4700GROUP Blog

accounting information and resources for the legal industry

To quote Steven Chung, a practicing tax attorney in LA, “When preparing tax returns, most lawyers send their financial books to their tax preparer and let them handle the rest. Unfortunately, some simply add up the numbers and input them to the tax return without...

Financial reports tell the story of your firm. Think of each report as a storyteller. The accuracy by which they tell your story is based on the accuracy of your recordkeeping. The three primary storytellers are the Income Statement (also called the Profit & Loss), the...

September 25th & 26th - New Orleans 1,000 Lawyers | 50 Speakers all in 2 Days ! Clio knows how to share world-class knowledge and create unparalleled networking events designed to nurture your mind, body, and soul. Learn more about Clio and register here....

Establishing a solid client billing policy is the first step to collecting your fees in a timely manner. This is the cash you'll need to pay your bills, and yourself, for work you have already completed. A policy does not have to be elaborate but it does need...

In a study of 309 US law firms by LexisNexis, 60% of firms report spending 8 hours on client billing each month, 25% claim as many as 16 hours were spent. Client billing is a necessary cost, but be sure to take into account that small firms...

September 19th & 20th Two full days of Clio training. Face time with Clio support personnel and third party add-on companies. Clio knows how to share knowledge, make connections and have a good time. Come join us! Learn more about Clio and register here.  ...

As a small legal firm, taking on additional overhead costs can hurt the bottom line and when evaluating any cost, it is always good practice to consider the return on investment (ROI). ROI is simply the net gain of an investment divided by the cost...

Our President and CEO Gale Kirsopp has been featured in an article over at the Business of Law Blog titled Sage Small Law Firm Accounting Advice from an Expert. In this article Gale highlights accounting challenges law firms face and the reasons why seeking an accountant can...

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