We are headed into the second quarter of 2023, and hopefully your firm is off to a great start. But have you checked in with your bottom line lately? Can you forecast where you will end the year? Do you understand your firm income, expenses, profit and cash reserves? These are all important pieces to …
Are You Ready for a Trust Account Audit? It’s just a typical Tuesday morning when a letter from the state Supreme Court arrives and says, “The Office of Attorney Ethics conducts a program for random inspection of attorneys’ records to determine compliance with the recordkeeping provisions of the Rule of Professional Conduct 1.15. Your firm …
Need help with your trust accounting? Reach out to the CPN Legal team, we are here to help. Law school does not adequately prepare you for the day-to-day business of running a firm. It is imperative that you pay close attention to the handling of your trust account. How you handle your client’s funds cannot …
Start the Year with a Solid Trust Accounting Foundation Read More »
Part II: Key Metrics to Review for Profitability We are closing out 2022 with blogs to focus on measures to track profitability. We talked about reports to prepare for 2023 in our last blog. Now let’s talk about some key metrics to have in place for 2023 and review on a regular basis. Understanding which …
On October 10, 2022, 12 members of the CPN Legal team traveled to Nashville, Tennessee to participate in the 10th annual Clio Cloud Conference. As one of the leading Bookkeeping and Accounting groups for small and solo law practices, CPN Legal has invested time and talent in discovering and implementing the best in legal technology. …
Is 2023 going to be a profitable year? Key Metrics to Track Part One: Law Firms Are Profitable. Is your firm? Let’s set the stage with a very positive image: Law firm businesses are very profitable businesses. According to an IBISWorld article in 2022, law firms ranked in the Top 10 most profitable industries, seeing a 1.5% …
This month we are digging into the importance of trust accounting. Stay tuned next month for a feature on how CPN Legal has assisted clients through trust account audits, and how we can help you stay ahead of an audit. INTRODUCTION TO TRUST ACCOUNTING When our firms talk about ethics, too often they focus on …
This month we are closing out our summer series to help you better understand your firm’s profitability. In case you missed the earlier parts, you can find them here: Part I: Chart of Accounts Part II: Your Reports Part III: Cash Flow For the last part in our series, we will talk through some best practices …
This summer we are digging into the tools you have in your pocket to help you better understand your firm’s profitability. In case you missed parts I and II of our series, you can find them here: Part I: Chart of Accounts Part II: Your Reports This month we are focusing on forecasting your cash flow. …
Many of our clients were the recipients of Economic Injury Disaster Loans (EIDL) related to the COVID pandemic. Unlike the smaller EIDG (grants) and forgivable PPP Loans, these loans accumulate interest at 3.75% per year and must be repaid over a 30-year term. There is an initial deferment period during which payments are not required, …
