Late-paying
clients.
Rising
costs.
Economic
uncertainty.
We
all
know
the
inherent
risks
in
the
business
of
law.
But
if
you
want
to
keep
these
from
escalating
into
existential
threats
to
your
firm,
you
need
to
learn
about
financial
resilience.
For
solo
practitioners
and
small
law
firms,
“financial
resilience”
simply
refers
to
your
ability
to
maintain
stability
and
respond
quickly
when
things
change.
The
good
news
is
that
building
this
resilience
doesn’t
require
guesswork.
With
the
right
systems
in
place,
you
can
take
control
of
your
firm’s
financial
future.
Ready?
Here
are
some
practical
steps
to
make
it
happen.
Step
1:
Get
Clarity
Financial
stability
starts
with
visibility.
You
can’t
manage
what
you
can’t
see.
A
legal
practice
management
solution
enables
you
to
keep
a
close
eye
on
your
finances
with
robust
reporting
and
clean
visual
dashboards.
With
a
cohesive
solution
in
place,
you
can
monitor
your
firm’s
financial
position
with
real-time
visuals,
profit
and
loss
tracking,
and
insights
into
receivables
and
collections.
The
MyCase
solution
works
in
the
background
to
track
metrics
from
every
aspect
of
your
practice,
eliminating
the
need
to
chase
down
data
—
and
ending
the
frustration
of
reconciling
conflicting
metrics.
Step
2:
Stabilize
Your
Cash
Flow
Now
that
you
can
easily
track
how
your
firm
is
doing,
it’s
time
to
shore
up
your
income.
For
lawyers,
calculating
cash
flow
gets
a
little
tricky
since
you’re
not
necessarily
paid
when
the
work
is
done,
but
once
the
client
pays
the
invoice.
Cash
flow
gaps
are
a
major
obstacle
for
small
firms,
and
they
can
emerge
from
numerous
sources
including:
•
Seasonal
spending
lulls
•
Complexities
around
IOLTA
accounting
•
Delays
in
collections
•
Relying
on
manual
processes
A
solution
like
MyCase
will
address
these
issues
and
make
it
easy
for
clients
to
pay
—
while
you
get
paid
faster,
without
the
follow-up
fatigue.
More
specifically,
the
following
features
will
directly
reduce
cash-flow
variability:
•
Online
payment
options,
automated
invoice
reminders,
and
recurring
payment
plans
that
make
it
easier
for
clients
to
pay
•
Split
billing
tools
that
manage
shared
matters
•
Next
day
payments
that
give
you
faster
access
to
funds.
Step
3:
Build
a
Financial
Buffer
Once
you’ve
stabilized
your
cash
flow,
the
next
step
is
building
some
reserves
to
survive
any
challenges.
One
basic
yet
effective
way
to
build
these
reserves
is
to
earmark
a
percentage
of
collected
payments
into
a
savings
account.
Over
time,
these
payments
will
become
your
emergency
fund.
MyCase’s
flexible
billing
and
collection
features
can
help.
Using
steady
payment
schedules
with
automated
reminders
will
increase
the
collections
you
can
earmark
as
a
buffer,
while
streamlined
billing
processes
will
lower
your
overhead
expenses.
Step
4:
Bill
for
All
of
Your
Work
(and
Expenses!)
Aside
from
rate
increases,
you
have
two
basic
options
to
increase
your
cash
flow:
(1)
Do
more
billable
work,
and
(2)
Collect
for
more
of
the
work
you’re
doing.
For
many
firms,
focusing
on
the
latter
option
quickly
leads
to
impactful
improvements.
When
it
comes
to
invoicing,
today’s
automated
time
tracking
tools
will
allow
you
to
log
billable
work
contemporaneously
and
avoid
underbilling.
That’s
where
MyCase’s
integrated
expense
tracking
comes
in.
When
you
enter
expenses
for
a
client
matter,
they’re
automatically
linked
to
the
next
invoice,
so
no
extra
effort
is
required.
You
can
also
mark
each
expense
as
billable
or
non-billable.
This
gives
your
firm
the
flexibility
to
build
goodwill
with
clients
by
covering
small
costs
while
still
capturing
a
full
record
of
your
spending.
It
also
supports
modern,
client-friendly
billing
practices
that
build
trust
and
foster
long-term
relationships.
Because
all
expenses,
whether
reimbursable
or
not,
are
still
tracked
in
the
system,
you’ll
have
complete
visibility
into
each
matter’s
true
cost
for
better
financial
reporting
and
decision-making.
Step
5:
Lighten
the
Accounting
Load
Even
if
your
financial
management
is
flawless,
the
lack
of
a
unified
solution
can
increase
the
burden
of
keeping
your
books
in
order.
Indeed,
IOLTA
account
compliance
and
other
financial
management
tasks
challenge
even
sophisticated,
full-time
accountants.
For
a
time-crunched
litigator
without
formal
financial
training,
keeping
the
books
in
order
can
be
even
more
daunting.
Mix
in
the
financial
errors
that
can
arise
simply
from
having
disparate
systems,
and
you’ve
got
a
minefield
to
navigate.
But
with
the
right
all-in-one
platform,
you
can
position
yourself
for
success.
MyCase’s
legal-specific
accounting
tools
will
lighten
your
accounting
workload
with
a
single
solution
that
manages
your
case
data
and
finances
together
—
no
switching
tools,
no
exporting
spreadsheets.
Step
6:
Stay
Agile
and
Current
In
today’s
permanently
hybrid
workplace,
the
ability
to
securely
work
from
anywhere
at
any
time
is
key.
So
is
the
need
to
securely
communicate
with
clients.
Tools
like
the
MyCase
client
portal
will
support
this
type
of
agility
in
your
business,
allowing
you
to
adapt
to
quickly
changing
circumstances.
Take
Your
Next
Step
Studies
continue
to
demonstrate
that
billing
more
hours
and
delivering
top-quality
legal
work
simply
aren’t
enough
to
ensure
a
financially
resilient
business.
Resilient
firms
aren’t
just
busy
—
they’re
financially
secure,
operationally
efficient,
and
ready
to
weather
uncertainty.
Want
to
simplify
your
firm’s
finances,
get
paid
faster,
and
spend
less
time
chasing
payments?
See
how
MyCase
helps
you
build
a
financially
strong
and
sustainable
practice
by
starting
a
free
trial
today.