Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Lawyerist (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Year-End Law Practice Checklist

% of readers think this story is Fact. Add your two cents.


With the end of one year and the beginning of the next, it’s a great time to take action to keep your practice running smoothly and keep yourself in check from an ethics standpoint.

Here are some tasks that should be hitting your to-do list this week.

Review Your Archives

Take a look at what you’ve put in cold storage, both in hard copy and electronically. Hopefully, you have a document destruction policy in place. You will want to follow that policy in going through your old files and tossing what has expired.

As you go through your archives, you will find files you will be able to throw out soon. Make a note of those files and calendar them. Don’t wait until your next scheduled cull through the tombs to delete them.

Clear Out Your Current Files

Once there is room in your archives, go through your current files. You probably are sitting on some open files that are not open anymore.

  • Archive according to procedures. When you have current client files ready to go to the archives, be sure to put them away in compliance with file closing procedures. (If you don’t have those in place, it’s a very good time to draft them, including sending a closing letter, reconciling your trust account, and refunding any unearned fees.)
  • Archive current operating files. Operating and administrative files can grow bloated and create a mess in your filing cabinet. Close out current year files and start fresh ones for next year. Put this year’s files in your archives.

If you do not have space, consider scanning files and then destroying the originals. Even if you think the records are available elsewhere (such as bank statements from the institution), keep the statements on hand if you can. While many records are available from the original source, the time and effort required getting them can be costly. In terms of ethics inquiries, the faster you can respond with copies of those records, the better.

Tax Matters

Just before the year closes is also an excellent time to take stock of where you stand with Uncle Sam. If you are a solo or small firm, check on whether you have gotten your quarterly payments in, and if not, rectify it. There is no point in getting hit with an underpayment penalty.

On the personal side, check in on your retirement contributions and college savings accounts. It’s a good time to make sure you have made your yearly contributions (or have a plan in place to make them by April 15) and to check your investment allocations.

Get Your Credit Reports

This is also a good time to pull your credit reports. You can get them free at Annual Credit Report or Credit Karma. What does this have to do with legal ethics?

Among the issues you may find on your credit report are accounts or judgments that could come back to haunt you before ethics regulators. You may also find problems that could impact your ability to borrow to expand your firm, take on a large contingency case, or meet other goals you have set for your practice.

Assess Your Vendor Relationships

Check on the vendors you have been using this year and see if they remain your best choice. Can you get a better deal on your Internet, timekeeping software, cell phone, office space, or any other service you use?

Check on discounts available through your state bar or any organization of which you are a member.

Streamline Procedures

The fresh new year is when you can put in place new streamlined practices and procedures. Revisit (or draft for the first time) your client intake form, file opening procedures, calendar system, billing processes, file maintenance practices, file closing procedures, monthly trust account reconciliation process, timekeeping practices, and any other office procedures used in your practice.

Routinize Career Management

Whether you are a BigLaw associate or a solo practitioner, there are things you can be doing in your practice to keep yourself on the straight and narrow and up your odds of career success. Everyone’s list will look different, but it may include such items as attend monthly networking functions, review subject matter periodicals when they come in, write a publication quarterly, blog weekly, or whatever other tasks will boost your career and keep you focused on your practice.

In addition to being good for marketing, networking can be a buffer for ethics problems, because a lot of problems can be avoided if you have a network to fall back. So be sure to include some network development on your list.

Continuing Legal Education

Take stock of your CLE requirements, deadlines, and how close you are to meeting your requirements. If the office is slow, take advantage and pick up some courses where you can. Organizations you belong to may offer free webinars, as do some mainstream vendors. If you are not in a hurry at deadline time, you can pick up a lot of free CLE credits.

The new year is a great time to set yourself up for success and refresh your practice. Take the time to put in place the tools for a great and prosperous year.

Originally published 2016-12-30. Republished 2019-12-31.

The post Year-End Law Practice Checklist appeared first on Lawyerist.


Source: https://lawyerist.com/blog/year-end-checklist-law-firm/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.