Month: June 2022

Three Ways to Measure Your Law Firm’s Profitability:

1. Utilization Rate

2. Realization Rate

3. Outstanding Balances and Fees

Tips for Preventing Negative Trust Accounts:

1. Understand which funds belong in trust accounts.

2. Keep client funds separate

3. Never overdraft from your clients’ accounts

4. Balance all incoming and outgoing funds

If you’re the new owner of a budding law firm, your first instinct may be to focus on developing a slate of clientele as a first priority. However, in time, you will realize that getting your books in order in the beginning will prevent a lot of heartbreak and extra work down the line! Bookkeeping … Read more