Financially Legal

Millions of business use QuickBooks as their accounting platform. From sole proprietors to large corporations, from cobblers to manufacturing firms, QuickBooks users come from all corners of the business world. With QuickBooks serving such a diverse set of clients, there are certain industries and business types with unique accounting needs that QuickBooks doesn't fully support out-of-the-box. Law firms fit into this category.  

Dan Lear was recently interviewed by Mark Homer of legal marketing firm GNGF. Dan and Mark dove into many different topics including: 

• Company culture
• A $70,000 minimum wage
• The Confido Legal platform
• Law firm finance
• Alternative fee structures
• Expectations of the modern consumer of legal services

Written By Devon Thurtle Anderson, CEO of Financial Consulting Firm, Skepsis

When I first left my law practice to become a law firm bookkeeper and financial strategist, I was shocked to discover how many law firms struggle with cashflow.  Even more surprising was that this struggle isn’t just limited to a few seemingly rag-tag solo general practice firms.  To the contrary, when I had a chance to look under the hood at dozens of law firms’ books and financial records – including law firms I had always seen as hugely successful – I learned that almost every law firm has a cashflow problem within any given 12-month period.  So, as part of my bookkeeping and consulting services, I set out to change that.

Kim Bennett got burned by hourly billing. She lost a bunch of money and, having come up as a young lawyer in a corporate, in-house role, the model didn’t make sense to her. One day she pitched a client on a recurring monthly fee and, to her surprise, they accepted. That’s right, we’re talking subscriptions again. But where the guest from our last subscription-based law practice, Jon Tobin, uses subscriptions in more of a "one-to-many" way, helping lots of clients with a specific set of offerings, Kim has fewer what she calls “premium” subscriptions and they include more comprehensive, regular work with the clients.

I know you didn’t go to law school to manage financials or be an accountant, but it turns out that your ability to successfully support and represent your clients is contingent upon running a sound business. And Chelsea Williams, founder and head of Core Solutions Group, is dropping some wisdom about how to manage your firm’s finances so that you can worry less about money and more about your clients. 

Introduction

The short answer is probably, but there are certain rules and regulations to understand. 

Introduction

The short answer is probably not. See below for all the details. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is maybe, but probably not. See below for details.  

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is probably not. See below for all the details. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is probably not. See below for all the details. 

Introduction

The short answer is not unless it is done by raising prices by the amount of the charge and then discounting those prices for clients that pay by means other than card. Below are more details. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is not unless it is done by raising prices by the amount of the charge and then discounting those prices for clients that pay by means other than card. Below are more details. 

Introduction

The short answer is maybe, but probably not. See below for details.  

Introduction

The short answer is maybe, but probably not. See below for details.  

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is probably not. See below for all the details. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand. 

Introduction

The short answer is yes, but there are certain rules and regulations to understand.