firms, new attorneys, and paralegals face these challenges daily. But understanding IOLTA accounts is not […]