It’s been documented: legal fees are harder to collect than fees for most other industries. With fees commonly climbing into the six- and seven-figure ranges, it’s not uncommon for clients to be either unable or unwilling to pay.
Legal software developer Easy Soft will exhibit Easy TimeBill at Beasley Allen Legal Strategies Conference & Expo, Montgomery, Alabama, Renaissance.
Finally, the most common and the most dangerous legal billing pitfall —failure to protect data integrity and implement secure measures.
A standard practice for most law firms is collecting client payments in advance (retainers) for legal services. Depending on the nature of your cases, types of fees and relevant state laws, retainers might be deposited in a firm’s operating account or in a trust account.
Every law firm, no matter how small or how limited the practice area, must have computerized conflict database and a procedure to check and log a conflict review.
One problem most law firms share is a pile of unpaid accounts receivables. Yet, your firm can easily embed tight receivables controls in your legal billing system and streamline your collection process with the right legal billing software.
While law firms focus on providing top quality legal services, often their high standards fall short when it comes to client communications such as invoice and payment reminders. Remember, the billing process goes hand in hand with your legal services and is a direct reflection of your firm.
An important workflow practice is to allocate expenses to client matters as soon as you incur the expense. A legal billing program that helps you track expenses ensures that the expenses for each case are added to the client invoice automatically when the next billing cycle occurs.
By utilizing legal billing software, time can be better tracked, which will help ensure the invoice that is sent out accurately reflects work done for the client.
While setting up standard rates is a good thing, it doesn’t solve 100% of the problem. A Timekeeper’s hourly rates are not concrete. In certain instances, the firm may discount rates.
For attorneys, improper handling of retainers can result in disciplinary action. Time and again, attorneys are admonished for failing to handle funds properly. Client advances may need to be deposited in a trust account or in the firm operating account, a decision that must be made carefully because state rules vary and change from practice to practice.
Law firms are usually required to keep each task (called “matter”) completely separate from other matters for the same client or other clients.
Legal billing software is utilized by more than just attorneys to track work on a client’s legal issue or case. Support staff, paralegals and those working in accounting and billing functions will all need to understand and utilize this software on a daily basis. Therefore, it is a good idea that employees in functions that will use the legal billing software read different legal billing software reviews for that extra edge of information.
When a law office decides to purchase legal billing software to help track billing, payments and accounting, it is a major decision that will affect key functions related to the financial health of the business. There are a number of different ways to ascertain information about the different legal billing…
The use of legal billing software is an important part of record keeping, automating redundant tasks and tracking billing, payments and overall office accounting. It is important, however, that the legal billing software in use at a law office is flexible enough to make adjustments as the law office adapts,…
An important aspect of legal billing software is ease of use by multiple users and the stability of the software within a law office. Therefore, it is essential that the legal billing software in use is network-ready and provides a high level of stability for those multiple users across the…
Automating redundant tasks is a great way to save time and avoid potential errors that can occur when a manual process is in place. This can be done for anything from billing to payroll. Using software with a business-specific focus when available, however, can be an even better solution over…
Regardless of the type of business an individual is in, time management is always a point of concern. Often, the smaller the business, the more important time management can be, as a small number of people will regularly wear different hats throughout the day. There are, however, a number of…
We have all heard the stories about attorneys who were subject to disciplinary action or disbarred for unintentional trust account management errors. Often attorneys have bookkeepers handle their escrow and trust accounts out of fear of making inadvertent errors. We even know another attorney who turned down the opportunity to take over a successful small firm because their escrow account ledger was written in pencil!
According to the VA Circular, lenders issuing VA loans may disclose the fees. Lenders may itemize the charges in the empty 800 lines of the HUD-1 or lenders must provide a separate origination statement. The new origination statement must indicate the purpose of the charge and the amount.
The Right Software Can Boost Profits for Real Estate Settlement Agents.
Trust account bookkeeping basics provides tips to bring order, tighten controls and improve state regulation compliance.