3sixty Consulting Group, LLC

Did you know that a single accounting error in a trust account could cost your law firm thousands—or even your license to practice? Accounting in the legal industry is more than just numbers; it’s the foundation of compliance, profitability, and success. Here are 5 Key Accounting Insights for Law Firms: Proper accounting is critical for law firms to stay compliant, maintain financial health, and enhance profitability. Here are a few key concepts: 1. Cash vs. Accrual Accounting - Cash accounting aligns income with tax obligations, but accrual accounting provides a clearer picture of financial health by tracking receivables and payables. 2. Trust Accounting Compliance - Trust accounts (e.g., IOLTA) must remain separate from operating funds to avoid severe penalties or license issues. 3. Revenue Recognition - It's essential to distinguish between fee revenue and reimbursed expenses for accurate financial reporting. 4. Expense Management - Proper classification of expenses avoids tax issues and ensures accurate reporting. 5. Overcoming Common Challenges - Efficient tracking of billable hours prevents lost revenue. - Properly managing retainers ensures compliance. - Adopting modern legal software boosts efficiency and scalability. Want to dive deeper into these concepts and learn actionable tips for optimizing your law firm’s accounting practices? Visit our blog to explore the full article and discover how small changes can make a big impact on your firm’s financial success. At 3sixty Consulting Group, we specialize in helping law firms streamline their financial operations. Contact us today to learn how we can help your firm unlock its full potential! 👉 READ MORE ON OUR WEBSITE - https://lnkd.in/emE9gFtN

Many firms overlook the importance of robust financial systems—until a crisis hits. In our latest blog, we dive into the key fundamentals of law firm finances and share practical tips to keep your operations running smoothly. Don’t let financial inefficiencies hold you back this year. Let’s discuss how we can help your firm thrive—schedule your 2025 financial check-up today! https://lnkd.in/ewfCAK-T

19th Century 😳...that's how long the concept of attorney originations has been around. I would say slow to change is an understatement and in my latest blog, I'll discuss why this concept could be holding your firm back from greater profitability. Reach out to me if you'd like to discuss in further detail. https://lnkd.in/eytg8V4C #originations #lawfirmprofitability #attorneys #compensation

Do you see the big picture? So many firm leaders I speak with have difficulty stepping back to see what is truly happening with their firm. They are focused on the minutiae and making decisions that benefit a short-term need but potentially derailing the firm's long-term goals and objectives. If this sounds like you, don't be overly critical of yourself because you are in the majority when running a small and growing firm. You became so accustomed to being involved in every decision when you were starting the firm and now that the firm has grown, you are so far in the weeds you have difficulty seeing the overall health of the firm and where you are heading. I encourage you to start making some changes today! ➡️ Track time and activities throughout the day so that you can see where you are spending your time. ➡️ Delegate routine tasks to other team members to free up your time. ➡️ Develop 4-6 KPI's that you can focus on that provides a snapshot into the overall health of your firm. This allows you to quickly view, assess, make a decision if necessary and move on. ➡️ Be intentional about dedicating time to taking a step back from the day-to-day and focusing on the long-term needs of your firm. You've built it and you should be proud of that fact! Now make it the best it can be make all the sacrifices you've made worthwhile. If you would like to talk through this, drop me a message or email me today! Don't go it alone. We are always. Stronger. Better. Together. #bigpicture #smallfirms #fractionalcfo #fractionalcoo #lawfirms

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It was great to have our first in person meetup for the Georgia Channel of Fractionals United. It was a good start at Kid Cashew and thanks for those that came out and shared stories, experiences and some good laughs. I look forward to see everyone again next month. #fractional #fractionalcfo #fractionalcoo #fractionalleadership #fractionalcmo #fractionalcto #goodtimes