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.
When you think about your firm’s accounts receivables, what comes to mind? Pain? Headache? Lost money? Wasted time? Accounts receivable exists in every business. In a law firm, this can be a sore subject as late payments and rising AR causes anxiety and potential cash flow issues. At Headnote, we’ve put significant effort into cleaning … Continue reading Re-thinking Your Law Firm’s Accounts Receivable
Of the many processes in a law firm, AR is one that has potentially the most frustration but the most potential. If a process is keeping money out of your firm plus causing tremendous headache, it’s probably worth finding a better way.
If you’re like most lawyers practicing independently or in small firms, you’re probably doing so without a dedicated administrative professional at your disposal. Do you have an accurate estimate of how much of your time is spent performing administrative tasks to manage your small law firm or solo practice? How does that stack up against … Continue reading Are admin tasks impeding your revenue growth?