Morisso Taieb’s Post

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

https://lnkd.in/dgQNXxiv In this section, we will describe, step by step, the framework of the legal actions carried out by the lawyers – from the stage of finalizing the reception of the cases to the final stage: “closing” the case by collecting and/or cancelling the case by the organization and/or making a credit to the client against the debt and/or registering the debt as a debt Lost. Updating the client’s card and status with the lawyer Every action that the lawyer performs for the organization, procedures, conversations, sending letters, financial accounting updates from the organization, receiving funds from the client, objections, compromises, arrangements, writing off debts, foreclosures, expenses paid for the organization by the lawyer and the reimbursement of expenses for them, etc., will be recorded in the lawyer’s office management systems. The law firm must allow the organization direct access to the management systems or an auditor on its behalf at any point in time and with complete transparency. Often, the law firm provides a Client portal where the organization can access the information in the management system and run reports. Types of legal processes performed by the lawyer. There is a separation here between several stages of the legal process and two types of collection which are essentially different: Phase A – Pre-claim collection done by the lawyer – without filing a claim. Phase B – The lawsuit/legal process phase. Phase C – Collections following a legal proceeding against the debtor. #debtcollections #debtrecovery #legalcollections #CreditAndCollectionsProfessionalsGroup

💼 Essential Chart of Accounts for Legal Firms 💼 Legal practices require precise financial management to ensure compliance and profitability. Here's a sample Chart of Accounts that can be adapted for legal firms in various countries: 🎀 Assets: Client trust accounts, office equipment, WIP. 🎁 Liabilities: Accounts payable, client trust liabilities, deferred revenue. 🎗 Equity: Owner's equity, partners’ capital accounts. 🎟 Revenue: Legal fees, consultation fees, retainer revenue. 🏆 COGS: Direct labor costs, court filing fees. 🏅 Operating Expenses: Wages, rent, professional development, marketing, insurance. Tailor your CoA to local regulations and streamline your legal practice’s finances. #LegalFinance #LawFirmManagement #Accounting #ChartOfAccounts #LegalPractice

Trust Account Management: Where Law and Finance Intersect As an attorney, you're not just a legal expert - you're also a financial steward. Trust account management sits at the crossroads of law and finance, demanding precision and care. Did you know that mismanagement of trust accounts could be cause for disciplinary action? It's not just about keeping the books balanced; it's about maintaining ethical standards and client trust. Key considerations for proper trust account management: ⭐ Strict separation of client funds from operating accounts ⭐ Meticulous documentation of every transaction ⭐ Regular reconciliation to catch discrepancies early ⭐ Staying updated on ABA Model Rules and state-specific regulations Remember, a minor oversight could lead to major consequences. Don't let the complexities of dual-system management put your practice at risk. Ready to strengthen your trust account management? Book a free 20-minute consultation to learn how our Clio and QuickBooks Online integration expertise can simplify and streamline your practice finances. Let's ensure your financial practices are as solid as your legal expertise! #LawFirmManagement #TrustAccounts #LegalEthics #FinancialCompliance

5 Ways Bookkeepers Can Help Law Firms https://buff.ly/4dsAtJO Assist with IOLTA Guidelines: Learn how bookkeepers help maintain the integrity of Interest on Lawyers Trust Accounts (IOLTA). Streamline Client Billing Processes: Discover how bookkeepers enhance the efficiency of billing practices, from automating invoicing to improving cash collection, thereby boosting the firm's cash flow and client satisfaction. Manage Client Trust Accounts: This section details bookkeepers' meticulous management of client trust accounts, highlighting their role in ensuring legal and ethical compliance through accurate record-keeping and regular reconciliations. Improve Cash Flow Management: Understand the strategies bookkeepers employ to monitor and optimize cash flow, ensuring the firm meets its financial obligations and maximizes its financial health. Financial Reporting: Regular review and understanding of your financial reports can help you make informed business decisions and plan for growth.