Business bank accounts are a necessity for law firms. Choosing where to open these accounts requires some research, along with asking specific questions, to make sure you’re selecting the bank that’s the right fit for your firm, needs and compliance. Fees and limits Most bank accounts have fees associated with them. However, depending on the […]

Accepting credit cards helps cash flow, provides a convenient way for clients to pay, and gets rid of the time spent processing checks and applying payments. To start accepting credit cards, your firm should take the following steps. First, you need to decide on a credit card merchant. Be sure to keep in mind that […]

The amount that a firm is taxed varies by firm, but it’s likely a big expense for your firm. A wide number of factors play into what the total dollar amount is, but one factor you should pay particular attention to is your tax rate[1]. The Tax Cuts and Jobs Act of 2017 made substantial […]

Your firm is growing and that’s a good thing, but hiring new lawyers to help with workload can be an expensive and time-consuming task. When is it the right time to add a new lawyer to your staff? When you turn down new work Being in demand is exciting and gratifying. But when you’re in […]

Delegation can be a challenge when you care deeply about your work. Turning over responsibility for a part of your job requires thinking strategically about the best projects to redirect and trust in your colleagues to deliver quality work. Not all tasks are suitable for delegation, though. Here are some of the best contenders. Projects […]

As part of a court ruling in Missouri v. Jenkins, the Supreme Court held that legal fees can include paralegal charges at a rate that relates to the market rather than what they’re actually being paid by the attorney[1]. To figure out what rate your law firm should be charging, it’s important to consider what […]

As states begin to ease restrictions and law firms are returning to offices, many are concerned about the safety and welfare of the staff. At the same time, firms also want to be aware of the potential lawsuits that could stem from a COVID-19 diagnosis of one of their employees. In order to limit liability […]

Your team can’t always be in the same place working together, but cases still need to be managed properly in order to keep them moving forward and create satisfied clients. If your staff is working remotely, it’s important to have a plan in place to manage caseloads and upcoming deadlines. Set clear expectations & targets […]

While open to change, budgets are an excellent way to anticipate costs and reduce the risk of overspending. However, there may come a time when it’s necessary to cut down on the budget, whether due to reduced income or to meet the goal of becoming more profitable. Wages and benefits You need employees and they […]

A strong vendor management policy is the foundation for more than your vendor management practice and vendor risk management software. It also provides important security for your client and workplace information and helps your law firm stay in compliance with data security regulations and the need to protect client information. Law firms vary in their […]