by profitsolv | Aug 20, 2024 | Accounting practice management, Cosmolex
Cash and accrual basis accounting are both methods for recording law firm transactions. The most significant difference between cash and accrual basis of accounting is how the transactions are logged. Choosing an accounting method is crucial for any business, helping...
by profitsolv | Aug 13, 2024 | Accounting practice management, Cosmolex
State Bar Rules dictate how law firms should manage client funds, and when lawyers inadvertently or purposely mix client funds with personal or business ones, it is known as commingling. Rules on managing client funds vary by state. Most jurisdictions require...
by profitsolv | Aug 12, 2024 | Accounting practice management, Cosmolex
Digital marketing costs for lawyers have increased in recent years, due to more competition between law firms for cost-per-click advertising and stricter data privacy laws. Today, the average law firm spends $500 to $2,000 to acquire one new client. To ensure a...
by profitsolv | Jul 31, 2024 | Accounting practice management, Cosmolex
There’s nothing like a confusing invoice or a complicated payment process to take the shine off great work. Yet for many law firms, billing frustrations are commonplace. Consider that a 2023 Thomson Reuters survey reports that the average law firm has an 18%...
by profitsolv | Jul 29, 2024 | Accounting practice management, Cosmolex
Successful law firms work to enhance productivity and profitability while delivering exceptional client service. Tracking and optimizing utilization rates is a significant help in this effort. What is utilization in the legal industry? Utilization means looking at how...
by profitsolv | Jul 25, 2024 | Accounting practice management, Cosmolex
Maintaining a robust online presence helps your law firm increase brand awareness and attract clients. A well-crafted professional website serves as your virtual storefront, giving potential clients their first impression of your firm. Your website must communicate...
