One of the biggest questions small law firm owners ask us when it comes to optimizing their business is how they can tell if their profit margins are healthy. Sometimes, finding benchmarks for profitability for small firms can be challenging, as many national benchmarks are considering large and mid-sized firms as well. Still, your profit margin is the best indicator of your firm’s financial healthy and overall efficiency and needs to be evaluated in order to help your firm succeed. Today, we’re going to share some advice about how to understand your profit margin in context, manage your law firm’s labor costs in order to boost profits, and give some tips you can use to boost your profitability overall.

Giving Tuesday is on the horizon! Has your law firm considered how you can support your favorite charities and non-profits this year? Especially during this time of year, many attorneys are searching for meaningful ways to give back to their communities and show support for the causes that matter most to them. It’s an added benefit that charitable giving can help reduce your tax burden, too! Today, we’ll share some of the tax benefits of charitable giving for law firms, address some of the most commonly asked questions, and provide guidance on how to donate and get the tax deductions you’re entitled to for those donations.

For attorneys looking for a job, the legal job market is looking great! But for law firms looking to hire, statistics tell another story. In April, the U.S. Legal Services sector declined in jobs for the first time in six months, which is the only sign that competition will decrease for law firms looking to compete for top talent.

In 2021, Bloomberg Law’s Attorney Workload and Hours Survey reported that attorneys experienced burnout about half the time and that attorney wellbeing was declining. Because burnout is stress that is specifically related to the workplace, this is a huge cause for concern for small law firm owners, who face the high cost of turnover if employees are left feeling exhausted and cynical about their roles in the firm.

For law firms, Q3 is a time to get serious about reaching revenue goals, especially if they’re not on track to exceed those goals already. The third quarter is one of the best times to make changes that will bring increased revenue to your firm because there’s still plenty of time to see a big shift in your firm’s financials by the end of the year, based on the actions you take today. If you’re a firm owner looking to increase revenue this quarter, we have some advice to share about how to make it easier. Today, we’ll be talking all about the “little” things you can do to increase your revenue and keep cash flowing into your firm continuously over the last two quarters of the year.

With all the different case management software solutions available to law firms, deciding which one is right for your firm can be a challenge. Because we specialize in supporting law firms specifically, our team is experienced in multiple different software solutions and can help recommend the best one for your unique situation. One of the ones we frequently recommend to clients is LeanLaw, which offers deep integration with QuickBooks online.

In today’s legal climate, transitioning to paperless is a vital step for law firms. Going paperless is no longer all about convenience but also about efficiency, time management, and increased compliance. By going paperless, law firms can expect that their workload management will improve, that their attorneys will be more productive, and that they’ll easily be able to pull information whenever they need it, with no risk of it going missing from the file cabinet.

Transitioning to the cloud for both bookkeeping and firm management should be a goal for any growing law firm, but making this transition isn’t always easy. Today, we’re sharing some tips for transitioning to a paperless law firm and operating it effectively.

When it comes to choosing a software for your law firm’s case management, there are a lot of factors to consider, from features to pricing and the ability to integrate your accounting software. We often help clients use their software alongside their accounting system to get the best outlook on their law firm KPIs, track billable hours more efficiently, and identify stopgaps in their process that are preventing them from being more profitable. One of the softwares we often recommend to clients is MyCase, which is an all-in-one legal software for billing, case management, CRM, and more.

QuickBooks may seem simple on the surface, thanks to their great marketing campaigns. However, most attorneys and business owners who have worked with the platform come to realize quickly that a tool as powerful and helpful as QuickBooks isn’t always so simple to manage. QuickBooks Online is a great platform that provides comprehensive solutions for … Read more

Is your goal to expand your law firm in 2023? If so, you might consider how adding to your firm’s practice areas can help you drive up revenue and boost your profits this year. According to Clio, practice area is one of the most important determinants of law firm revenue. For example, their 2020 Legal … Read more