Welcome to the synergy of technology and efficiency, where the integration of LeanLaw and QuickBooks Online Advanced transforms mid-size law firms into modern, efficient businesses. This powerful combination isn’t just about adopting new software; it’s about embracing a system that elevates your firm’s operations, culture, and financial health.
QuickBooks Online Advanced is the world-leading cloud-based accounting platform, designed specifically to cater to the needs of small to mid-size firms. When paired with LeanLaw, a legal software offering tightly integrated timekeeping, invoicing, and reporting, the duo creates a system that’s more than the sum of its parts. It’s about streamlining workflows to save time and enhance profitability.
Gary Allen, a veteran lawyer with a deep understanding of the challenges faced by law firms, founded LeanLaw with the mission to help law firms become better businesses. He shares insights into what transformation means for a law firm: spending less time on administrative tasks and more time with clients, families, and communities. It’s about providing services more cost-effectively and contributing more to society.
But how is this transformation measured? Gary highlights key metrics indicating a firm’s efficiency: utilization, realization, collection rates should be over 95%, and overhead as a percentage of revenue should be less than 25%. To illustrate, if a lawyer has the capacity to bill $500,000 a year, they should aim for a revenue of around $450,000, which correlates with a well-functioning and content firm.
Adopting LeanLaw and QuickBooks Online Advanced isn’t a silver bullet that instantly transforms a firm. It requires developing a supportive culture with accountability, establishing the right business model and compensation systems, and maintaining low overhead. For instance, a production-based compensation model creates accountability as lawyers get paid for what they produce, and having detailed compensation reporting aids in this process.
Gary is also in the process of writing an eBook on law firm transformation, a valuable resource for law firm managers looking to implement these changes. The book promises to be an engaging read, packed with actionable insights.
The ideal customer for LeanLaw is a small to mid-size law firm looking to grow and streamline its operations. The LeanLaw and QuickBooks Online Advanced combination is particularly effective for firms willing to embrace technology to enhance their efficiency and financial workflows.
In conclusion, the collaboration between LeanLaw and QuickBooks Online Advanced offers law firms the tools to automate workflows, improve financial reporting, and ultimately become better businesses. The transformation journey requires commitment and a strategic approach to culture, business models, and key performance indicators, but with the right software and playbook, a law firm can achieve remarkable efficiency and profitability.
Elevating Law Firm Operations: The Power of LeanLaw and QuickBooks Online for Mid-Size Firms
In the legal industry, firms ranging from 10 to 100 employees are increasingly recognizing the need for specialized solutions that cater specifically to their unique requirements. For those who have already embraced QuickBooks Online and are in search of a tool that tailors this powerful platform to the intricacies of law firm management, LeanLaw stands out as the superior choice.
Mid-size law firms typically fall into two categories when seeking to upgrade their operational software. The first group has already decided to use QuickBooks Online and seeks an application to customize it for law firm use. The second group is looking to transition from outdated, server-based systems like PC Law, Time Slips, or Juris, aiming to modernize, increase agility, and enhance profitability.
The transformation these firms seek is not just about a change in software—it’s a step towards modernizing their entire operation to be more nimble, efficient, and profitable. Such a commitment to transformation makes these firms exciting to work with and an ideal fit for LeanLaw’s offerings.
When a managing partner or operator of a mid-size law firm realizes the need for new accounting and billing software, there are several factors to consider beyond just the feature sets or workflows. Thinking holistically about the full picture is essential as they embark on this journey of software adoption.
Here are the crucial considerations for firms ready to make the leap:
- Accessibility: In today’s world, accessing reports from home or invoicing on the go is crucial. The software should provide anywhere access, indicating that cloud-based solutions are the way forward.
- Ease of Use: The platform should be user-friendly for all members of the firm, not just the operators or lawyers. Everyone who interacts with the software should be able to learn and use it with ease.
- Support: Finding the right support, especially for the accounting aspects of the software, is essential. It’s important to source services from those familiar with the system and the legal industry.
- Integration: The software should seamlessly connect with other tools the firm uses, including payroll, accounts payable, and expense management. The goal is to move away from manual, side tasks and towards a fully integrated platform.
- Data Transition: The transition process and data migration should be clear and well-supported by the vendor. This is often a significant concern for firms, and having a vendor that offers a clear onboarding program is crucial.
The magic of the QuickBooks and LeanLaw integration lies in its ability to address these key considerations, offering seamless connection not only between accounting and billing but across all essential firm operations.
Furthermore, automating key workflows like timekeeping, invoicing, and payments is a major challenge for mid-size firms. These are the workhorses of the legal industry, and many firms struggle with making these processes efficient. QuickBooks Online Advanced, paired with LeanLaw, can help firms tackle these challenges head-on.
A modern billing engine is fundamental to a modern law business. It’s not just about getting paid; it’s about transforming billing into an asset that strengthens trust and alignment between the firm and its clients. This paradigm shift involves viewing billing as a means to improve relationships and align expectations throughout the client engagement lifecycle.
In conclusion, adopting LeanLaw and QuickBooks Online is about more than just software—it’s about a strategic approach to law firm management that fosters trust, efficiency, and growth. With the right tools and mindset, mid-size law firms can set themselves up for a successful future in an ever-evolving legal landscape.
Streamlining Timekeeping for Law Firms with LeanLaw
Timekeeping in law firms can be a complex task, often leading to inefficiencies and lost billable hours. LeanLaw understands these challenges and offers a solution designed to simplify the process, making it more intuitive and manageable for lawyers and staff alike.
The key to successful timekeeping is flexibility, as lawyers often have varying preferences for how they track and record their time. LeanLaw addresses this by providing multiple methods to accommodate different styles of timekeeping.
One of the central features is the bulk entry timekeeping page, which is highly efficient for those who have extensive time entries to record. It’s a convenient tool for support staff who might be transcribing from spreadsheets or notes on a pad into the system. Creating a time entry is straightforward: select a client, choose a matter, write a description using automated suggestions or manual input, determine if it’s billable, and enter the amount of time – all within a few seconds.
For those who prefer a more visual approach, LeanLaw also offers a calendar view that resembles a day planner. This method is particularly useful for identifying gaps in the day and recalling activities that may be billable. With a few clicks, you can add time entries directly into your daily schedule, ensuring you don’t miss any billable moments.
Additionally, LeanLaw recognizes that many lawyers like to use timers to track their time as they work. With a simple start and stop function, the timer runs in the background, allowing lawyers to focus on their tasks. When the task is completed, they can attribute the time to the relevant client and matter with ease.
LeanLaw’s timekeeping functionality is designed to be as inclusive and adaptable as possible. Whether entering time in bulk, using a visual calendar, or taking advantage of running timers, LeanLaw provides a multitude of ways to ensure time is recorded accurately and efficiently. This focus on ease of use and flexibility is part of LeanLaw’s commitment to enhancing the billing process and, by extension, the overall profitability and trust between law firms and their clients.
Comprehensive Timekeeping and Invoicing: LeanLaw’s Integrated Solution
For law firms, accurately tracking time and managing invoices are critical components of a successful practice. LeanLaw offers an integrated solution that provides lawyers with a variety of options for timekeeping and streamlines the invoicing process, making these essential tasks simpler and more efficient.
Timekeeping Made Simple
LeanLaw provides a variety of timekeeping methods to suit any preference. Beyond the web-based time entry system, there is also a desktop tracker and a mobile app available. These different methods ensure that whether you are at your desk or on the go, timekeeping is always within reach.
Advanced Invoicing for Midsize Firms
Moving on to invoicing, LeanLaw recognizes that midsize firms have unique needs compared to their smaller counterparts. These firms often manage a higher volume of billing, necessitating robust bulk features. LeanLaw’s “Ready to Bill” page consolidates all time and expenses, preparing them for invoice creation.
Streamlined Billing Workflow
With LeanLaw, the billing workflow is designed to accommodate the firm’s process. From reviewing time entries to creating draft invoices, LeanLaw offers the flexibility to perform these tasks individually or in bulk, saving valuable time. Once drafts are approved, they can be sent directly to QuickBooks, utilizing its powerful invoicing capabilities and integrating with the accounting side to reflect in accounts receivable.
Trust Accounting and Payments
Handling trust accounts and client payments is made effortless with LeanLaw. If an invoice is ready and funds are available in trust, the invoice can be paid instantly with a simple click, automatically adjusting the trust balance. For invoices without sufficient trust funds, LeanLaw provides the option to email the invoice to clients with easy payment solutions. Whether using LeanLaw’s trust payment system or QuickBooks payment services, LeanLaw ensures the funds are directed correctly, maintaining compliance and accuracy.
Customizable Client Communication
LeanLaw is inspired by the simplicity of QuickBooks’ “Pay Now” button in invoices and has adopted a similar approach. Recognizing the importance of personalized communication, LeanLaw is introducing the ability to configure payment emails on a client-by-client basis. Firms can add personalized notes, updates on the case, or friendly reminders, enhancing the client relationship and encouraging prompt payment.
In conclusion, LeanLaw offers a comprehensive suite of timekeeping and invoicing tools designed to meet the specific needs of midsize law firms. With its user-friendly interface, flexible time tracking options, and seamless integration with QuickBooks, LeanLaw simplifies the billing process, allowing lawyers to focus more on their clients and less on administrative tasks.
Customizable Invoice Emails
LeanLaw enables law firms to create fully configurable invoice emails. These emails utilize a provided template which can be tailored to include the firm’s specific messaging. In addition to the invoice amount, firms can include a “full balance payment link,” which smartly consolidates any existing client balance with the current invoice, simplifying the payment process for both the client and the firm.
Intelligent Payment Links
The payment links within the invoice emails are intelligently designed to interact with the accounting in QuickBooks, ensuring accuracy in the firm’s financial records. With LeanLaw, you can ensure that your client receives an all-inclusive communication with options to pay the current invoice amount or their total balance. This automation significantly reduces the administrative burden of sending multiple invoices.
Effortless Bulk Emailing
LeanLaw’s system allows for bulk emailing while maintaining a personalized touch for each client. Firms can add custom notes to individual emails or use a standard template for all, enhancing the client relationship through personalized alignment and trust-building.
Transparent Client Transactions
LeanLaw’s email system also supports transparency by including all relevant transaction details. For example, if a firm works with insurance companies or large corporations, LEDES billing formats can be attached to emails for computerized fee analysis. Trust statements can also be included to provide clients with a clear view of their trust account activities.
Payment Process and Tracking
When clients receive their invoice emails, they can effortlessly make payments through the embedded pay button. They have the flexibility to choose their payment method, whether by credit card, ACH, or traditional check. The payment process is seamless, providing clients with the option to store payment methods for future transactions, which is especially useful for recurring billing or drawing from trust accounts.
After a payment is made, receipts are automatically sent to both the client and the law firm, ensuring both parties have a record of the transaction. In addition, LeanLaw provides an email tracking system, so firms can monitor which invoices have been opened or clicked, and which require follow-up reminders.
Email Reminders and Building Trust
Law firms can send out configurable reminders for unpaid invoices, fostering proactive communication with clients. This feature can also help identify the reason behind unpaid invoices, such as client dissatisfaction, allowing the firm to address issues promptly.
How LeanLaw Enhances Client Trust and Bar Compliance Through Seamless QuickBooks Integration
At the core of every successful law firm is a solid trust account management system. LeanLaw recognizes this and has built an infrastructure that not only aligns with the client’s expectations but also ensures bar compliance. Through a detailed and transparent view of the client’s trust account, law firms can preemptively address potential questions and strengthen the relationship with their clients.
Simplifying Trust Account Management
LeanLaw offers an intuitive platform that provides a comprehensive record of all transactions within a client’s trust account. This feature is crucial not only for client alignment but also for maintaining compliance with bar association standards. By providing a detailed debit and credit view, LeanLaw helps law firms offer transparency that traditional accounting systems like QuickBooks cannot match on their own.
Harnessing QuickBooks Online’s Capabilities
Recognizing the robustness of QuickBooks as the leading accounting system for small businesses, LeanLaw decided to leverage its capabilities rather than attempting to recreate them. QuickBooks Online’s open API and webhooks allow for a real-time two-way sync between LeanLaw and QuickBooks, creating a seamless integration that offers instant updates as invoices are created or modified.
Comprehensive QuickBooks Integration Settings
LeanLaw’s integration with QuickBooks goes deep, offering a variety of settings that allow law firms to customize their accounting experience. These settings include default services for transactions, expense settings, operating account designation, and trust account management. Firms can choose between client or matter-based accounting in QuickBooks, which is automatically reflected when a client and matter are created in LeanLaw.
A Network of Expert Support
A major advantage of this integration is the access to over 200,000 QuickBooks Pro Advisors, including legal experts who are proficient with LeanLaw. This network provides law firms with the resources needed to manage their billing systems effectively. LeanLaw has taken it a step further by creating the LeanLaw Accounting Pro program, ensuring these advisors are not only experts in QuickBooks but also in LeanLaw.
Real-Time Updates and Bank Integration
QuickBooks Online’s ability to connect with thousands of banks for automatic reconciliation is a feature LeanLaw is excited about. This level of integration provides law firms with powerful automation and ensures their banking information is always up to date.
Simplified and Automated Billing
LeanLaw has observed firms using its platform to send out significant volumes of invoices electronically, with the entire process automated from the trust account to payment receipt. This level of automation ensures efficiency and accuracy, allowing law firms to operate with confidence in their financial transactions.
LeanLaw’s integration with QuickBooks Online empowers law firms to take advantage of sophisticated billing and accounting practices without compromising on transparency and compliance. The seamless connection between the two systems, coupled with a network of expert advisors, ensures that law firms have the support they need to manage their finances effectively. With LeanLaw, trust account management is simplified, client trust is bolstered, and bar compliance is confidently maintained.
Simplifying Trust Accounting with LeanLaw and QuickBooks Online
LeanLaw and QuickBooks Online have transformed the way law firms handle trust accounting, a process that is both critical and unique to the legal industry. Building trust and maintaining transparency with clients is a key component of legal services, and these software solutions partner seamlessly to manage this delicate workflow efficiently.
Trust Accounting Made Simple with LeanLaw
Imagine the process of collecting a retainer from a client. Traditionally, this would involve several manual entries and a fair amount of cross-checking to ensure compliance and accuracy. With LeanLaw, a user can simply create a trust request, enter the client and retainer amount, and with a few clicks, the transaction is recorded. This ease of use is paramount for law firms that need to focus on their clients rather than on cumbersome administrative tasks.
Direct Integration with QuickBooks
The collected funds from a retainer or trust request are then effortlessly routed to the appropriate trust account in QuickBooks. LeanLaw’s billing section features a plus button that, when utilized, sends a trust request to the client. Upon the client’s payment, the money flows directly into QuickBooks and is reflected in the chart of accounts, specifically within the trust account’s register.
Automating Trust Transactions
The integration between LeanLaw and QuickBooks is designed to be user-friendly and nearly error-proof. For example, when a payment is made against an invoice from the trust account, LeanLaw automatically processes the transaction. This payment instantly appears in the trust register within QuickBooks, updating the ending balance and completing the necessary accounting without any manual intervention.
This level of automation is highly valued among law firms for the time it saves and the errors it eliminates. As one LeanLaw client aptly put it, they desire “idiot-proof” trust accounting, highlighting the need for a system that handles the intricate details of trust transactions reliably.
Reporting and Oversight
Another critical area where LeanLaw and QuickBooks Online excel is reporting. For mid-sized law firms, staying up-to-date with various key reports is essential. LeanLaw ensures that all trust accounting transactions are recorded accurately and that these transactions are immediately available for review in QuickBooks Online. This real-time reporting capability allows law firms to maintain a high level of oversight and ensures they can provide detailed accounts when necessary.
The partnership of LeanLaw and QuickBooks Online offers an unparalleled solution for trust accounting within law firms. Their integrated workflow simplifies the trust accounting process, ensuring transparency and building trust with clients. The automated system updates and direct integration with QuickBooks not only save valuable time but also provide peace of mind for law firms, knowing their accounts are managed accurately and efficiently. With these tools, law firms can confidently fulfill their role as trustees of client funds and maintain compliance with ease.
Streamlining Law Firm Reporting with LeanLaw and QuickBooks Online
Law firms often grapple with the balance between managing the intricacies of their practice and ensuring the basics of their business run smoothly. A significant part of the business aspect revolves around essential reports such as work in progress, billed, and collected – reports that provide a snapshot of a firm’s financial health.
Simplified Reporting with LeanLaw
LeanLaw simplifies reporting by dividing it into three main categories: standard, advanced, and custom reports. The standard reports typically encompass the critical data on work in progress, what’s been billed, and what’s been collected, presenting them in a user-friendly format.
These reports are available in real time and offer the capability to drill down into details for each client, matter, or attorney. For example, by accessing the work in progress report, law firm managers can easily see which invoices are pending, who is responsible for them, and which ones may have collection issues. Additionally, reports such as trust account activities are also available, ensuring that law firms can keep a real-time tab on all activities within their trust accounts.
Leveraging QuickBooks Online for Core Business Reports
While LeanLaw provides specialized reporting features tailored for law firms, QuickBooks Online excels in generating essential business reports such as balance sheets, profit and loss statements, and cash flow analysis. These reports are not only dynamic but also easily accessible for a specific time period or categorized by month, which is instrumental for strategic business planning and evaluation.
Advanced and Custom Reporting Options
LeanLaw goes a step further with advanced reports that offer more visual and detailed breakdowns of expenses, invoices, and other financial details that law firms may need. These reports are customizable, allowing law firms to adjust their views and focus on the information that is most relevant to them.
Custom reports cater to the unique requirements of law firms that may have specific ways of doing things. Whether it’s tracking fixed fees by practice area or creating pivot tables for specific accounting purposes, LeanLaw’s custom reporting tool adapts to these specialized needs. It even allows for the integration of external data sets, providing a comprehensive view of a firm’s operations.
Compensation Reports for Law Firms
A crucial aspect of law firm management is attorney compensation. LeanLaw’s standard reports include a compensation report feature that allows firms to set sharing percentages for originating, responsible, and working attorneys. These percentages are reflected in real-time reports that detail how much each attorney has earned based on their contributions to the firm’s caseload.
For example, if an attorney worked on matters worth $11,950 in a month and originated business that qualifies them for an additional $1,200, the report will display their total earnings. LeanLaw also takes into account any offsets for expenses related to their matters. To reconcile these figures with QuickBooks, law firms use distributions that reflect the total compensation disbursed to each attorney based on the firm’s established percentages.
Optimizing Law Firm Compensation and Workflow with LeanLaw and QuickBooks Online
Law firms continually seek efficiency in managing their internal operations, particularly in the area of compensation and workflow management. LeanLaw, in collaboration with QuickBooks Online, presents a powerful way to streamline these processes, bringing clarity and efficiency to the forefront of law firm administration.
Simplifying Compensation Calculations
One of the standout features of LeanLaw is its ability to simplify the calculation of production-based compensation. With the built-in reporting capabilities, law firms can easily download data into spreadsheets and perform any additional calculations required for determining firm shares and individual compensation. This streamlined approach not only satisfies the attorneys by providing transparency on their earnings but also significantly reduces the administrative burden on bookkeepers and accountants tasked with compiling this information.
Historical Data and Profitability Insights
LeanLaw’s reporting tools also offer access to historical data, allowing law firms to review past compensation and make informed decisions about their profitability. This level of insight is invaluable for law firms aiming to grow and optimize their operations.
Streamlining Payroll and Time Tracking
Another significant benefit of the LeanLaw and QuickBooks Online integration is the simplification of payroll. QuickBooks Online offers an automated payroll system that can handle various complexities, including multi-state employees and tax calculations. This system not only saves time but also ensures accuracy and compliance.
Time tracking for non-billable employees is also made effortless. With QuickBooks Online, employees can fill out timesheets through a web interface, eliminating the need for paper and manual data entry.
Automating Accounts Payable and Expense Management
For accounts payable, tools like Bill.com integrate seamlessly with QuickBooks Online to automate bill payments, virtually eliminating the need for paper checks. Such tools are essential for law firms looking to modernize their financial operations.
Expense management is another area where automation can bring substantial benefits. With credit card management tools like Ramp, law firms can create virtual cards, set spending limits, and gain complete visibility into transactions, all while ensuring seamless integration with QuickBooks Online.
Considering Future Growth and Scalability
As law firms grow, their software needs evolve. The combination of LeanLaw and QuickBooks Online, along with their ecosystem of add-on apps, allows firms to scale their operations effectively. This ensures that the software solutions law firms invest in today will support their growth trajectory for years to come.
Embracing CRM Tools for Client Management
Finally, law firms are increasingly recognizing the value of Customer Relationship Management (CRM) tools. With QuickBooks Online, they can choose from powerful platforms like Salesforce and HubSpot to manage contacts and marketing efforts. Leveraging such CRM tools can transform how law firms interact with their clients and manage their business development activities.
The collaboration between LeanLaw and QuickBooks Online offers law firms a comprehensive suite of tools to manage compensation, payroll, accounts payable, and expense management efficiently. By embracing these solutions, law firms can focus more on delivering exceptional legal services and less on the time-consuming intricacies of back-office management. As law firms plan for the future, these integrated tools provide the scalability and flexibility required to grow and succeed in a competitive market.
Expanding Law Firm Capabilities with LeanLaw and Microsoft 365 Integration
In the legal industry, staying on top of accounts receivable (AR) and leveraging powerful software integrations can make a significant difference in operational efficiency and profitability. LeanLaw recognizes this need and offers solutions that go beyond standard practice management by incorporating innovative tools and integrations.
Enhancing AR Management with Callbox
One of the lesser-enjoyed tasks in a law firm is following up on overdue accounts receivable. LeanLaw introduces a nifty tool called Callbox, which is designed to alleviate this burden. Unlike automated systems, Callbox provides human assistance to handle the delicate task of making calls to clients regarding overdue payments, thus allowing law firm staff to focus on more pressing legal work.
Embracing the Full Potential of Microsoft 365 Integration
Looking forward, LeanLaw is set to fully integrate with Microsoft 365, recognizing its widespread use within law firms. This integration is not about complexity but about the seamless transmission of client and matter information. It aims to unlock a crucial aspect of legal work—converting calendar entries, emails, and other interactions into billable time entries. Capturing this often-lost time can result in substantial financial gains for attorneys and their firms.
LeanLaw is excited about the potential of further enhancing this integration with AI assistance, allowing for smarter and more intuitive ways to manage time and resources.
Document Management with Apona and ShareFile
Furthering its integration capabilities, LeanLaw offers a document management solution in partnership with Apona. This integration creates a ShareFile system within Microsoft for seamless document handling, providing attorneys with the efficiency and organization needed in managing their files.
Building the Best-in-Breed Software for Law Firms
LeanLaw’s vision is to equip law firms with best-in-breed software, allowing them to have the best tools for each aspect of their practice. Partnering with Intuit, LeanLaw is creating an open system where firms can integrate the finest solutions in the market, ensuring excellence across all operations.
Looking Towards a Future of Flexibility and Automation
As law firms transition from desktop to cloud-based systems, LeanLaw is there to support their journey. The partnership with Intuit can significantly aid law firms in achieving the flexibility, scalability, and automation they need for modern legal practice.
LeanLaw is eager to continue exploring and discussing these themes in upcoming conversations. The potential for workflow enhancements and automation through third-party apps is vast, and LeanLaw is committed to diving deeper into these opportunities to provide law firms with the tools they need for success.
In summary, LeanLaw’s dedication to improving the functionality and profitability of law firms is evident through its commitment to developing integrations and partnerships that address key pain points. With the upcoming Microsoft 365 integration and document management solutions, LeanLaw is poised to transform the legal industry, allowing firms to create a technology stack that best suits their unique needs. As LeanLaw continues to innovate, law firms can look forward to a future of expanded capabilities and improved workflows.
