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It takes the average person 10 years to generate $1 million in their law firm, according to a new study. The study, which was conducted by the law firm of Jones Day, found that it takes an average of 10 years for a law firm to generate $1 million in revenue. The study...

When should you turn down a case or refuse to take it on at all? There are a few instances where it is appropriate to do so. If you are already representing a client in a similar matter, it may create a conflict of interest. Additionally, if you do not have the...

When it comes to trust accounts, keeping a record of amounts, transactions, and details is necessary. However, they can be confusing and complex, especially for new lawyers or firms. That’s why it’s ideal for keeping track of individual client funds. If you’re...

You may have already heard about trust accounting when dealing with finances. We all know that a trust legally designates a trustee asset management of a grantor who is either deceased or incapacitated. Trust accounting, on the other hand, records both the trust’s...

What's the point of going to Miami if you can't have a little fun? It can't be all business and no play. During our retreat we stayed at a mansion that had a pool in the backyard that we lounged at in the evenings and got to know each other on a personal level....

A billing workflow is a system that law firms use to keep track of the hours worked by their attorneys and staff, as well as any expenses incurred, in order to generate invoices for clients. In most cases, the workflow begins with timekeepers entering their hours into...

As a law firm, one of the most important things to do is keep track of your finances and make sure that you are making a profit. One way to do this is to calculate how much profit you make per client. To do this, you will need to track your income and expenses for...

No one likes paying taxes, but unfortunately, it's a necessary part of life. Fortunately, there are ways to minimize your tax liability and make sure you're only paying what you owe. One way to do this is to hire a certified public accountant (CPA). CPAs are experts...

Sales can be a difficult profession, whether you're working in a law firm or any other type of business. It's important to be able to build relationships with potential clients and understand their needs. But it's also critical to be able to close a sale and get the...

A law firm can be a great investment for the entrepreneurial attorney. It can provide a steady income and help you grow your business. But like any other business, a law firm requires capital. This is where a business loan comes in. A business loan is a loan that is...

Since the news of Tom Girardi's alleged IOLTA violation broke, many accountants have been wondering what implications this might have for their own practices. While it's still too early to say anything definitive, this scandal may remind the importance of compliance...

If you're worried that the Employee Retention Tax Credit is expiring at the end of 2021, don't panic just yet. There is still time for businesses that haven't claimed the credit to do so. In addition, theIRS has released a new notice providing further guidance about...