As an attorney in Illinois, it’s important to stay up-to-date with changes to the rules of professional conduct. Recently, the Illinois Supreme Court has made significant updates to their rules, including the codification of three types of retainers, revamped language
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firmTRAK publishes content focused on the intersection of business operations, regulatory changes, and economic policy, particularly as they affect small businesses and entrepreneurs. Topics include the impact of federal government policies such as the transition from paper checks to electronic payments, state-specific business regulations like Delaware's DBA rules, and broader economic issues including Federal Reserve policies and inflation. The blog also addresses technological disruptions, such as AI's potential effects on the labor market, and practical financial shifts impacting consumers and businesses. firmTRAK provides analysis and guidance on navigating compliance, financial management, and strategic planning in a changing regulatory and economic environment.
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Law Firm Metric KPIs: Why Tracking Days Sales Outstanding Counts
Improving the Law Firm AR Cycle
Record of days sales outstanding (DSO) is one of the key performance indicators (KPIs) for determining law firm liquidity. Reporting of DSO rates for a firm’s sales cycle assists in determining the timeframe until…
What are the key indicators of the health of your Law Firm?
There’s a spectrum of sophistication when law firms and business owners look critically at the performance of their law firms. The first rung on the latter would be what most of us do in our daily lives and check our…
Legal Ramifications of “Piercing the Corporate Veil”
What is the Corporate Veil?
Piercing the corporate veil refers to a court ignoring the limited liability of a particular business entity when there is outright fraud or abuse taking place within a business. Each state has its own case…
How Law Firms Are Controlling Accounts Receivables Quality: Old vs. New Client Accounts
The quality of law firm accounts receivable (AR) is made possible by way of key performance indicators (KPIs) reporting records of old and new accounts, as well as payment activity, billing collections, and client communications. Metric KPIs permit a firm…
Does Commingling your funds matter? Or, for law firm owners is it just more work?
Law firms and other business owners can be focused on the action first and the organization second when setting up their business accounts. However, a business needs guard rails to keep funds associated with their business in their business account…
‘Over 60 Days, and you’re not getting paid:’ Proactive Tactics Improve Legal Billing Cycle
Today, law firms can improve their AR collections by subscribing to the firmTRAK reporting solution. This automation can outsource business processes, designed to translate the payment behavior of individual client accounts into KPIs useful for tracking and profitability reporting. A…
5 Important lessons from ‘the proper way to charge your iPhone to retain 100% battery capacity’ can teach us about running a business.
Many times business owners fall into established routines in their day-to-day. Every so often workflow processes and procedures should be evaluated for efficiency and effectiveness. This is doubly true when it comes to using technology. iPhones in particular have had…
Planning Your Law Firm’s Workflow Around Collections, Automatic Software Reminders
One of the most effective methods of enhancing law firm billing process performance is automated invoicing and scheduled payment reminders. firmTRAK Solutions can help you set up CLIO, PracticePanther, and Xero accounting software to generate automated invoices and client…
Improving the Law Firm AR Cycle
Record of days sales outstanding (DSO) is one of the key performance indicators (KPIs) for determining law firm liquidity. Reporting of DSO rates for a firm’s sales cycle assists in determining the time frame until outstanding client accounts are paid.…