Finance & Accounting
Accounting: Up-to-Date Bookkeeping Is Vital
Your law firm relies on complete accounting records to determine profitability. PMG can handle all of your routine accounting for attorney, staff and office expenses, including bank deposits, accounts payable, accounts receivable, payroll, trust accounts, bank reconciliation, line of credit negotiations and renewals, Department of Revenue audits, trust account audits, and management reporting. Specialized and more experienced accounting professionals are also available through PMG for your higher level, temporary or emergency needs, and preparation of your firm's tax returns, K1s and so on.
Banking: Relationships with Your Firm's Bankers
In addition to handling day to day banking, bank reconciliations, cash flow and general ledger account management, PMG professionals can also assume responsibility for developing and maintaining your firm's bank relations, evaluating and arranging lines of credit, firm credit cards and other borrowing needs, and other law firm financial management services.
Billing and Collections: Increasing Revenues
If there is any area of law firm financial management where every attorney and firm wants improvement, it is in the area of billing and collections. One of PMG's particular strengths is accounting for attorneys. PMG can help you increase revenue by focusing on accounts receivable, implementing early warning systems, improving in-house collection processes, engaging outside collection services if appropriate, tightening write-off guidelines and procedures, handling overdue payment negotiations and scheduling payment plans.
Time Entry: Accounting for Attorneys' Billable Hours
Improved time entry accounting for attorneys at your firm can lead directly to increased revenue, yet this is an area many firms and attorneys understandably neglect. Accurate and prompt time entries are keys to a sound financial operation. PMG's law firm financial management services are ready to help you and your attorneys improve your time entry procedures and processes.
Client Intake: Improvement and Risk Assessment
Client intake can be time consuming and drag down billable hours for attorneys at your firm. PMG can develop or improve intake procedures for your firm, including conflict of interest checks, retainer and fee agreements, risk analysis, acceptance of credit cards and on-line payments, and so on. As part of this contracted law firm financial management service, PMG can handle much of the initial client interaction on your behalf and within your comfort level, including initial screening and information gathering, "selling" the firm's practices and policies, and ensuring that the right information is passed on to the right person at your firm in a timely and efficient manner. Perhaps even more importantly, PMG can ensure that there is appropriate follow up and new client tracking. Be assured, however, that PMG is well aware that only an attorney can assess legal issues or answer legal questions.
Budgeting: Your Road Map for Law Firm Financial Management
A budget is an estimate of income and expenditures for a given period of time. Budgets give your law firm a road map and become the benchmark for measuring your business from one year to the next. Working with your financial staff, if any, and the managing partner or executive committee, PMG's professionals are highly experienced in preparing annual or other periodic budgets and reports, monitoring and managing vendors, and all other routine budget processes.