Do it right the first time by using a time tracker. Guessing how long you spent handling that complex product liability case is sure to lead to errors, which may, in turn, cost you money and potential clients. If you fail to track the time you spent on the case, you will not be able to adequately grasp whether that type of case is making or wasting your firm’s resources.įurther, there are situations where you may need to justify your contingency arrangement, or the court may instead reduce your legal fees to the time you spent on the case.
In many respects, tracking your time is even more critical when clients pay you on contingency than in any other financial arrangement.Īs you know, you do not get paid until and unless you win your client’s case and they get compensation. If you take cases on contingency, you may not think tracking time has anything to do with you. But by consistently tracking your expenses, you can take control of your firm’s financial health and ensure that you are productive and efficient. Expense management for law firms can have a domino effect on your firm’s finances, potentially leading to the inability to keep up with your other financial obligations. In a contingency-based legal practice, keeping a pulse on your income and expenses is essential. But not implementing and using an expense tracking system prevents you from seeing where your firm’s money is going. It is easy to forget to log an expense here or there or end up with a pile of receipts at the end of the month (or quarter) and have to put on your detective hat to find out what cases they belong to. You are busy handling your cases, returning calls from opposing counsel, and preparing for the trial.
Our case management software was designed explicitly for PI firms to help them manage the unique challenges they face and to help streamline their accounting processes. Here are five mistakes to avoid in law firm accounting.ĬloudLex understands the trials and tribulations experienced by today’s personal injury attorneys. But doing so creates bad habits and can lead to ethical issues. When deadlines pile up, saving specific accounting tasks for later can be tempting. Owning and operating a Personal Injury practice can be immensely fulfilling, but it also takes lots of work.
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