Is your law firm losing $1,570/day in revenue?
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 terminated, charges filed, and probably some new security measures in place? That’s what I thought. Now, what if I told you […]
Your Firm is probably earning more than you realize. here’s why…
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? Luckily, there are some simple steps you can take and you’re likely already bringing in more than you realize. Let […]
3 Mistakes that are reducing your law firm profits
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 cases, it’s the little things that add up over time. Here are three strategic mistakes I see all the time that […]
3 Things You Need to Hit Your Profit Goals This Year
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 profit margin, you need to get one. How will you know if you’re on track if you don’t have […]
Where did my profit go?
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 Profit & Loss statement looks nothing like the balance in their bank account! Let’s talk about why that […]
Do you have to spend money to make money?
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 take a lot at this question, try to answer it, and also answer all the […]
3 Tips to ensure your trust accounting isn’t keeping you up at night (and a free template!)
Trust Accounting…we 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 records. Here are three tips to help ensure your trust accounting is done correctly! Monthly Reconciliations Ensure that whoever is doing your accounting for you […]
Well, it looks like it is final, PPP expenses are not deductible (Just Kidding, they are now deductible!)
1.7.21 Update: The stimulus bill passed in late 2020 made the expenses deductible, Yippee! The IRS dropped the official guidance (again so we knew they were serious) we have been waiting for…the portion of a PPP loan that is forgiven is not deductible for tax purposes. This means you can not reduce your income by […]
4 Myths About Your Law Firm Finances
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 some accounting classes, you really are not qualified to do your own accounting. Additionally, you shouldn’t be doing it because it’s a waste of your time. […]
4 Headaches That Can Be Cured with a CPA Specializing in Law Firms
Working with an accountant that specializes in accounting and tax for law firms can take away a lot of your headaches. 1. Do you find yourself explaining how your trust (IOLTA) account works to your accountant every year at tax time? As you know, trust accounts are intended to hold deposits until the fees are earned. All […]
