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Financial Management

Financial management for law firms covers accounting systems, lawyer trust accounts, attorney billing practices, lawyer compensation plans, bad debt collections, and law office overhead and expenses.

Lawyer Trust Account Mistakes - 3 Common Lawyer Trust Account
Mismanaging a trust account can have terrible consequences on a lawyer's career, even sometimes to the point of disbarment. Yet law schools do an abysmal job of training law students on how to handle an IOLTA trust account. Outside of discussing the subject at a theoretical level one day in a law school ethics class, most attorneys receive...

How to Deduct Medical Bills as Business Expenses at Your Law Firm
How to deduct medical bills as business expenses at your law firm.

Credit Card Processing for Lawyers
What options are available for attorneys who want to accept credit cards in their law practices? Some lawyers use companies whose programs are specifically designed for attorneys and are endorsed by bar associations, while others prefer to use standard credit card processing services available to anyone. The following are some of the credit card...

Lawyer Group Discount Programs for Legal Products and Services
Most lawyers would agree that almost every product marketed to lawyers is overpriced. Because of this, attorneys should take advantage of the opportunity to get a discount whenever possible. Many of the national specialty bar associations, as well as many state bar groups, provide their members with certain product discount plans. Often these plans are no different than the same group discounts …

Law Firm Nixon Peabody Sued in Dispute Over Associate Compensation
Are the terms of your associate compensation contract clear? Are your associates owed a bonus if they leave the firm? The law firm of Nixon Peabody is going to find out. Read about a lawsuit filed against them claiming that a former associate is entitled to a large bonus.

Lawyer Email Scams - How the Nigerian Scam is Used on Lawyers
Email scams are a constant problem, and attorneys are not immune from the risk of being conned. Some of the biggest law firms in the country have been suckered into writing trust account checks or wiring money to bank accounts based on funds they thought had cleared their trust accounts, only to later learn that the check deposited with the law...

Sample Lawyer Email Scams - Examples of Nigerian Scams Targeting Lawyers
The following is a short collection of some of the "Nigerian Scam" emails being sent to lawyers around the country. While this may appear to be an obvious scam to some readers, many attorneys have been successfully conned into depositing forged checks into their trust accounts and then wiring the funds to overseas clients before learning that the check was a forgery.

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