Blog
IOLTA & Trust Accounting: The Essentials Every Law Firm Needs to Know
Nearly every jurisdiction in the U.S. requires an IOLTA program, or something equivalent, for any lawyer who handles client funds. The core rule underneath all of it: client funds are never the firm’s funds until they’re actually earned. That principle is the foundation of trust accounting, and it’s one of the areas where even well-meaning […]
The annual expense audit: how law firms find profit hiding in plain sight
Every law firm has expenses it has forgotten it is paying. A software subscription that outlived the need that created it. A vendor contract that auto-renewed at a higher rate. A membership nobody uses. A service that made sense three years ago when the firm operated differently. These costs are not dramatic — they rarely […]
A new year, a new budget: How law firms should be planning their finances right now
A budget is a set of intentional decisions — about how the firm will allocate its resources, what it will invest in, what it will protect, and what it is willing to cut. Without one, every financial decision gets made in isolation, without the context of the firm’s broader goals or constraints. That leads to […]
Planning for What Comes Next: Why Every Law Firm Needs a Succession Financial Plan
Law firm managers should be frequently thinking about the future. Where will their firm be in 1-5-10 years? Whether a firm is considering a lateral hire, a new practice area, a merger, or a partner is considering retiring, every strategic decision should rest on a financial foundation. Succession plan reports provide a foundation. They answer […]
Your KPI Report Is Only as Good as Your Data
KPI Reporting can be one of the best underutilized tools for a firm. But is your data accurate? A report that gives law firm leadership false confidence can be more dangerous than having no KPI report at all, because many important firm decisions are made based on it. So, KPIs are only as good as […]
When Good Attorneys Leave: What the Data Could Have Told You
When a partner or senior associate leaves, the cost to the firm is rarely calculated — but it should be. Between lost billable hours during the search, recruiting fees, onboarding time, and the client relationships that walk out the door, replacing a mid-level attorney can cost anywhere from half to twice their annual salary. The […]
Collection Rates and Cash Flow: The KPI Pairing Every Firm Needs
Are you always in a cash crunch when payroll comes around? Are your partner’s drawings inconsistent? Accounts Receivable (AR) aging with a large concentration of receivables in the 60–90+ day buckets indicates a warning sign of possible upcoming cash flow pressure. Firms that review AR aging monthly can forecast short-term cash needs with far more […]
What Gets Measured Gets Rewarded: Attorney Performance and KPI Reporting
In law firms where partner compensation is tied to performance, KPI reports create an objective foundation for compensation discussions. They replace opinion-based debates with data-driven ones. High-performing attorneys who can see clearly how their contributions are valued are less likely to leave. A well-structured attorney performance report goes beyond simply tracking billable hours. The metrics […]