Accounting and Financial Planning for Law Firms

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Firms no longer have the luxury of making do: productivity is leaking, risk is compounding, and legacy systems — once seen as untouchable — are now being scrutinized through a different lens that prioritizes agility, security, and user experience. From dispelling misconceptions, to the risk of traditional print and how to focus on the basics, here are the top six things firms need to know about closing the gaps in legal document management.

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Clients now demand faster, more tailored responses. And as expectations rise, so does the pressure on law firms to deliver with greater speed, accuracy, and professionalism. But new research suggests the profession isn’t keeping up.

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The legal profession doesn’t just demand excellence; it devours those who cannot sustain it. Law firms scramble to address time management and mental health, yet one daily ritual remains overlooked: how lawyers eat.

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As Big Law grows in New York, several Am Law 50 firms this year have been seeking additional office space in Manhattan, backing up a trend seen nationally of booming leasing activity in the legal industry.

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You might have a client who has won a large judgment in court. After settling up with your firm, they have a large sum of money. Logically, they should preserve the money or put it to work providing an income for the future. How involved should you be? How involved do you want to be?

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Trust accounting — specifically, the management and recordkeeping of client trust accounts — is an aspect of legal practice that demands meticulous attention. This article identifies best practices for trust accounting and recordkeeping and outlines common pitfalls in an effort to help lawyers maintain compliance and uphold client trust.