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7 Steps to Take Now in Organizing Your 2020 Financial Records

Posted on 01/19/2021 by beverlym
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From our friends at NW Sidebar, seven steps you should take now to get your 2020 financials organized:

It’s that time again! Not just for holidays and eggnog, but also taxes, 1099s, and other year-end financial must-dos. And after the year we’ve had – what with PPP loans and unplanned expenses – the process will be more complicated than ever. If we set aside just a few minutes to organize our year-end now, we’ll find ourselves much less stressed when the new year and tax deadlines roll around. This practical, step-by-step guide will set you and your firm up for a year-end win and success in 2021.

A Step-by-Step Guide to Year-End Bookkeeping for Law Firms

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Posted in Collections, Fees, Financial Management, IOLTA, Office Systems, Solo Practice | Tagged Beverly Michaelis, Billing, bookkeeping, Fees, Finances, Financial Management, IOLTA, Law Practice Management, lawyer trust account, NW Sidebar, Office Systems, Oregon law practice management, trust accounting, year-end bookkeeping | Leave a reply

CLE Discount Sale

Posted on 12/07/2020 by beverlym
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Starting today through December 31 get 50% off all CLEs by entering the code SAVE50 at checkout! Visit Oregon Law Practice Management On Demand CLE and choose from any of these programs:

Oregon-Specific Ethics Credits

  • Abandoned Funds: Trust Account Dilemmas
  • Advanced Trust Accounting
  • Trust Accounting Fundamentals

General Ethics Credits

  • Ethical Guidelines for Client Files
  • Fee Agreements – Ethical Dos and Don’ts
  • Effective Conflict Systems

Practical Skills/General Credits

  • 7 Steps to Building Better Client Relationships
  • Best Practices for Client Intake, Engagement, and Workflow
  • Best Practices for Docketing, Conflicts, Disengagement, and File Retention
  • eCourt Malpractice Traps
  • Getting Paid
  • Oregon eService
  • Technology Tips for the Busy Legal Professional

Personal Management Assistance Credits

  • Practical Time Management

Use the SAVE50 discount

Browse the CLEs, select your programs, then click the shopping cart icon at the top right of your screen. Choose Checkout, enter SAVE50 in the discount field, and click Apply.

Instant digital delivery with options to save to the cloud or your mobile device

Links to digital files are delivered instantly at checkout with your purchase confirmation email. Download, stream, save to Dropbox, or send files to your mobile device or desktop computer.

Add credits now to your MCLE transcript

After you screen a program, you can add it immediately to your online Oregon State Bar MCLE transcript record. Download the instructions here.

Your on demand CLE purchase includes

  • MP4 download (combined audio and video file)
  • M4a download (audio only)
  • Written program materials, including presentation slides and resources
  • Answers to polling questions asked during the live CLE
  • MCLE information

Free eBook!

If you visit my online store, be sure to download your free copy of Tips for Improving Client Relationships.

Secure payment processing

All transactions are handled by Selz and protected with encryption. Selz is SSL secure and PCI compliant. Visa, MasterCard, American Express, and Discover accepted. Click here to buy CLEs and save money!

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Posted in Client Relations, Collections, Confidentiality, Conflicts, Court Procedure, Credit Cards, E-Court, E-Mail, eBooks, Ethics, Fees, Financial Management, Fraud Prevention, IOLTA, Malpractice Avoidance, Marketing, Office Systems, Resources, Social Media, Solo Practice, Staff, Technology | Tagged abandoned funds, Apps, Automation, Beverly Michaelis, Billing, CLE, Client Intake, Client Relations, client screening, cloud computing, Collections, confidentiality, conflicts, conflicts of interest, Credit Cards, Deadlines, disengagement, Docketing, ecourt, efiling, email, eservice, ethical, Ethics, fee agreement, fee agreements, Fees, file retention, Finances, Financial Management, fraud, IOLTA, law, Law Practice Management, lawyer trust account, legal, Malpractice, Marketing, Metadata, Office Systems, Oregon, Oregon law practice management, Oregon Rules of Professional Conduct, organization, paperless, privacy, productivity, security, Social Media, social networking, Solo Practice, Staff, Technology, theft, time management, trust accounting, unclaimed funds, UTCR, withdrawal, workflow | Leave a reply

Last Call for Abandoned Funds – October 16 CLE Event

Posted on 10/14/2019 by beverlym
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Do you have mystery money in your lawyer trust account? Uncashed checks? Funds you can’t return to clients? Join me on Wednesday, October 16 for Abandoned Funds: Trust Account Dilemmas and learn how to address these issues. This CLE is designed for lawyers, legal staff, bookkeepers, or office administrators – anyone interested in proper handling of abandoned IOLTA funds. Approved for .50 ethics credits (Oregon-specific) and .75 practical skills.  OSB ID 59273.

When and Where

Wednesday, October 16, 2019 from 10:00 a.m. to 11:15 a.m. Pacific Time. This is a live, online webinar.

How to Register

Register here, choose the image above, or visit the Upcoming CLE page. Secure payment processing powered by Eventbrite. Visa, MasterCard, Discover, and American Express accepted. Program materials included in the $25 registration price. Group discounts available to firms who wish to register 5 or more attendees. Contact me for more information.

Topics include

    • Identifying abandoned funds
    • Determining ownership and residence
    • Remitting funds
    • Exercising due diligence: statutory and ethical duties
    • Assessing the legal, practical, and and ethical implications of using stop payments, closing your IOLTA account, using stale dates, purchasing cashier’s checks to replace funds in IOLTA, and writing off leftover balances
    • Avoiding abandoned funds
    • Reporting and remitting abandoned funds outside the statutory deadline

Can’t Attend?

Video and audio recordings will be available to download along with the program materials shortly after the live program event.  Price: $25. Contact me or visit my online CLE store to place an order.

Don’t Miss Out!

Procedures have changed since I last offered a CLE on abandoned funds. Get straightforward, up-to-date information on all aspects of proper reporting and remitting.

All Rights Reserved 2019 Beverly Michaelis

 

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Posted in Collections, Ethics, Fees, Financial Management, IOLTA, Office Systems, Staff | Tagged abandoned funds, accounts receivable, balance write offs, Beverly Michaelis, cashiers checks, client balances, closing IOLTA account, Collections, Department of State Lands, ethical duties, Fees, Finances, invoicing, IOLTA, IOTA, lawyer trust account, Oregon law practice management, stale dates, unclaimed funds | Leave a reply

Abandoned Funds: Trust Account Dilemmas

Posted on 09/16/2019 by beverlym
1

Do you have mystery money in your lawyer trust account? Uncashed checks? Funds you can’t return to clients? Join me on Wednesday, October 16 for Abandoned Funds: Trust Account Dilemmas and learn how to address these issues. This CLE is designed for lawyers, legal staff, bookkeepers, or office administrators – anyone interested in proper handling of abandoned funds and lawyer trust accounts.

Topics include

  • Identifying abandoned funds
  • Determining ownership and residence
  • Remitting funds
  • Exercising due diligence: statutory and ethical duties
  • Assessing the legal, practical, and and ethical implications of using stop payments, closing your IOLTA account, using stale dates, purchasing cashier’s checks to replace funds in IOLTA, and writing off leftover balances
  • Avoiding abandoned funds
  • Reporting and remitting abandoned funds outside the statutory deadline

When & Where: Wednesday, October 16, 2019 from 10:00 a.m. to 11:00 a.m. Pacific Time. This is a live, online webinar.

Group Discounts: Available to firms who wish to register 5 or more attendees. Contact me for more information.

Participate in Polling & Ask Questions: Questions are welcome during the live event. Attendees are also encouraged to participate in live, anonymous polling.

How to Register

Register here, choose the image above, or visit the Upcoming CLE page. Secure payment processing powered by Eventbrite. Visa, MasterCard, Discover, and American Express accepted. Program materials included in the $25 registration price.

Can’t Attend?

Video and audio recordings will be available to download along with the program materials shortly after the live program event.  Price: $25. Contact me or visit my online CLE store to place an order.

Register Now!

All Rights Reserved 2019 Beverly Michaelis

 

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Posted in Collections, Ethics, Fees, Financial Management, IOLTA, Staff | Tagged abandoned funds, accounts receivable, Automation, Beverly Michaelis, Billing, client balances, close IOLTA account, close lawyer trust account, Collections, failure to report unclaimed funds, Fees, Finances, IOLTA, IOLTA recordkeeping, IOTA, lawyer trust account, lawyer trust accounting, Oregon law practice management, Stop Payment, unclaimed funds | 1 Reply

Remote Deposit Capture for Law Firms – Quick Practice Tips

Posted on 09/03/2019 by beverlym
2

Nothing is easier than using mobile banking apps or desktop check scanners to deposit client payments. To avoid frustration, protect client funds, and ensure proper recordkeeping follow these tips when using remote deposit capture:

Endorsements

If using an app, consider adding “For mobile deposit only” to your signature endorsement on the paper check. Your bank may not require it, but including this restriction reduces the possibility that someone might redeposit the check intentionally or in error.

Deposit Limits

All banks place limits on mobile app deposits. Unfortunately, those limitations are often not communicated to customers. This issue tends to affect lawyers more than other businesses due to the type of transactions we handle. Retainers are apt to be in the thousands; settlements or other proceeds in the tens of thousands – or more. To avoid frustration, talk to your banker. It may make sense to transition to a more formal method of deposit capture (using a scanner and online deposit system). Limits still apply, but are extremely generous.

Keeping Paper Checks

Retention of paper checks after electronic deposit can be tricky. Some banks want customers to destroy the check as soon as funds appear in the account. Others require checks to be held 60-90 days. Know what your bank expects. Store deposited checks in a secure location. When eligible for destruction, dispose of paper checks in a manner that prevents fraud and protects client confidentiality and privacy.

Fund Availability vs. Collection

In most instances, firms have immediate access to funds deposited electronically, but not always. Regardless, remember that funds must be fully collected before you can draw against them. This is an absolute when it comes to deposits made to your lawyer trust account (IOLTA), and a wise business practice for your operating account.

Check Clearing for the 21st Century Act

If you are interested in the legality of remote deposit capture, known as the Check 21 Act, you can read all about it on the FDIC website.

All Rights Reserved 2019 Beverly Michaelis

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Posted in Collections, Fees, Financial Management, IOLTA | Tagged Beverly Michaelis, Check 21 Act, collection of funds, deposit by phone, eDeposits, Fees, Finances, fund availability, IOLTA, lawyer trust account, Oregon law practice management, RDC, remote deposit capture, scanning checks, trust account, trust accounting | 2 Replies

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