New From Clio: Legal Practice Management Including Legal Accounting

Clio, the longtime, long-trusted software tech provider for lawyers, has plunged into the accounting game. Time and case management, billing, payments, and simply keeping track of your bottom line all take up time when you could be doing something else, like, you know, serving your clients’ needs.  Now Clio has baked that accounting service directly into its practice management software package.  Frankly, attorneys – especially new solo practitioners – may have been taught very little about running a business. Being a good lawyer is only part of the game. Lawyers also need to know how to manage money and accounting. That’s where software and money management programs can help, including tax prep, accounting for ongoing work in anticipation of payment, capital distributions, and handling funds your clients have entrusted you with.   Hear why legal-specific accounting is so important (hint, legal accounting is not like any other accounting, and mistakes can truly hurt your practice). Plus, the top five features that must be part of any legal accounting platform.  Questions or ideas about solo and small practices? Drop us a line at [email protected]   Topics: Law schools and legal training may overlook the importance of accounting for a new law firm. It’s not intuitive. Hear how legal practice management firm Clio is incorporating legal-specific accounting functions into its platform Practicing law is what you signed up for, but managing money is what will keep your firm running. Never forget, your firm is a business that depends on accounting. Tax management, income statements, balance sheets, and cash flow management are not only crucial, but very weirdly specific in the world of legal accounting. Mentioned in This Episode: Clio  Clio Accounting and Demo 2024 Legal Trends for Solo and Small Law Firms New Solo, “Oh, The Messes We See”  New Solo, “Money Management 101 for Solo and Small Firm Professionals”  New Solo, “Winning The Battle: When It’s Time To ‘Modernize’ But There’s One Holdout”  cpnLEGAL Affinity Consulting Joshua’s Previous Appearances on Legal Talk Network: New Solo, “HIPAA Happens, But Compliance Software Can Help” On Balance: “Insights on Clio’s 2023 Legal Trends Report with Joshua Lenon” Learn more about your ad choices. Visit megaphone.fm/adchoices