The Suite Spot

The financial health of a law firm is ascertained by analyzing and evaluating many different pieces of information. Law firms, like many other businesses, sometimes evaluate their success based on the amount of money they have in the bank. Although it is very comforting to carry large bank balances, this represents very little about a law firm’s profitability or financial health. The net profit of a law firm is one very important factor used in…
In these uncertain times, attorney turnover has become more problematic. It is now more important, therefore, for law firms to provide a stable environment to retain their lawyers. It’s equally important to establish a good onboarding experience for new lawyers joining the firm. Management must be flexible, understanding that each attorney will have different requirements, and that no two people or practices will be alike. It takes a lot of time and effort to properly…
Do you often draft the same type of document for different clients? Do you try to use the same one as a base? Remember the last time you had to draft a document? What steps did you take? Find one you did for another client Review and clear out all information from prior client Save as a new version Look up information needed and plug into the new version Reread to make sure you did…
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…