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RECENT BLOG POSTS
The Value of a Cash Flow Report Done Right
Wednesday, July 1, 2020
Billing is a crucial part of your practice. Simply put, you need money. Your billing process is a necessary part of your workflow, but it can be used to do so much more than just ensure you're tracking your cash flow! We encourage you to set up your billing process with intention. Keep your firm's strategic goals in mind. If you are a client-focused practice, this means keeping your client experience in mind.
Year End Collections: Tips for Getting Paid Before Year-end
Friday, October 11, 2019
The year end is right around the corner, along with the holiday season. So, what do you really want for a holiday gift? How about getting paid for the work you did during the year and focus on year-end collections.
The holidays can be extra hectic for lawyers with the scramble to get money from clients before year-end and tax planning with your accoutant. Most law firms operate on a calendar year and are run on a cash basis, meaning work isn’t counted as revenue until clients pay. If you are a partner or even an associate, your compensation may be tied to the amount of money your firm collects on the work you billed. If you are a solo, you know all too well your compensation is directly tied to how much you collect on invoices.
Collection Realization Rates the Clio Way: Have you looked at yours lately
Wednesday, August 7, 2019
The financial health of your law firm—or any business—is ultimately dependent on three components:
1. Get the work: This means selling your product – yes, you are a salesperson disguised as a lawyer.
2. Do the work: The lawyering part of your job.
3. Get paid for the work: You have to collect money to actually earn it.
For all three components, you need to keep a steady stream into your business and also monitor your results to make sure your business is financially healthy. Envision a pipeline with a steady flow of water. A clog or a leak at any point in the pipe will affect the output of the entire pipeline. All three components work together to keep a steady flow.
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