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Staying financially compliant is essential to maintaining a successful practice as an attorney. One aspect of financial compliance often overlooked is mastering estimated tax payments. Understanding how to navigate this process can save you from costly penalties and ensure you meet your obligatio...
In the fast-paced world of legal practice, attorneys often juggle numerous responsibilities, from managing client cases to staying up to date with changing laws and regulations. Amid these demands, it's easy to overlook the significance of establishing complete financial records from the beginnin...
As an attorney, you know that managing cash flow is critical to running your law firm. After all, if the money isn't coming in, you won't be able to pay the bills. But what strategies should you use to ensure that your firm has enough cash? Here are some processes we use and some best practices f...
As an attorney, you should review your law firm's financial statements to get a sense of the firm's financial health and identify any potential issues that may need to be addressed. Some key financial statements that you should ask your bookkeeper to provide so you can review include: Profit and...
OK, you filed your taxes, or you've at least submitted your records to the tax professional for processing. It feels like a relief unless you didn't pay enough estimated taxes, and then you might be sitting here going. Why didn't I plan better? How can we make 2023 a more profitable year for you...
A law firm is a business; as such, it's important to remember that it needs to be run like a business - which means ensuring your personal finances are kept separate from the business finances. This distinction is essential because if you start commingling the two, it will become difficult to tra...
We are in a full-on rush to get the books updated for our tax professionals. Are you looking at your books and seeing something "off"? There is a lot that goes into running a law firm. The most important aspect is keeping financial records and ensuring that the books are in order. You must keep g...
This is a question a potential law firm client asks me with a file requiring cleanup. So what is legal accounting as opposed to regular accounting? Legal accounting is keeping accurate records of all financial transactions related to your law firm. It includes recording expenses, income, payrol...
Law firms need to be profitable because if they aren't, they won't survive. They need to generate enough revenue to pay staff, cover costs, and provide a return on investment. Is this you? You are so busy running your practice that you don't have time to dive deep into the firm's metrics. Your...
I wanted to share my four best tips for keeping your law firm in tiptop shape. Clients often reach out to us and share stories of how their books have become unruly and messy. Tip #1: Trust Account Compliance Trust Account compliance is perhaps the most important, making it number one. It’s als...
