Smokeball makes it easy, with world-class case management software, intuitive workflows and smart features built for your area of law. No matter what you practice, Smokeball will transform your firm and business like no other law firm software. Bill by campaign, track hours across clients, and show results with clear reports. TimeSolv helps you manage retainers, control budgets, and stay one step ahead of the deadline.
The Best Legal Software for Case Management
Perform daily three-way reconciliations and set trust account balance threshold notifications so your trust remains compliant. Our dedicated in-house team provides free onboarding, training, and ongoing support. We are dedicated to providing white-glove service through the law firm’s subscription. Don’t take our word for it, read case studies from CosmoLex customers here.
Lexis+ AI is transforming the business of law
- Harness the power of your data with Smokeball’s Law Firm Insights.
- This lets your team focus on clients while we manage trust accounts carefully.
- Firms also often utilize e-discovery software for handling electronic evidence during litigation and legal research platforms to stay current with case law and statutes.
- You can use 8am LawPay to automatically generate clear payment histories.
- Most legal practices use time billing where solicitors record time in 6-minute increments (0.1 hours).
- Case profitability is tracked to understand financial performance.
External examinations verify trust account compliance including reconciliations, statutory interest, and proper authorisation for withdrawals. Trust accounts hold money on behalf of clients and third parties. This money does not belong to the law firm and cannot be used for business expenses. Operating accounts hold the firm’s own money used to Bookkeeping for Law Firms pay salaries, rent, and other business costs. Legal fees are transferred from trust to operating only after invoicing. Every withdrawal from trust requires proper authorisation and documentation.
Experience how easy TimeSolv has made time tracking
This allows us to deliver accurate trust records and timely reports that support daily legal operations. Clear trust accounting also helps firms stay compliant with bar rules and audit requirements. Attorneys gain confidence knowing client funds are managed correctly and transparently. Trust accounting for law firms ensures https://canvomagazine.com/how-bookkeeping-for-law-firms-strengthens-financial-health/ proper handling of client funds, accurate reporting, and compliance with legal and ethical rules without overburdening your staff.
- Have bookkeepers who expertly manage trust accounts starting at just $14.
- When you outsource trust accounting for law firms to Meru Accounting, we work with the tools your firm already uses.
- Use digital tools to request and store W-9s throughout the year.
- This keeps firms protected from financial and compliance risks.
- Power your individual productivity using the Lexis+ AI fully integrated solution that connects your legal work across firm knowledge bases and LexisNexis resources.
- Lexis+ AI helps legal professionals across the public, private, and academic sectors accelerate and enhance their work.Don’t see who you’re looking for?
Workflow Management
Partner drawings are not expenses but distributions of profit to owners, recorded as reductions in partner equity. Examiner-identified breaches must be reported to the state regulator. With Protégé in Lexis+ AI, you can quickly generate a timeline based on uploaded documents. Learn how you can use Protégé to create a graphical timeline of events and ask questions about the timeline or share it efficiently.
Save Time and Cost
Use multiple timers or turn your calendar events into time entries and easily attribute your time to the proper case with Tags. That’s why professional tax guidance is crucial when you’re unsure. Most firms come to us needing a bit of cleanup (or a full-on transformation). We start every engagement with a paid Financial Clarity Review to assess your books and outline the scope.
