Designed To Save You Time & Help You Grow
The accounting system of any small business consists of eight functions:
We help you manage all eight pieces of the puzzle.
Law firms have additional special needs that we understand and can provide. That's what sets us apart from other firms.
Under the IOLTA requirements, certain client funds (like retainers) must be deposited into interest-bearing accounts. The interest earned on these accounts are often required to be remitted to a non-profit organization. And these funds cannot be co-mingled with the operating funds of the law firm. We can make sure that these funds remain properly segregated, and any interest earned is properly remitted.
Similar to the above stipulations, attorneys must ensure that the retainers for each client are properly segregated in their accounting records. Small law firms often use just one bank account to hold all the deposits, and without strong accounting records, these funds can easily become mixed up and confused. Allow us to help you keep very detailed and accurate records of the funds for each client.
When you do your monthly billing, you may need to apply a portion of the client's retainer to the invoice. We can track and manage this to ensure that your client's retainers are being properly drawn down.
Many small law firms still bill by the hour. Having a strong hourly billing system is vital to your success. We can help you establish and manage an adequate system to capture all your time and invoice it out.
PROFIT BY CASE
Did you earn a profit on the case you just litigated, or did you spend more time than you billed? We can help you analyze the profitability on a case-by-case basis and use that information to help you make better cost and pricing decisions in the future. We want to ensure that your firm is growing through profitable cases!
Are you paying the court filing fees on behalf of your client? Don't forget to get reimbursed! We will track and ensure that these fees are added onto your clients invoice and reimbursed.
Collecting money from your client can be awkward...and can even border on a conflict of interest. Don't put yourself in the position of having to collect on open invoices or ask for increased retainers from your client. Allow us to take this burden off your plate.
CONTINGENCY CASE FINANCING
For attorneys who work on contingency, managing cash flow can be extremely stressful. We can help you plan for the unknown with financing strategies to keep your firm moving forward to win the case.
You have attorneys working on salary, but you bill hourly. Are your attorneys working enough to earn an adequate profit margin, or are their salaries slowly moving you towards bankruptcy? We will constantly analyze your labor efficiency and help you course correct when needed.
We are here to provide the best accounting services for our clients, giving them long-term strategies for financial success. Contact us today.