The Law Firm Financial Index reports that profits in Q3 2024 rose 11.2% year-over-year, and profitability is at near-record highs for firms, with an increase in: Productivity Worked rates Demand Firms working on improving profitability can take strategic steps to improve productivity, billable hours and even time to payment. If you’re looking to maximize profitability, […]
Watch Peggy Gruenke’s recorded session from the 2024 Clio Cloud Conference. “Running a law firm is also running a business. And every successful business needs the right tools, processes, and insights to succeed. In this session, you will learn: · The power of connecting a firm’s billing, payment collection, and accounting · Key financial indicators […]
Law firm budgeting is an important part of running a firm. Money comes in and goes out of firms fast, and while you may have enough to keep the lights on and make payments, a lack of a budget can also hinder your growth. However, you’re running a firm, and with little time as it […]
A new year is the prime time to look back to see what worked and didn’t work and make adjustments going forward. Firm owners can learn a lot from past wins and misses of the year, and it all starts with reflection. Reflecting on the things that didn’t go as planned and figuring out what […]
This is a guest blog contributed by Darren Wurz. Darren Wurz is the Founder & CEO of The Lawyer Millionaire, where he serves as Chief Wealth Counsel to Law Firm Owners. He is the best-selling author of The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence, published […]
Now that we are officially in 4th Quarter, its time to start preparing for year-end. This can be a busy time for everyone, from holidays to tax preparation, and especially payroll and HR considerations. Below are a few payroll related year end items to think about and some relevant deadlines to be aware of before […]
At this year’s Clio Cloud Conference, AI was a prominent theme (we touched on this in part 1 of this series), but we also got a sneak peek at some new and exciting features that are coming to Clio. At this year’s Clio Partner Summit, not only did our team get an advanced look into […]
Clio’s Cloud Conference just wrapped up, and it was a time of excitement and reflection. Two main themes shaped the event: Harnessing your momentum Artificial intelligence is here And while AI might not have been on the ClioCon signs, it was abundantly clear to all attendees that AI is here and ready for the legal […]
Accuracy in bookkeeping is a meditation of what’s happening in everyday life. If your books are a “mess,” it’s often an indicator of disorganization in your processes and procedures. You may: Lack the resources to manage your books properly Need to integrate processes to keep your books accurate Want to invest in state-of-the-art tools to […]
While Law firms must follow strict compliance and ethics rules for trust management, the rest of their business is pretty simple and straightforward. The accounting basics can help you track revenue and expenditures, better manage your time, and find key areas of your business that you can improve on. Accounting requirements for law firms are […]
