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Billing & collections

5 law firm billing practices for better cash flow

January 15, 2024

By Brenda Barnes It’s probably not a big surprise that if your firm does not have sound billing and collection practices, your cash flow will suffer. It also probably goes without saying that when cash flow suffers so does partner compensation. How can you tighten this up? First and foremost, you need to have solid billing policies that are agreed upon and followed! … [Read more...] about 5 law firm billing practices for better cash flow

10 ways to balance budgeting and billing

January 4, 2024

Managing the financial aspects of a law office is a multifaceted challenge that requires a delicate balance between budgeting and billing. Here are 10 strategies to consider: 1. Establish clear budgets: Effective financial management starts with a well-defined budget. Work closely with the firm's partners or management to set clear and realistic budgetary goals. Consider … [Read more...] about 10 ways to balance budgeting and billing

How are your billing and collecting processes?

January 1, 2024

6 best practices that fit the bill Training some select clients to pay their bills on time might seem about as possible as herding cats. But if you start the training early, you might actually achieve the impossible. Here are a few tips shared by Ronald L. Seigneur, CPA/ABV/CFF, ASA, CVA, CGMA, of Seigneur Gustafson LLP. 1. Be selective According to Seigneur, your … [Read more...] about How are your billing and collecting processes?

Scheduling payments can boost collections

April 13, 2023

One of your most important tasks is managing the financial health of your law firm. You know that collecting payments from clients can be a challenging and time-consuming process. However, with the right strategy, you can improve your collections and ensure your firm is getting paid in a timely manner. One effective strategy for improving collections is scheduling client … [Read more...] about Scheduling payments can boost collections

6 tips for choosing legal practice management software

December 3, 2022

By Diane Camacho There continues to be a tremendous push in the legal community from practice management software companies. This has evolved from the use of cloud-based software. What should practice management software do for you? Keep all your client information in one place. Keep all your information available to you on the go. Allow you to enter your … [Read more...] about 6 tips for choosing legal practice management software

3 steps to determine what office help you need

December 2, 2022

By Diane Camacho When you are at the point where you know you have to get office help, take the time to determine what help you need.  Your neighbor’s brother-in-law may need a job, but he may not be the best bet. The following three step process can help you hire the right help.  Step 1 – Track your non-billable time Create a client/matter number for your … [Read more...] about 3 steps to determine what office help you need

Should a lawyer do administrative tasks to save money?

November 3, 2022

By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money⁠—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?

Is it a recession or not? The answer may surprise you

August 12, 2022

By Lynne Curry My in-box filled with questions after I posted a Recession Fears Loom blog. Readers asked how I made sense of the different views voiced by economists and politicians. As a law office manager with responsibilities around staffing and profitability, you are probably watching to see which way the economy goes. Here’s the background, and my answer to “are we … [Read more...] about Is it a recession or not? The answer may surprise you

Artificial intelligence can boost billable hours

June 8, 2022

Artificial Intelligence (AI) represents one of the latest advances in legal technology. Rather than replacing attorneys and support staff, AI can help lawyers and other legal professionals do more to serve their clients with greater efficiency and less expense. Teaching computers to learn One significant advantage of employing AI is the ability of machines to learn tasks that … [Read more...] about Artificial intelligence can boost billable hours

Can any bookkeeper be a “law firm” bookkeeper?

October 4, 2019

By Elizabeth M. Miller  bio I have no doubt you are scratching your head right now thinking, "what kind of question is that"? Indeed. What kind of question is that—one to which the short answer is NO. Bookkeeping, which in a law firm includes client billing, management of trust funds, and updating ledgers, is not something that can be done by "any" bookkeeper. If you want … [Read more...] about Can any bookkeeper be a “law firm” bookkeeper?

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