Need help managing your law firm’s finances? We’ve selected our favorite articles for smart financial planning.
Solo lawyers and small firms need adequate resources for managing their law firm finances. Take a look and see what can help you!
1. Money Management: 8 Tips to Benefit Your Solo Law Firm’s Bottom Line
Starting your solo firm is a nerve racking process. Your financial status is never far from your thoughts. Finances often spawn worrying questions that can keep a solo attorney up at night. This article lists the best tips to help you manage your money so you can run a more efficient firm.
2. 12 Best Budgeting Software & Tools to Help Manage Your Company’s Budgets
Did you know that using Excel to manage your law firm’s budgets will increase your risk of making mistakes? Close to 90% of spreadsheets contain errors. Online budgeting tools are a better option because they streamline and organize your finances. This article provides a list of next generation tools that are easy-to-use, so you can move your budgets out of Excel and bring more structure to your finances.
3. How to Run a Law Practice on Less Than $400 Per Month
Smart financial planning and thorough research were the two things that helped intellectual property and litigation attorney, Bryan DeMatteo, the most when he first launched his solo practice. According to Mr. DeMatteo, it’s absolutely imperative you keep your overhead extremely low when you first start out. This article details how Mr. DeMatteo was able to operate his solo law practice on a shoestring budget of less than $400 per month – excluding his malpractice insurance.
4. 6 Legal Accounting Tips For Your Firm
Before you start a law firm, it’s important to understand the difficulties associated with legal accounting. It doesn’t matter if it is a large or small firm, the ability to stay compliant is essential to both your success and survival. Unfortunately, lawyers are extremely susceptible to compliance issues. This article provides six easy tips that will help you manage your accounting and avoid disbarment.
5. Top Business Budgeting Mistakes
Making mistakes with your money management can put you out of business. You have to maintain a detailed, organized budget if you want to grow your business and run a successful law firm. This article includes common mistakes failed businesses make with their budgeting so you can avoid sabotaging your own firm.
6. 4 Clever Budgeting Tips for Small Business Owners
It’s highly unlikely business will be booming during the first few months after opening your law firm. Conserving money is crucial when you start out because you have to cover your startup costs and stay in business, while also trying to get your practice off the ground. This article will help ensure you will have the money to cover unexpected business costs and keep your firm running smoothly.
7. Bootstrapping: Building a Law Firm on a Budget
Becoming a solo attorney means you have to be prepared to run a lean operation with low overhead costs. Putting together a one-year plan on paper, detailing your law firm needs and associated costs, is a mandatory exercise. This article outlines the essential budget items you will need to support your practice for the first year, and also set yourself up to succeed in the future.