The Suite Spot

Latest from The Suite Spot - Page 2

  Keeping accurate track of hours spent working on a client’s case is the most important step to increasing revenue.   There are only so many hours in a day and a finite period of time to work. Therefore, the questions remain: How can billable hours and productivity be increased? How can a timekeeper increase productivity? How can a timekeeper feel more confident about the billable time recorded? To address these questions, first analyze timekeepers’…
  Keeping accurate track of hours spent working on a client’s case is the most important step to increasing revenue.   There are only so many hours in a day and a finite period of time to work. Therefore, the questions remain: How can billable hours and productivity be increased? How can a timekeeper increase productivity? How can a timekeeper feel more confident about the billable time recorded? To address these questions, first analyze timekeepers’…
  When it comes to a firm’s financials, basic checks and balances, with duties divided among employees, are absolutely essential.   As more and more companies are implementing remote and hybrid work models, firms should review the checks and balances established in their internal procedures. Management has an obligation to administer relevant internal policies that will maintain the firm’s financial and professional integrity. Finance and Accounting When it comes to a firm’s financials, basic checks…
As more and more companies are implementing remote and hybrid work models, firms should review the checks and balances established in their internal procedures. Management has an obligation to administer relevant internal policies that will maintain the firm’s financial and professional integrity. Finance and Accounting When it comes to a firm’s financials, basic checks and balances, with duties divided among employees, are absolutely essential. For example, the employee who is preparing checks should not be…
  The best way to improve collections is to avoid them in the first place.   Earn More Without Working More? Sounds like a dream, but the key is collecting. If you work hard but don’t get paid, you’re losing money. Even a delay of 60 or 90 days costs you money. So, how do you improve collections? Get Paid Upfront The best way to improve collections is to avoid them in the first place.…
Earn More Without Working More? Sounds like a dream, but the key is collecting. If you work hard but don’t get paid, you’re losing money. Even a delay of 60 or 90 days costs you money. So, how do you improve collections? Get Paid Upfront The best way to improve collections is to avoid them in the first place. If you get a retainer up front, you secure payment before the work is done so…
  Most bar associations require a three-way reconciliation of the IOLTA account.   Whether your state calls it an “IOLTA account” or an “ILTA account,” attorneys are responsible for any trust/escrow/IOLTA funds. Most bar associations require a three-way reconciliation of the IOLTA account. Depending on the software you use for managing your firm’s trust funds, this could be as simple as pressing a button and reviewing the report; however, even if your process is that…
Whether your state calls it an “IOLTA account” or an “ILTA account,” attorneys are responsible for any trust/escrow/IOLTA funds. Most bar associations require a three-way reconciliation of the IOLTA account. Depending on the software you use for managing your firm’s trust funds, this could be as simple as pressing a button and reviewing the report; however, even if your process is that simple, it is important that you understand the “magic” behind the report. A…
  Law firms are second only to financial institutions in being targeted for attack.   Due to current events, remote work has now become routine. In this new environment, many law firms have not adequately considered how to attract and retain their clients. One issue that should be of concern to every practice is cybersecurity—law firms are second only to financial institutions in being targeted for attack. Sophisticated clients are much more likely to pay…
  Law firms are second only to financial institutions in being targeted for attack.   Due to current events, remote work has now become routine. In this new environment, many law firms have not adequately considered how to attract and retain their clients. One issue that should be of concern to every practice is cybersecurity—law firms are second only to financial institutions in being targeted for attack. Sophisticated clients are much more likely to pay…