How to Fix an Unreconciled Trust Account | The Deduction #063
I have been talking to a lot of law firm owners recently that have MAJOR problems with their trust account. For many, it’s a situation where they are doing the right thing generally, meaning they aren’t stealing or anything like
The Goal Isn’t Zero Taxes… | The Deduction #063
Happy Sunday! I think pretty much every lawyer, and for sure, law firm owner, has heard that quote from the famed jurist Learned Hand that goes something like: Anyone may arrange his affairs so that his taxes shall be as
How I Stop Procrastinating (a story) | The Deduction #062
Happy Sunday from sunny and rainy Austin, Texas! We had a great mastermind meeting this week and talked about everything from AI (in fact everyone built at least one agent on-site) to accounting and taxes, to therapy (there’s nothing off
How to Write Off a Trip to Austin, TX Next weekend | The Deduction #061
Happy Sunday! And, happy birthday USA! Hopefully you had a great time eating hotdogs, enjoying some sunshine, and celebrating the best country on the planet this weekend. Today, though, I wanted to talk to you about how to have a
Father’s Day Thoughts… | The Deduction #060
Happy Sunday! And, if you’re a dad, Happy Father’s Day! I grew up with two dads. My biological dad, and my step-dad. Both were in my life, but in very different ways. And both shaped me for the better I’d
Ghost Balances on IOLTA Accounts | The Deduction #059
Today I thought it would be fun to talk about ghost balances on your IOLTA account. Never heard of a ghost balance? Don’t worry, by the time we’re done you’ll know what it is and how to fix it if
You’ve been selected for a trust account audit… | The Deduction #058
What happens when you’re 6 months behind on IOLTA reconciliation… There are only a few ways to lose your license without meaning to. Messing up your trust account is one of them. Today’s confession is about a firm that was
Trust Account Reconciliation Demystified… | The Deduction #057
It’s been a while since we broke down how trust account reconciliation works, so I thought I’d take a few minutes and give you the quick and dirty. And, it goes without saying that this is important, as one of
The Biggest Threat to Your Law Firm Profitability | The Deduction #056
Happy Sunday. Because we serve law firm owners almost exclusively I get to see A LOT of law firm P&Ls. And there is consistently one line item that affects profitability. Not rent. Not ads. Not software. The biggest line item
I Had to Fire One of My Attorneys This Week… | The Deduction #055
Happy Sunday. At my law firm we have an all hands meeting every week. At that meeting we talk about core values. Every. Single. Week. Those core values are (and they are the same for Big Bird Accounting as we’re