The “billing” process doesn’t end until the bill is paid and the money is in the bank. That basic principle may seem obvious to people who think about efficiency and profitability every day, but for most law firms it is anything but obvious. For them, the billing process seems to end once the invoice is … Continue reading Change Is Coming: The Realized Hour v. The Billable Hour
As Headnote's CEO one of my favorite parts of my job is recording podcasts and being interviewed. I just loved people, especially people that work in and around the legal industry. If we've ever had the opportunity to meet it will come as no surprise to you that I also love to talk, and can … Continue reading Lawsome Podcast Featuring Headnote – “How The Modern Lawyer Gets Paid (or not)”
Law firms have a long list of requirements with accepting payments. Most obviously, these come up with accepting trust account payments. As you work to create efficiency in the flow of cash in your law firm, you need to make sure you’re following all best practices in trust accounting and accepting trust payments.
A law firm has many facets, and execution in the business side of law can be difficult as resources become spread thin. Therefore, law firms have to constantly be on the lookout for improvements that can be done easily and have a major impact.
Using the right tools to manage your firm’s post-invoicing processes results in better AR collection, getting paid faster, and more firm-wide efficiency. But do you know how to make simple changes that will yield big results?
In many cases, accounting is seen as debits and credits - making sure you’re following the rules. In reality, your accounting should be much more. You should be using your financial system to drive profitability and cashflow.
Headnote CEO Sarah Schaaf recently appeared on the Maximum Lawyer Podcast to discuss all things billing for law firms.