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Accounting and Financial Planning Tips for Law Firm Owners
Discover essential financial guidance specifically crafted for law firms to propel their success.
How to Find a Law Firm Bookkeeper Who Actually Understands Legal Accounting
Finding the right bookkeeper for your law practice isn't just about balancing accounts it's about protecting your license. Many law firm owners rely on generic bookkeepers who don't understand trust accounting, IOLTA compliance, or the unique needs of legal bookkeeping. This can lead to years of errors and potential bar violations.
This comprehensive guide reveals what to look for in bookkeeping services for law firms, including the critical questions every law firm owner mus
Nov 3
Why Your "Friend of a Friend" Bookkeeper Could Cost You Your License: The Truth About IOLTA Trust Account Management
Trust account violations remain one of the leading causes of attorney disciplinary actions, yet many small law firm owners still rely on general bookkeepers who don't understand IOLTA compliance requirements. Using your "friend of a friend" bookkeeper for attorney trust accounts isn't just risky—it could cost you your license.
This comprehensive guide reveals why specialized trust accounting expertise is non-negotiable, the serious consequences of poor IOLTA management.
Sep 25
From Burnout to Buyout: Designing a Law Firm Exit Strategy with Purpose
Burnout doesn’t mean failure—it’s a signal that it’s time for a new chapter. If you’re a law firm owner feeling overwhelmed and ready for a change, there’s a way to exit your practice without walking away empty-handed.
This article explores how to design a purposeful law firm exit strategy—one that transforms your firm into a sellable asset, builds passive income, and secures your financial future.
Aug 13
Top Accounting Practices for Legal Professionals
Mastering accounting for law firms is key to financial success and compliance. This blog highlights essential strategies, including IOLTA reconciliation for law firms, accurate client trust account management, and leveraging law firm accounting services. Learn how to optimize your accounting practice, generate reliable financial reports, and ensure compliance with legal and ethical standards. Explore best practices for accounting for law professionals to elevate your firm's f
Aug 5
Essential Bookkeeping Tips for Law Firms
Running a law firm involves more than just practicing law—it’s about managing a business. At the core of any successful business is effective financial management.
Bookkeeping for law firms is a critical aspect of this. It ensures compliance and promotes financial health. However, to many law firm owners accounting feels like feels like a burden, a necessary evil. The unique nature of legal accounting can make it challenging.
Aug 3
The CSG Difference: Why Cutting Corners on Legal Bookkeeping Could Cost Your Firm Everything
Discover why specialized legal bookkeeping services are crucial for your firm's success. Most law firm owners make a critical mistake—hiring general bookkeepers who lack expertise in attorney trust accounts and IOLTA compliance. This gap in specialized knowledge leaves thousands of dollars on the table while putting your practice at risk.
Core Solutions Group offers comprehensive law firm financial management solutions, including sound-proof trust account management, and ca
Apr 30
Navigating the Bench Accounting Shutdown: Essential Steps for Law Firm Owners
The sudden shutdown of Bench Accounting has left many law firm owners seeking alternative bookkeeping services to maintain their financial records and ensure compliance.
This article provides guidance on navigating the transition from Bench Accounting, emphasizing the importance of selecting a reliable online bookkeeping service that offers comprehensive financial reports tailored to the legal industry.
We'll discuss the key considerations for law firms.
Mar 1
The Law Firm Financial Freedom Framework: Taking Control of Your Money for Good
Take control of your firm's finances with the Law Firm Financial Freedom Framework. Designed for lawyers, this system simplifies law firm financial management, ensuring profitability and stability. From financial planning for lawyers to optimizing cash flow and tax strategy, our framework provides the tools you need.
Whether you need attorney bookkeeping solutions or guidance from a law firm CFO, we help law firms scale with confidence. Learn how a CFO for law firms can tra
Feb 19
Navigating Common Clio Software Challenges
Struggling with Clio accounting issues? We address common challenges with Clio’s bookkeeping like Clio calendar sync not working, and Clio data migration problems. Offering solutions for Clio integration with QuickBooks issues, Clio trust accounting errors, and Clio payment processing problems. Learn tips for resolving the Clio mobile app not syncing and how Core Solutions Group can streamline your financial processes with tailored support. Let’s master your firm's finances t
Jan 28
The Controversial Augusta Rule: Tax Savings for Law Firm Owners
The blog explores the Augusta Rule, a tax strategy allowing law firm owners to rent their homes to their businesses for up to 14 days annually without reporting the income for federal taxes. It explains the rule's origins, compliance requirements, and potential benefits like tax-free income and business expense deductions. Practical examples and tips for law firm owners ensure effective application while avoiding IRS scrutiny.
Nov 22, 2024
Law Firm Fraud: Accounting Horror Stories and Prevention Tactics
Ensuring your law firm’s financial security is crucial to avoiding embezzlement and fraud. Law firm fraud prevention starts with understanding the various ways employees might commit fraud, from payroll fraud to misuse of credit cards. This blog post dives into accounting horror stories that demonstrate the real risks your law firm faces. Without internal controls and vigilant financial oversight, your law firm’s assets are at risk.
Sep 11, 2024
An Employers Guide to Tax-Free Employee Reimbursements & Benefits: Tips and Tricks
Employee reimbursements are an effective way for small law firm owners to enhance compensation without triggering additional income or payroll taxes. By understanding the importance of employee reimbursement laws and implementing an accountable plan, businesses can offer tax-free benefits to their employees while maintaining compliance with federal and state regulations.
Sep 11, 2024
Why You Should Not Take Business Advice from Your Tax Preparer
Navigating the financial landscape of a law firm can be complex, especially when it comes to deciding who to trust with business advice.
Relying solely on your tax preparer for business advice can be problematic. While tax preparers excel in compliance and minimizing tax liabilities, they often lack the broader business strategy perspective that a CFO or financial advisor provides.
May 21, 2024
Why 80% of Law Firms Overpay in Quarterly Estimated Tax Payments
Master the complexities of Estimated Quarterly Tax Payments with Core Solutions Group's expert guidance for law firms. Explore our strategic approach to quarterly tax payments, utilizing IRS Form 1040-ES and optimizing Federal and State income tax obligations. Learn how to leverage tax vouchers effectively, calculate precise tax liability, and identify deductions and credits tailored to the legal industry.
Dec 26, 2023
You Don’t Get What You Don’t Ask For - Law Firm Client Payment Collection Best Practices
Mastering Client Payments: A Proven Strategy
We address the age-old issue: clients not paying on time. Frustrated with this common hurdle? You're not alone. 7 out of 10 law firms face the same challenge. What sets successful firms apart? They have airtight systems that ensure timely payments and minimal collections cases.
Julie's story resonates with many. When about to implement an accounts receivable process, hesitation kicked in. The hard truth: clients take paying serio
Dec 5, 2023
Parkinson’s Law and Practicing Law - Cash Flow Management: Parkinson's Law for Lawyers
Parkinson’s Law and Practicing Law: The Money-Time Connection
Remember that exhilarating feeling when you decided to launch your own law business? The thrill of making a difference, earning money, and gaining time for what truly matters? Fast forward, and while your firm is making good money, your take-home isn't what you envisioned. You're investing heart and soul, yet your profits aren't aligning.
Time and money are intertwined, and as a business owner, you grasp residual
Sep 11, 2023
Know Your Profitability
Mastering Profitability: Making Informed Choices
We delve into understanding your profitability like a pro. Let's break it down with a real-life example. Practice Area 1 yields $3k revenue per case, with $996 in wages and $425 in expenses, leaving $1,579 for the firm. The total hours invested? Around 9, translating to approximately $175 per hour.
Contrastingly, Practice Area 2 rakes in $5k revenue, $654 in wages, $900 in expenses, and a firm share of $3,446. The hours inves
Sep 4, 2023
Accounting Speaks, If You Listen
Unlock Legal Business Success through Financial Insights! Discover how your numbers become powerful tools for strategic decisions, steering your venture towards profitability. Explore formulas within your financials to forecast your future, focusing on specialized services like estate planning and business law for added value.
Meet Tim, a veteran lawyer whose passion waned due to business pressures. Don't let that be your story. Regain your power to positively impact lives w
Aug 29, 2023
Accounting Avoidance Syndrome – Why this Boring Crap Matters
In these fictitious yet instructive examples, a vital lesson emerges. The crux? Brace yourself! The initial scenario hints at your legal business's profitability, yet conceals its origins. In contrast, example #2 unveils a gem: your unmatched profits flow from uncontested divorces, yielding a striking 93% gross profit margin pre-deductibles. On the flip side, no-fault divorce cases yield a modest 59% gross profit margin pre-expenses.
These insights empower strategic enhancem
Aug 9, 2023
A Practical Guide to Working with a Tax Preparer: Strategies for Success
Taxes are as complex, tedious, and ever-changing as you think they are. Be intimidated, it’s valid. That’s why it’s important you understand how to leverage your tax professional’s skill set to manage this part of your business. Navigating the complexities of tax preparation can leave you feeling lost, especially for law firms aiming for sustained profitability and cash flow. How does it all work together and what is this tax strategy thing? How does it tie into my profits an
Jul 22, 2023
Outsourcing vs. Hiring a Bookkeeper for Your Business: Pros and Cons to Consider
If You’re Growing And Scaling, You’ve Either Already Considered This Question Or You’re Starting To Ask Yourself This Question.
Hope is not a strategy, so when your client base grows to fit the time you have to dedicate to work, your next step is to delegate the tasks that someone else can easily take over for you allowing you to re-invest your time into tasks that are bringing more money into your firm. In this blog post, we’ll go over the pros and cons of outsourcing vs.
May 8, 2023
Maximizing Law Firm Profits: Why Ditching the Billable Hour Model is Essential
I know, you keep hearing about flat fees and how it’s the thing to do. You also have your doubts about why it might not work for you, or you don’t know where to start to make this transition. Truth be told, not every practice area is a good fit for a flat fee model. However, most of them are. And with a little bit of data, you can make the switch without sacrificing profits.
Feb 5, 2023
The Overlooked Golden Nuggets of 2020 for Law Firms
COVID was an unexpected jolt to everyone around the world. It’s been a year of realizations, heightened social awareness, a massive shift in the education system, and a universal pause that begs for reflection. It has shown us that change is inevitable, and complacency can hurt. Try to deny or fight those two truths, and you’re going to be left behind.
Nov 30, 2020
Mind Over Crisis in the Era of COVID-19
The recent crisis known as COVID-19 has shaken the lives of people all over the world. At this point, there is no “normal” to go back to.
Apr 20, 2020
The Lies You Believe Around Money (and Why They’re Choking Your Law Firm's Profits)
The biggest thing that holds firms back from profits is the belief around money. If you believe it’s hard to earn 1 Million in annual revenue, your path to becoming a 1M+ firm is going to be a rough one. You’ve heard, “if you say you can, you’re right and if you say you can’t, you’re right”?
Oct 10, 2019
Hire a Bookkeeper vs. Outsource Your Law Firm Accounting: The Pros & Cons
If you’re growing and scaling, you’ve either already considered this question or you’re starting to ask yourself this question.
Jul 15, 2019
3 Law Firm CFO Practices You Can Start Today
There are some things you should not cheap out on, your money is one of them.
Apr 8, 2019
What Your Clients Are Saying About You
If you aren’t listening to what people are saying about lawyers, you’re missing out on the opportunity to overcome the stereotypes.
Mar 12, 2019
The Billable Hour is a Thing of the Past - What’s Next for Law Firms
Say the words “billable hour” to any attorney and they might groan at the memory of tracking their work time in three-minute increments. Billable hours, once a staple of the law industry, are quickly becoming a thing of the past. So, what’s next?
Mar 5, 2019
Hope is Not a Strategy
If your firm is not moving in the direction you want, it may be because you’re hoping for success instead of planning for it.
Mar 1, 2019
End of Year Checklist for Law Firms
Yes, it’s that time of year again. But this year, let’s be a little more proactive. Intentions are great, but they are nothing without action.
Jan 15, 2019
5 Areas of Your Firm to Evaluate Before Year End
If you slacked in the goal setting area this year it’s alright, it’s not too late to gain some insight about how your firm performed in 2018.
Dec 12, 2018
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