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Law firms throughout the world are currently operating in unprecedented times due to COVID-19. In response, many firms have found ways to become innovative and flexible. One of the biggest adjustments for law firms has been learning to work remotely and support hybrid teams. Working remotely is not new, but many firms have had to figure out how to effectively transition their entire workforce to remote work. This transition has involved many challenges, but two…
Last week, we explored several key elements of legal accounting that differ from general small business accounting, looking at cash basis vs. accrual, account types and costs advanced. In this article, we’ll explore trust accounting which is arguably the most intricate, and ultimately error-prone, component of legal accounting. Trust Accounting Trust money is money you are holding that does not belong to you. You cannot commingle this money with your regular operating bank account…
Your accountant may be great at handling small business accounting, but you need to be sure your accountant understands the differences between law firm accounting and other small business accounting requirements. It is your responsibility to make sure your books are correct. When vetting both accounting professionals and accounting software, having a basic understanding of the key distinctions between general business accounting and legal accounting can be critical to making the right decision for your…
While recent events have posed unique challenges to many law firms, the reality is that even during the most ordinary times, many practices have brittle technology stacks which can result in major disruptions to day-to-day operations when they fail. Forbes Technology Council recently published Technology: The Unsung Business Continuity Hero, an article written by Zola Suite’s CEO and Founder, Fred Cohen. In this piece, Fred identifies a few considerations that firms should take into…
We’re experiencing an unprecedented time in history, one in which most people are no longer working from their regular offices. For this reason, access to data from remote locations has become more important than ever. Remote access isn’t a new concept but, up until now, there has never been a widespread catalyst that caused it to be universally prioritized. Previously, we might think about it when there was a disaster like a hurricane that kept…
We’re experiencing an unprecedented time in history, one in which most people are no longer working from their regular offices. For this reason, access to data from remote locations has become more important than ever. Remote access isn’t a new concept but, up until now, there has never been a widespread catalyst that caused it to be universally prioritized. Previously, we might think about it when there was a disaster like a hurricane that kept…
In the new normal since the Coronavirus, it is expected that 80% of lawyers and professionals will do some work via their smartphones. This statistic is indicative of a trend that we expect to continue for many years to come — the legal industry, like so many others, must embrace a remote workforce. To ensure effective collaboration across hybrid-teams, firms need to be prepared with the right safeguards for those on-site and the right technology…
Congratulations! Your firm has decided to move to a new practice management, billing or accounting platform. You have gone through the analysis, made a selection, and now comes the big question – What data should be brought over to the new application? To start, think about how far back you need matter, contact and related matter information, and how this data will be used. Once you’ve identified the “must-have” data, it’s important to consider what…
How do you measure productivity and predict profitability? With time-based billing, the simplest way is billable hours. How many hours can (and should) timekeepers work in a period of time and how many of the worked hours are billable? If we assume only two weeks of vacation per year and a forty-hour workweek, the formula will look something like this: 40 hours per week * 50 weeks per year = 2000 hours Billable Hours /…
The legal industry has learned so much from recent events. 1. Employees can work remotely. Prior to the pandemic, approximately 30% of the workforce worked remotely. Now, in the midst of the pandemic, approximately 85% of the workforce is working offsite. Going forward, it is estimated that 50% of the workforce will continue to work remotely. Due to this increase, it has become more important to ensure that remote workers are compliant with the firm’s…