When you’re running a small law firm, client service and representation will be your key focus, but it shouldn’t be the only one. You also want to keep a close eye on your finances. Money matters, and making mistakes in this department can have serious consequences.  In this article, we'll highlight five common financial blunders that small law firms often make. Whether you're just starting out or have been Read More

As with any business, law firms rely on cash flow to keep their operations running smoothly. However, not all clients pay promptly, and any delay or failure in collecting accounts receivable (ARs) can impact your bottom line. With legal fees accumulating over time, it becomes crucial to ensure timely payments.  While you’re going to run across some clients who won’t respond to anything short of a collection Read More

When it comes to running a law firm, keeping an eye on the money is non-negotiable. Whether you're a sole proprietorship or managing a larger enterprise, having a grip on your finances is the key to success. To do that, you need financial reports that show you where you've been, where you're at, and where you might be headed. In this article, we'll talk about four financial reports that every law firm owner, Read More

Managing a law firm's finances is a full-time job. Bookkeepers aren't just assets; they're essential when it comes to handling client funds, complying with regulations, and managing expenses. Selecting the right bookkeeper for your law firm can make all the difference in maintaining financial health and achieving long-term success. But how do you find someone who understands the specific requirements of the legal Read More

Kristen David, a former trial lawyer and partner who went from working 85 hours a week and barely making ends meet, built it up to a million-dollar-plus business, then sold her shares and pivoted into a business coach guru. She is now an international speaker, and bestselling author, and operates a successful coaching firm, empowering business owners to build thriving, profitable businesses that are self-managed with Read More

Malpractice insurance is a crucial component of risk management for lawyers. Whether you’ve been practicing for years or are fresh out of law school, the potential for mistakes or oversights is always present. As such, it's important to have adequate protection in place to guard against the financial consequences that could result from malpractice claims.  Chances are you already have malpractice insurance. Read More

A version of this article originally appeared on Forbes.com and was graciously provided by Paula Black. Paula is one of the world’s leading business and professional development coaches for lawyers, entrepreneurs & service providers, award-winning author & speaker. Do you remember where you were on September 15, 2008? I'll never forget. I was on a cruise in the Black Sea, sailing from Athens to Read More

You’re sending out invoices, but that doesn’t mean as much when the bills go unpaid. What makes matters even more difficult is that when you run a smaller practice, you don’t have time to chase clients down for payment. Even if you did, it’s hard to do so without risking the relationship. The answer is to develop an effective accounts receivable process. This article provides tips for encouraging clients to pay Read More