Employee Retention Credit for Law Firms - Up to $28,000 per employee for 2021

2021 Simple Summary

  • 2021 Quarterly revenue is down 20% or more from 2019
  • $7,000 per employee per quarter maximum (70% credit on first $10,000 of wages)
  • 2021 Q1 and Q2 covered under current law
  • Expands to 2021 Q3 and Q4 under pending American Rescue Plan Act
  • Can be combined with PPP draw 2, but...
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Forecast Cash and Revenue - Contingency Based Law Firm - Pipeline Report

Our process for using a pipeline report to forecast revenue and cash for contingency-based law firms.

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Right Number in the Right Box - Employee Evaluations

If they get the right number in the wrong box, that is a training issue. They know what the number should be but don't know the system or software.

If they get the wrong number in the right box, that is sloppy. They know the system but don't care enough to be accurate. This is an issue which...

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Prepaid Flat Fees - Tracking individual timekeeper collections and balance of outstanding work
Firms with flat fee matters often ask two difficult questions:
1) How much work do we owe to clients? We have collected significant prepaid flat fees over time, how much services do we still owe to clients?
2) How can I measure individual timekeeper cash collections?
 
This video...
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Practice Management Systems for Personal Injury Firms personal injury

Plaintiff personal injury firms have processes and workflows that are not well suited to the practice systems designed for hourly time and billing firms. 

We are working with or watching the below practice management systems dedicated to personal injury firms.

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Colorado IOLTA Trust Account Resources state iolta rules

Colorado IOLTA account requirements are detailed in Rule 1.15 of The Colorado Rules of Professional Conduct.

Colorado Lawyer Trust Account Foundation COLFAT

  • Collects and disburses interest earned on Colorado IOLTA accounts.
  • ...
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California IOLTA Trust Account Resources state iolta rules

We use the below resources when managing California IOLTA accounts.

California IOLTA account requirements are regulated by Rule 4-100 of the California Rules of Professional Conduct.

We also use the Handbook on Client Trust Accounting for California Attorneys.

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Arizona IOLTA Trust Account Resources state iolta rules

We use the below resources when managing Arizona IOLTA accounts.

 

Arizona State Bar – Law Office Management Assistance (LOMAP)

Website

State Bar of Arizona – Client Trust Accounting for Arizona Attorneys Manual

Under Arizona Supreme Court Rule 43 – Guidance on IOLTA Trust...

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Keeping Firm Funds in IOLTA for Account Maintenance

There’s an exception to the rule prohibiting law firms from depositing firm funds into the IOLTA trust account.

Example Scenario
-Client gives law firm $10,000 of advance funds.
-Check is deposited to IOLTA account.
-Two days later, firm receives notice the $10,000 check bounced. The bank...

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Connecticut IOLTA Trust Accounting Requirements state iolta rules

Connecticut IOLTA trust accounting rules are detailed in Connecticut Practice Book, Rules of Professional Conduct, Rule 1.15.

Section 1.15.J requires the following items

General Ledger J.1 – Chronological report of all deposits and withdrawals from the trust account with a running...

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