Under Dennis’ leadership, Uptime Legal has grown organically and through acquisitions to become the nationally-recognized legal technology company it is today. Uptime Legal continues to innovate and disrupt the legal technology space, and has been named to the Inc. 5000 list of fastest-growing private for the past six consecutive years. CosmoLex was among the first cloud-based law practice management applications that includes complete, end-to-end accounting. It’s incredibly robust and flexible, making it a top choice for law firms of 10 time-keepers or more.

Some developers have custom add-ons for QuickBooks that are tailored to law firms to make up for functionality that might be lacking. Installing PCLaw just takes minutes and all upgrades are managed within your maintenance plan. For a worry-free, lawyerfocused accounting software, PCLaw would be a great choice.

Solo and Small Firm Marketing

Unlike a legal software like Clio which does billing and time keeping, an accounting software will include a general ledger and have functionality like bank reconciliations. Legal accounting software is a type of program that is tailored to the legal industry, helping to keep track of time, billings, schedules, and more. You can use this software to make it easy to produce financial reports and statements and monitor your business performance.

Bonsai’s unique selling point is that it’s one of the few legal accounting tools that let you create a bank account — a Bonsai banking account. Setting up is super simple, and there’s no minimum balance law firm bookkeeping that you’re obliged to maintain. Also, there are no hidden fees, and you’re FDIC-insured for up to $250K. Expense management is super simple, but one of our favorite features is the audit trail.

QuickBooks for Lawyers

Generally speaking, a combined billing, case management and accounting solution will give you the most flexibility since it can utilize a wider variety of data for reporting purposes. Lowers Compliance Risk
Handling paper checks and manually handling IOLTA accounts exponentially increases your compliance risk. The consequences of making even an innocent mistake that results in commingling funds can have dire consequences.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Through her business, The Legal Writing Studio, she helps legal professionals deliver effective written messages. Erika is a regular contributor to TimeSolv and a variety of other publications.

Housing all Financial Data in One Location

Like accounting solutions, legal accounting software gives businesses secure digital tools to manage and track client payments, expenses, revenue, and more. Additionally, many accounting solutions integrate with payment providers and include other features that help streamline financial processes. But unlike software used for retail or other types of businesses, accounting software for attorneys is designed from the ground up to address the financial challenges that are unique to legal professionals. Attorney accounting software has specific capabilities to handle things like maintaining client trust accounts, case management, time tracking, and ensuring IOLTA compliance – to name just a few.

For tips on data security for law firms and how to vet potential providers of cloud-based services for security, read our law firm security guide. Most modern online accounting platforms offer intuitive dashboards, so you can monitor your firm’s business at a glance. These dashboards show important financial data like bank balances, reconciliation information, outstanding invoices, budgets, and more.

On premise solutions are a thing of the past Attorneys today need a mobile app in addition to a web-based solution. If you make the decision to buy software that needs to be used on-premise, your people will not be able to work remotely with this kind of software. You’ll have to contact the company for more information on a package that suits your firm.

• Ensuring that costs are accurately billed to the client may seem easy, but it can actually be quite complex depending on how you handle billing in general.
• There is no right or wrong answer when it comes to legal accounting software.
• The tool will help you estimate the revenue from a project and then use your past records to calculate the total cost for the job to ultimately maximize your profits.
• It’s actually completely cloud-based, so you don’t have to install it on a computer, rather it’s accessed online through a browser.
• Automatically send payment reminders and spend less time chasing clients.