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Practical and insightful articles related to law firm financial management. Learn to produce sustainable financial freedom from law firm-specific financial insights and strategies.
What would you do if you found out someone was stealing $1500 from your firm every day? What if you discovered that an employee was embezzling $1500 from your firm every single day? Contracts...
Going into a new year, everyone has big goals and big dreams. You want to increase your profits but that can be a scary proposition and it can feel unachievable. Where do you even start? ...
Although non-lawyers like to think that attorneys swim in pools of cash, most law firms’ profits aren’t nearly as high as they should be. Sometimes, it’s a major failure causing the problem. In many...
Okay, it’s actually four things you need. Because the first thing you need is a GOAL! If you’re striving for a certain number of billable hours or a certain revenue number but don’t have a target...
Where did my profits go? One of the most common questions I get is “Where did my profits go?” Typically, I’m asked when I’m going over financials with a client and they notice the profit on their...
Do you have to spend money to make money? It’s an age-old question, but I think it may be the wrong question. It can lead us in the wrong direction and get us focused on the wrong things. So let’s...
Trust Accounting Tips Trust Accountingwe know, the only two words that can strike pure terror in the minds of lawyers. We get it, you aren’t accountants but are required to keep impeccable accounting...
1.7.21 Update: The stimulus bill passed in late 2020 made the PPP expenses deductible, Yippee! The IRS dropped the official guidance (again so we knew they were serious) we have been waiting forthe...
Law Firm Finances Myth #1 Myth #1 – You can do your accounting yourself Unless you have an accounting background, I realize some lawyers may have an undergrad in business and might have taken...