Verify your solution uses bank-level encryption, secure data storage, and proper confidentiality protocols. Ask about compliance certifications, backup procedures, and disaster recovery plans to protect sensitive client financial information. Bill by campaign, track hours across clients, and show results with clear reports. TimeSolv helps you manage retainers, control budgets, and stay one step ahead of the deadline.

• The firms seeing the best results start with one high-impact workflow client intake, document automation, or client communication prove the concept, then expand systematically.
• Tailoring our communication style, strategies and insights to your business, culture and values.
• The platform integrates with accounting and document management tools, including WealthCounsel for drafting customized estate plans (Clio.com).
• Keeping client funds separate ensures the money isn’t inadvertently used for your business or personal expenses.
• Invoices are generated, validated, delivered, tracked, and paid within a single, unified, and secure SaaS environment with no unnecessary handoffs between systems.

What features should I expect in a top legal practice management solution?

While it’s not specifically designed for the legal industry, it offers a versatile platform that can meet the needs of many law firms. Get the industry-leading legal practice management software and support that empowers you to run a more profitable, organized law firm and attract your ideal clients. Standard billable hour targets for UAE law firms range from 1,600 to 1,800 hours per year for fee-earning attorneys. This represents approximately 70% of total working hours (assuming 2,300-2,500 total hours annually). The remaining time is allocated to business development, administrative tasks, training, and pro bono work. In conclusion, law firms today face numerous challenges that require innovative solutions and effective tools to address them appropriately.

• We are dedicated to providing white-glove service through the law firm’s subscription.
• For instance, Clio users experience a 43-day shorter lockup period for payments (Clio.com).
• While it’s not specifically designed for the legal industry, it offers a versatile platform that can meet the needs of many law firms.
• Don’t let staffing shortages, turnover, or inefficiencies hold your business back.
• Rocket Matter’s industry-leading QuickBooks integration streamlines your financial workflows and eliminates manual adjustments and errors—not to mention frustrations.

Best Practices for Time Tracking:

• For a small firm with moderate cases, it could take a few weeks to a couple of months.
• Law Firm Bookkeeping Solutions, Inc. (LBSI) is the billing and bookkeeping solution for the modern law firm.
• Accelerate your review of new documents and perform rapid quality control, with performance on par or exceeding eyes-on review.
• Xero is a cloud-based accounting solution that’s perfect for smaller law firms or those seeking an easy-to-use platform for general bookkeeping.
• In cash basis accounting, you record income and expenses when money changes hands.
• If you’re tech-savvy, Zoho Books can be tailored to support flat-fee billing and project-level tracking.

Beyond immediate benefits, professional bookkeeping provides the foundation for strategic growth. law firm bookkeeping Accurate financial data allows firms to identify profitable practice areas, understand which cases generate the best returns, and make data-driven decisions about hiring and expansion. This level of insight is impossible with generic tools designed for every industry.

Manage Your Matters Better

This makes adhering to existing laws and regulations a challenging task for many law firms. However, law Surface software provides an integrated tool for managing cases effectively, allowing lawyers to track all case details from their initial stages to their conclusion. The software also offers an organized and user-friendly interface, which contributes to faster access to data and legal documents. Consequently, lawyers can view all cases at once and update information instantly. Efficient case management is one of the most complex tasks in any law firm, requiring the tracking of numerous details such as hearing dates, legal documents, and correspondence. Without an effective management system, this can lead to lost documents or delays in procedures, damaging the firm’s reputation.

Trust our experienced professionals to manage your bookkeeping with precision and reliability. Whenever you require assistance, we are here to handle your business or corporate tax filings. To maintain IOLTA compliance, it’s important to avoid commingling unearned and earned funds. Instead of debiting cash and crediting income, you should debit the IOLTA account with a corresponding credit to Trust Account Liabilities. When you later earn your fee, you would debit Trust Account Liabilities and credit your revenue account.

If there is any error or misunderstanding, please contact us so we can review the relevant article and remove it if necessary. This CLE for in-house counsel explores ethical challenges in advising corporations, including multijurisdictional practice, confli… At 96% client satisfaction, our tech-forward bench offers experience you can trust. Leveraging deep industry knowledge and investing time to understand your business. Don’t let staffing shortages, turnover, or inefficiencies hold your business back.

Software Recommendations

Specialized bookkeeping ensures accurate financial records, tax compliance, and helps lawyers focus on their practice. A law firm bookkeeping solution is a specialized service designed to manage the unique financial requirements of legal practices. Unlike general bookkeeping, these solutions understand the critical distinction between operating accounts and trust accounts, IOLTA compliance, and legal industry billing complexities.

• Law firm accounting requires segregating trust accounts from operating funds to protect client money and maintain professional licenses.
• It provides automatic will and trust analysis, step-by-step guidance, and automated estate accounting.
• To maintain IOLTA compliance, it’s important to avoid commingling unearned and earned funds.
• For firms that already use or want to use QuickBooks Online, LeanLaw adds legal billing, trust compliance, and matter-based reporting on top.
• We make your bottom-line our bottom-line, partnering with you to reduce your overhead so you have the time to do what you do best—practice law.

Turn Effort Into Efficiency and Practice Into Profit

The use of the terms “our company”, “we” and “us” and other similar terms denote the alternative practice structure of Sikich CPA LLC and Sikich LLC. Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. Keeping up with changes in laws and regulations is a difficult task for lawyers. Moreover, non-compliance with legal amendments can expose the firm to legal accountability.