October 04, 2019
Many banks offer services, settings, and tools that can add security to any account – including your trust account. But some bank employees aren’t familiar with lawyer trust accounts, the heightened duties attached, or even all the security features on offer at the bank. Be assertive. You may need to initiate conversation with an account specialist or ask for items by name to take advantage of some of the security features that follow.
by Lee Wachocki
June 28, 2019
Payment by cash and paper checks is becoming a less common form of payment. Providing clients with the ability to pay electronically using a credit or debit card or an eCheck is now standard business practice. Many clients assume that a law firm will offer these types of payment options, and setting up an electronic payment system can provide for faster payments and simplify your billing process.
March 22, 2019
The three most important financial statements that lawyers should pay attention to are the income statement, the balance sheet, and the statement of cash flows. These reports will not only help you run a profitable law practice, they also will help you to provide current reports to your business loan officer if you plan to get a business loan.
February 08, 2019
Since 2016, Clio has been doing annual surveys that found that lawyers, on average, bill only 30% of their time and collect on about 85% of those billed hours. The reason for this isn’t because solo attorneys and lawyers in smaller firms are slacking off. It’s because they spend part of their workday on nonbillable work that cannot be delegated due to a lack of staff. It’s also because lawyers are not always diligent in entering their time, invoicing, and collecting on their bills.
by Hong Dao
January 25, 2019
You do legal work for clients, hoping those clients will pay you an amount commensurate with that work. Is it possible to avoid the disconnect between what we think our legal services are worth and what our clients perceive as their value to them?
February 23, 2018
If your billing rate isn't matched by your collection rate, you may have a problem with your billing. Here are five tips that can help you send out bills that get paid promptly in full.
January 26, 2018
The new year is a great time to create or update a business plan for your law practice. Whether you are a recent graduate, a seasoned veteran, or just new to private practice, it is never too late to set goals and identify strategies to reach those goals. You might think you don’t have time to write a lengthy business plan. You might also wonder, would your practice even benefit from the planning process? The answer is a definite yes!