Great resources for improving and managing your law firm’s finances!
Improving your firm’s revenues and properly managing your firm’s finances is never a bad idea, it will only help you to run a more profitable practice. Follow these tips and resources on how to better manage your law firm’s finances.
1. Money Management: 8 Tips to Benefit Your Solo Law Firm’s Bottom Line
Money is a precious commodity for any attorney, and even more so when you are a solo attorney just starting out. Starting your solo firm is a nerve-racking process. Your financial status is never far from your thoughts. These great money management tips will help you avoid being surprised when you look at your bank account balance.
2. Improving Law Firm Profitability: Top Ten Cost-Cutting Strategies
It is not uncommon for small or solo law firms to get caught in a cash flow trap as well as overall profitability problems. There have been many law firms and small businesses that were profitable, but failed due to simply running out of cash. Follow this article to get 10 tips on how to improve your firm’s profitability.
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 one intellectual property and litigation attorney when he first launched his solo practice. It’s absolutely imperative you keep your overhead extremely low when you first start out. This article details how this solo was able to operate his solo law practice on a shoestring budget of less than $400 per month – excluding his malpractice insurance.
4. Keys to Effective Cash Flow Management
Every business has to generate cash to survive, whether you run a Fortune 500 company or a shaved ice stand—or a law practice. Most businesses pay expenses well in advance of delivering services and then invoicing the client. Accounting for the time lag between cash going out and cash coming in requires careful planning and attention. But cash flow management in a law firm can be particularly challenging.
5. Law Firm Accounting 101
You didn’t get into law to do accounting. But taking the time to properly set up your finances won’t just make it easier to file your taxes each year. It’ll save you time, money, stress, and potentially legal headaches. You’ll have accurate financial statements on hand, which can show you how your practice is performing at any given moment. And it will be a lot easier to work with bookkeepers, accountants, new partners, and buyers, if you ever decide to sell the business. Follow the steps in this guide, and put your law firm on the path to financial clarity and success.
6. 5 Accounting Tips for Lawyers: How to keep your numbers in order beyond a reasonable doubt
When you became a lawyer, diving into the exciting world of legal accounting was probably not high on the list of things that excited you! But at the same time, lawyers face unique challenges when it comes to your business’s financials. And the penalty for not keeping a close watch will be more than a stern look from a judge. Here are 5 accounting tips for lawyers to keep your numbers in order beyond a reasonable doubt.
7. If Your Law Firm Accounting Is A Mess, Here’s What To Do About It
There are so many small law firms who have just accepted their fate and believe this mess is the only way to handle their financials. Fortunately, a mess is not impossible to get out of and it can be turned around, don’t be satisfied with a messed up or broken system for bookkeeping. It’s adding to your stress, costing you time and money, and limiting your opportunities to succeed. Here’s how to fix your law firm accounting mess.