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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 business retreat, we stayed at a mansion. We had a pool in the backyard where we lounged in the evenings and got to know each other personally. Members...

A billing workflow is a system that law firms use to keep track of the hours worked by their attorneys and staff and any expenses incurred to generate invoices for clients. The workflow usually begins with timekeepers entering their hours into the law firm’s time and...

As a law firm, one of the most important things to do is keep track of your finances. Ensuring 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 each...

No one likes paying taxes, but unfortunately, it's a necessary part of life. Fortunately, there are ways to minimize your tax liability and ensure you're only paying what you owe. One way to do this is working with a CPA. Certified Public Accountants  are experts in...

Sales can be a demanding profession, whether working in a law firm or any other type of business. It's essential to build relationships with potential clients and understand their needs. But it's also critical to close a sale and get the client to sign on the dotted...

A law firm can be an excellent 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. It is where a business loan comes in. A business loan is a loan that...

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

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...

One of the many tax planning strategies we use with our clients id the use of an accountable plan. This allow the firm to provide reimbursements for employee’s business expenses without having to pay payroll taxes on the disbursements. To ensure you’re all set without...

Do you ever worry that you have made a serious financial mistake when it comes to running your legal practice? The truth is, a lot of the self-employed attorneys I talk with struggle with the business side of things. Making Both Teams to Score Predictions. This refers...