Category: Law Firms

The Year-End Tax Write-Off You Can Claim—Even Without Cash on Hand

Posted on | by Ruby Watt

Introduction: The Year-End Scramble
For many small business owners, the end of the year brings a familiar sense of stress. It’s the time you start trying to piece together your financials to understand what your profit and loss statement looks like and, more importantly, what your tax liability will be. It’s a scramble to make sense of the numbers and figure out what the next year’s tax bill will look like.
This often leads to a reactive posture. You discover your full financial picture in February of the following year, long after the window has closed to make strategic moves that could have saved you thousands. It can feel like you’re simply bracing for impact, with no ability to change the outcome.
But what if you could shift from being reactive to proactive? A recent Q&A session with business owner Richard Marvel and accountants Ryan and Karen from FirmTrack Solutions revealed a few powerful insights that can change this dynamic. As a financial strategist, I see this reactive scramble all the time, and their conversation perfectly highlighted three shifts in thinking that can break the cycle.
Takeaway 1: Myth: You Need Cash to Claim a Write-Off. Reality: You Only Need to Acquire the Asset.
Let’s tackle the biggest mental hurdle I see business owners face. The central question Richard posed to his accountants was a common one: how can I get a big tax write-off to offset income if I don’t have the cash on hand to make a big purchase? Many owners believe if they don’t have $25,000 in their operating account, they can’t possibly get a $25,000 tax write-off. This isn’t true.
Thanks to tools like bonus depreciation, you can get a 100% deduction for certain assets in the year you acquire them. For example, if you need $25,000 worth of new computers to offset your income for 2025 but don’t have the cash, you can finance the purchase. Even though you haven’t paid for the computers outright, you can still take the full $25,000 deduction in 2025.
The core insight here is that the act of acquiring the asset (the purchase) and the act of paying for it (the financing) are two separate transactions in the eyes of tax law. Transaction one is the purchase: you add a $25,000 asset (computers) to your books. Transaction two is the financing: you add a corresponding $25,000 liability (the loan) to your books. The tax deduction is tied to the acquisition of the asset, not the cash leaving your bank.
As accountant Ryan explained:
You’re basically creating two separate transactions on your books and they they go from there based on the tax rules…
Takeaway 2: Myth: Your Entire Loan Payment is a Deduction. Reality: Only the Interest Counts.
This naturally leads to the next question, which the business owner in the discussion immediately asked: what happens in the following years with the loan payments? Like many owners, his initial thought was that the entire payment must be a write-off. The accountants were quick to clarify this critical, and often misunderstood, distinction.
It’s critical to understand that your loan payment consists of two distinct parts:
• Principal: This is the portion of the payment that reduces your loan liability. Since you already received the full tax benefit upfront via bonus depreciation, paying down the principal is not a deductible expense.
• Interest: This is the cost of borrowing the money. The interest portion of your loan payment is a deductible expense that reduces your taxable income over the life of the loan.
If your loan has a 2.5% interest rate, only the small portion of your monthly payment covering that interest is deductible—the rest is simply paying down the principal you already got a deduction for. This is more than just a bookkeeping rule; it’s essential for cash flow forecasting. If you mistakenly think your entire loan payment is lowering your tax bill, you will be in for a nasty surprise.
Takeaway 3: Your Most Powerful Tool is Proactive Bookkeeping
This brought Richard to his personal “aha” moment: while tax tactics like bonus depreciation are powerful, they are only effective if you have the information needed to use them. The ultimate financial strategy isn’t a secret loophole; it’s having real-time, accurate information about your business’s performance.
Consider these two scenarios Richard described:
• The Old Way: Waiting until February of the next year to reconcile all income and expenses from the previous year. By then, it’s too late to make any tax-saving moves.
• The New Way: Having up-to-date monthly reporting that provides a clear picture of your profit and potential tax liability before the year ends.
This timely insight is what transforms you from a passive observer to an active strategist. When you know where you stand financially in November, you can make an informed decision to purchase that new equipment and take advantage of bonus depreciation. Without that data, you’re flying blind.
Richard perfectly described the feeling of being powerless without current data:
…it’s almost like I’m watching a crash happen in front of me and there’s not a thing I can do about it because I don’t know what my financial picture is for 2025 until the next February…
Conclusion: From Reactive Panic to Proactive Planning
The key to reducing your tax liability and making smarter business decisions is shifting from a reactive, year-end panic to proactive, year-round planning. By understanding that acquiring an asset (Takeaway 1) is separate from paying for it, and that only the interest on that payment is deductible later (Takeaway 2), you can see why real-time bookkeeping (Takeaway 3) is the linchpin that makes these powerful year-end decisions possible.
Understanding that you can finance a major purchase and still claim an immediate, significant tax deduction is the first step. Pairing that knowledge with timely financial reporting empowers you to take decisive action that can fundamentally change your company’s financial outcome for the year.
Now that you know what’s possible, what one decision could you make before year-end to change your financial future?

The $18,000 Health Insurance Shock: 3 Reasons Your Premiums Are About to Explode

Posted on | by Ruby Watt

The annual health insurance open enrollment period is a familiar source of anxiety over rising costs. But for millions of Americans—especially small business owners and individuals on the open marketplace—the price increases for 2026 are not just a routine bump. The routine bump is about to become a financial earthquake that will force devastating decisions.
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Reason 1: The Sticker Shock Is Unprecedented
For many, health insurance costs aren’t just rising; they are set to more than triple. The scale of this increase is staggering. Take the example of Karen Whis Kwakowski, a small business owner in Illinois and partner at Firm Track Solutions. Her monthly premium for full coverage health insurance for 2026 is jumping from just under $400 to an astonishing $1,500—a stark increase she describes as 150%.
This translates to a new annual cost that can cripple a household budget. As Karen notes, the financial burden is immense:
“…if I want full coverage health insurance it’s going to cost me $1,500 a month…which means that that totals out to $18,000 annually”
This is not an isolated incident. Ryan Alman, another small business owner and Karen’s partner at their firm, is facing a similar reality. His household’s monthly premium is doubling from around $500 to $1,100. An unexpected expense of this magnitude doesn’t just destabilize a budget; it shatters it, forcing families to question everything from their savings to their homeownership.
Reason 2: The Federal Safety Net Has Vanished
A key reason for the jump is the expiration of federal subsidies. The Affordable Care Act (ACA) provided enhanced subsidies that could reduce out-of-pocket costs by as much as 75% for those with qualifying incomes. For the 2026 plan year, those subsidies are now gone.
This change particularly affects individuals and households earning around or over $60,000 annually, who now receive no tax relief and must absorb the full, unsubsidized cost of their insurance premiums. The one-year extension on these enhanced subsidies was not included in subsequent federal budgets, causing them to expire as scheduled.
The result is a policy failure with direct and painful consequences for millions, as Karen reflects:
“I think that it’s a it’s a real shame that this this healthc care policy has failed but fail it has”
Reason 3: Market Competition Is Disappearing
In some states, a lack of competition is making a bad situation worse. Illinois serves as a clear case study. Following the folding of Health Alliance, an insurance provider in the state, Blue Cross Blue Shield has been left as a virtual monopoly.
This lack of competition is directly connected to the dramatic price increases seen in the state for 2026. When consumers have few or no alternative insurance providers, they lose all leverage. This leaves people like Karen forced to consider “catastrophic” plans, which cover only hospitalization, and to meticulously “keep track of your receipts” for any potential tax deductions, as every dollar now counts.
This monopoly power becomes particularly devastating in the absence of federal subsidies. Without that financial cushion, consumers are left completely exposed to the whims of a single provider with no incentive to control costs.
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Conclusion: An Open Question for America
For 24 million Americans, the open marketplace is no longer a safety net—it’s a trap. A convergence of failed policy, vanishing competition, and expiring subsidies has created a perfect storm, with household budgets directly in its path. This is not just a financial issue; it is a crisis that will force households to make painful choices between their healthcare coverage and other essential costs.
The situation has created a fundamental uncertainty about the future of affordable healthcare in the country. As Ryan frames the challenge ahead, the system itself is called into question:
“…the future of healthcare in America is now open question because who knows who knows how many people are going to be able to just come up out of pocket at a doubling or tripling of their their actual their prior year rates”
With the current model proving untenable for millions, the pressing question is no longer if the system will break, but what a viable, competitive, and truly affordable healthcare future for America must look like.

He Filmed His Own Felony: 3 Shocking Lessons from a YouTuber’s $400k Ferrari Tax Scandal

Posted on | by Ruby Watt

The economy of internet spectacle has produced many strange business models, but few are as viscerally destructive as that of WhistlinDiesel. Known to millions as Cody Detweiler, he built a massive following by destroying incredibly expensive vehicles for views—a profession built on shock, awe, and the crunch of high-end machinery. But the latest shock wasn’t a stunt. It was the news of his arrest for felony tax evasion, an investigation centered on a $400,000 Ferrari F8 he had famously documented himself destroying.

Beyond the sensational headlines of a YouTuber’s clash with the law, this case reveals surprising and critical lessons about tax law, the permanence of digital evidence, and a quiet but intense conflict happening between U.S. states.

The “Montana Loophole” Isn’t a Get-Out-of-Jail-Free Card.

The scheme, often touted in wealthy circles as a clever “hack,” involves registering a limited liability company (LLC) in Montana to purchase a high-value vehicle. Because Montana has no statewide sales tax, the buyer hopes to avoid paying taxes in their home state. The problem is that tax authorities are clear: this is not a loophole, but a direct violation of use tax laws. While Montana has no sales tax, a home state like Tennessee enforces a use tax on items purchased elsewhere but used primarily within its borders. Failing to pay it is a crime.

In Detweiler’s case, the financial stakes were high: a 400,000 Ferrari F8** and an estimated **28,000 in evaded use tax. Such a brazen scheme suggests he may not have acted alone. As Ryan of firmTRAK Solutions speculates, “he’s probably got an advisor who knew about it and told him to do it.” Given the public nature of his activities, financial professional Carin Weiss-Krolikowski finds it difficult to believe this was an accident:

He had to have known that if you buy something out of state and you live in a different state, you’ve got to pay the use tax. It doesn’t matter where you buy it.

The Ultimate Irony: His Content Became the Evidence.

The central irony of Detweiler’s situation is that his entire profession—publicly documenting his activities—created an irrefutable evidence trail for prosecutors. The public record he meticulously created was damning, undermining any claim that the vehicle was based in Montana. His own content established the key facts of the prosecution’s case:

  • He lives and operates primarily in Tennessee, establishing a clear tax nexus that makes him liable for the state’s use tax.
  • The Ferrari, supposedly owned by a Montana LLC, was filmed being destroyed in Waco, Texas, proving it was not being used in Montana.

This self-documentation is a prime example of what Weiss-Krolikowski described as handing ammunition to investigators. “You’re handing evidence over to the prosecution and the law to prosecute you,” she explained. The most practical takeaway from this saga is a simple and powerful piece of advice offered by Ryan from firmTRAK Solutions: “don’t film your felonies.”

One Influencer’s Stunt Exposed a Quiet War Between States.

While the YouTuber’s actions may seem “really dumb on its face,” they inadvertently cast a spotlight on a complex and ongoing “contest that’s happening between the states” regarding tax policy. This isn’t just a story about one individual’s alleged crime; it’s a window into conflicting state interests. Montana benefits from the revenue generated by LLC registration fees and, more fundamentally, is “kind of constitutionally against these types of taxes,” giving it little incentive to curb the practice.

This philosophy puts it at “cross purposes” with states like Tennessee, which are fighting to collect legitimate use tax revenue they are owed. A high-profile case like this brings a typically overlooked issue of interstate tax competition into public view, highlighting the lengths to which states will go to protect their tax base from being eroded by those exploiting differences in state law.

Conclusion: A Modern Cautionary Tale

The WhistlinDiesel scandal serves as a uniquely modern cautionary tale with three clear lessons: a popular tax “hack” is a serious felony, public content is also public evidence, and the seemingly isolated actions of an individual can illuminate far larger systemic conflicts.

This case forces us to consider the blurred lines in our hyper-documented world. In an economy driven by monetized transparency, how does one calculate the ROI on a stunt that generates millions of views but culminates in a felony indictment?

The End of Paper Checks & 27% Rate Hikes: 3 Financial Shifts You Didn’t See Coming

Posted on | by Ruby Watt

Each year brings familiar financial rituals, from the scramble to file taxes by the deadline to the slightly less urgent task of paying the annual home insurance bill. These are constants in our financial lives. But behind these familiar processes, significant and often surprising systemic changes are taking place that directly affect our wallets and how we interact with government agencies and major corporations.

These aren’t minor tweaks; they are fundamental shifts in infrastructure and policy that can appear suddenly and have immediate consequences. From the way you receive a tax refund to the consumer protections you thought you had, the ground is moving beneath our feet. This article will uncover three of the most impactful of these recent shifts, revealing what they are and why they matter to you.

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1. The Federal Government is Ending Paper Checks for Good

In a sweeping modernization effort, the IRS and other federal agencies are officially ending the use of paper checks for most transactions. This change, mandated by Executive Order 14247 signed by President Donald Trump in March 2025, will be implemented starting in January 2026 for all 2025 tax year filings. While eight in 10 taxpayers already use direct deposit for their refunds, this move makes it the standard for everyone, including business taxpayers.

The federal government cited three primary reasons for this massive transition:

  • Security: Paper checks are significantly more likely to be lost, stolen, or fraudulently altered compared to secure electronic payments.
  • Cost: Maintaining the infrastructure for paper-based payments is incredibly expensive, costing the government over $657 million in fiscal year 2024 alone.
  • Efficiency: Electronic payments are processed faster, reducing administrative delays and getting money to recipients more quickly.
2. Why a 27% Insurance Hike Can Happen Overnight

Imagine your annual home insurance bill suddenly jumping by over $1,000. That’s the reality facing homeowners in Illinois after State Farm announced a staggering 27.2% rate increase. The move, happening in the very state State Farm calls home, prompted Governor Pritzker to label the rate “extreme” and urge state legislators to take action. But how is such a dramatic hike even possible?

The core reason is a surprising gap in state law. Illinois is one of the few states that does not have an “excessive insurance rate clause” to prevent such increases. Without this key consumer protection, companies have wide latitude to raise rates. Critics, including the governor, suggest that residents of states like Illinois may be unfairly forced to subsidize the insurance company’s losses from tragedies happening “around the country.” This situation reveals a critical takeaway: the level of protection you have against sudden, massive rate hikes depends entirely on the laws in your specific state.

3. How “Going Digital” Creates a New Hurdle for the Unbanked

The government’s move to eliminate paper checks creates a new challenge for individuals without bank accounts. Under the new system, if you file your 2025 tax return without providing banking information, the IRS will hold your refund for six weeks while it sends a letter requesting your direct deposit details. This creates a substantial delay and potential hardship for those who need their money promptly.

However, this shift doesn’t leave the unbanked without options. The primary alternative is the Treasury-sponsored Direct Express® Debit Mastercard®, a prepaid card that can receive federal payments, including tax refunds, without needing a traditional bank account. Furthermore, the executive order allows for limited exceptions in cases of “undue hardship” or for individuals with no access to U.S.-based banking services. While the default is digital, these workarounds provide a critical safety net for the most vulnerable taxpayers.

Conclusion: Are You Prepared for the New Financial Landscape?

These three developments paint a clear picture: major financial and regulatory systems are rapidly shifting toward mandatory digitization, and in some cases, can have surprising gaps in consumer protection. From the final death of the paper check to the vulnerability of homeowners in certain states, the rules that govern our money are being rewritten. As our financial world continues to evolve, the real question is, how many other critical changes are happening just below the surface?

Understanding Federal Reserve Policies: Impact on Small Businesses and Inflation in 2024

Posted on | by Ruby Watt

Introduction

Welcome to our latest discussion from firmTRAK Solutions. Today, partners Ryan and Rich Marvel delve into the current state of Federal Reserve policies and their implications for small businesses and the broader economy. With inflation rates stabilizing and significant changes on the horizon, understanding these dynamics is crucial for business owners.

Federal Reserve Policies and Inflation

In 2023, economic analysts widely anticipated a series of interest rate decreases by the Federal Reserve. Fast forward to July 2024, and we have yet to see these predicted changes. With the upcoming election, there’s speculation about a potential rate decrease in September 2024. But what does this mean for businesses?

Disinflation and Its Effects

Disinflation, the process of slowing down inflation, has brought the rate from around 9% to a more manageable 2-3%. While this is a positive development, the prices of everyday goods that soared since January 2021 are here to stay. For instance, the cost of a gallon of milk, now at $5, is unlikely to drop but will increase at a slower rate.

Housing Market Implications

The tight housing market, as projected by Bank of America, is expected to remain constrained until the latter part of 2026. This means high home prices will persist, impacting not just potential homebuyers but also businesses involved in real estate and construction.

Strategic Business Management

  1. Retaining Key Employees: In today’s economic climate, holding onto productive employees is more critical than ever. The cost and downtime associated with hiring and training new staff make it essential to retain your top talent.
  2. Embracing Automation: Evaluate your business processes to identify opportunities for automation. Implementing technological solutions can enhance efficiency and productivity, making your existing team more effective.
  3. Outsourcing: Consider outsourcing non-core functions such as HR and bookkeeping. Services like ADP can handle HR tasks, while specialized bookkeeping firms can streamline your accounting processes, saving time and reducing errors.
  4. Reviewing Pricing Strategies: With the significant price increases since 2021, it’s an opportune time to reassess your pricing. Ensure your rates align with market conditions to maintain profitability and competitiveness.

Conclusion

Navigating the current economic landscape requires strategic planning and informed decision-making. By understanding the implications of Federal Reserve policies and adapting your business strategies accordingly, you can better position your company for success.

For more insights and personalized advice, visit us at firmtrak.com. We’re here to help you thrive in these challenging times. watch the full length video Understanding Federal Reserve Policies: Impact on Small Businesses and Inflation in 2024

The Importance of Vacation Days for Small Business Owners

Posted on | by Ruby Watt

Introduction

As small business owners, Ryan and Carin Weiss-Krolikowski from firmTRAK Solutions recently discussed an intriguing article from CNBC titled “Taking a Vacation from Work May Soon Become Mandatory”. This discussion highlighted the often-overlooked importance of vacation days, not just for employees but for business owners themselves.

The Current Landscape of Vacation Days

The article notes that only a small number of employers require workers to take vacation days. This lack of regulation is reflected in the culture of the U.S., where many employees do not take their full allotted vacation time. In fact, many workers take fewer than 15 paid vacation days a year. This trend can be attributed to several factors, including a heavy workload and the absence of a backup to handle tasks during their absence.

The Small Business Owner’s Perspective

As small business owners, Ryan and Carin don’t have official vacation days, making their own schedules. However, they understand the importance of vacation days for employees and the challenges in ensuring that work is covered during absences. This balancing act is crucial to maintaining a healthy work environment and preventing burnout.

Encouraging a Healthy Work Environment

Ryan and Carin advise other small business owners to reflect on their workplace environment and consider implementing policies that encourage taking time off. They emphasize the importance of recharging to prevent employee burnout, which can lead to decreased productivity and increased turnover. Establishing a vacation policy, whether mandatory or not, can help ensure that employees have the mental and physical stamina to perform well.

Legal Considerations and Policy Types

They also stress the importance of checking state laws and regulations regarding vacation policies, as these can vary significantly. For instance, the rules in Texas differ from those in California. Additionally, the type of vacation policy—such as a “use it or lose it” policy—can impact employee behavior. Ryan and Carin have observed that employees are more likely to use their vacation time when such policies are in place.

Conclusion

Finally, they caution that any mandatory vacation policy should be fair and well-thought-out to avoid potential legal issues. Small business owners should research and plan thoroughly before implementing any new policies.

For more insights and information about firmTRAK Solutions, visit firmtrak.com,  and watch the full video on our youtube channel “Mandatory Vacation: The Future of Work-Life Balance”.

Setting Your Rates: Pricing Strategies for Professional Services Firms

Posted on | by Ruby Watt

Introduction

Setting a price for your professional services can be difficult and complicated. While maintaining your competitiveness in the market, you want to make sure that your pricing accurately represents the value you offer to clients. This post will walk you through the process of determining your prices, going over several approaches to pricing, how to set up fees, and when to raise your charges. After reading this, you’ll be more knowledgeable and capable of selecting the best strategy for your company.

  1. Determine Your Fee Structure

It’s crucial to define your cost structure before delving into certain pricing tactics. One of the three main charge models is typically utilized by professional services firms:

  • Hourly billing: A conventional method involves billing clients according to the number of hours they labor. Although this approach is simple, it may not be the most flexible when it comes to growing your business.
  •  Flat prices: Offering clients cost consistency, flat prices may be a more alluring choice for them. But determining the appropriate flat rate necessitates having a solid grasp of the job involved.
  • Value-Based Pricing: This strategy bases your rates on what your clients believe they are getting for their money. Frequently, it results in a win-win scenario where customers are content to pay for the value they receive.

 

  1. Pricing for Value

Value-based pricing is gaining popularity in the professional services industry because it aligns your fees with the impact you make on your clients’ businesses. To implement this strategy:

  • Understand the Client’s Perspective: Get to know your client’s business goals, challenges, and the value they expect from your services.
  • Align Your Pricing with Value Delivered: Set your fees based on the positive impact you can make on the client’s bottom line.
  • Communicate Value: Clearly communicate how your services contribute to the client’s success and justify your fees.

 

  1. Different Pricing Models

Let’s now examine some various pricing strategies that will assist you hone your strategy:

  • Retainer Model: Your services are continuously accessed by clients for a set monthly price, which guarantees a consistent flow of income.
  • Project-based pricing: This works well for clients with clearly defined, time-bound needs as it involves charging a one-time price for a particular project.
  • Tiered Pricing: To accommodate a range of customer needs, provide several price tiers. This enables customers to select a service level that fits within their spending limit.
  • Subscription-Based Model: Charged on a monthly basis, clients pay a charge that is akin to retainers but may contain a predetermined amount of hours or services.

 

  1. Increasing Rates Over Time

As your firm grows and gains experience, you should consider raising your rates. Here’s how to do it effectively:

  • Assess Market Conditions: Keep an eye on market trends, competitors’ rates, and economic factors that could influence your pricing.
  • Communicate with Clients: Be transparent with your existing clients about rate increases, providing ample notice and discussing the value they’ll continue to receive.
  • Offer New Services: As your firm evolves, introduce new, higher-value services that can justify higher rates.
  • Gradual Increases: Rather than making sudden jumps in rates, consider implementing gradual, incremental increases over time.

Conclusion

An important part of your business plan is determining the appropriate pricing for your professional services company. Understanding your charge schedule, matching value to price, and selecting the best pricing model will help you draw in new business while maintaining the health of your company’s finances. Remember that a normal aspect of business growth is a gradual increase in rates. You’ll be well on your way to success in the professional services industry if you use these methods.

firmTRAK Attends ClioCon 2023 in Nashville

Posted on | by Ruby Watt

Introduction: 

Last week firmTRAK attended CliCon in the one and only Music City.  CloCon is the annual event for Clio, a law firm specific management platform, held to educate, inform and allow subscribers and potential subscribers to see, first hand, recent improvements and changes in the application.  As a leader for legaltech innovation, the conference brought together legal professionals, industry experts, and legal tech companies from around the world. For a legal accounting services and SAAS reporting company like firmTRAK, it was a valuable chance to connect with our peers, learn about the latest trends, and showcase our platform.

Overview of the Conference:

For two days, the Gaylord Resort and Convention center  was buzzing with energy and enthusiasm. Over 2,500 attendees flooded the expo hall eager to observe, learn and understand cutting-edge legal tech solutions. The speaker lineup featured 150+ sessions led by renowned industry leaders. Topics spanned from access to justice and diversity in law to security and automation. 

Entertainment and education go hand in hand with the Clio Convention. On the first night of the conference attendees experienced a show at the Grand Ole Opry. The quintessential music hall, the Grand Ole Opry showcased the essence of what Nashville Tennessee has to offer.  The show at the Opry was a great way to relax and unwind after the first day of the conference.  

Following the second day of the conference and to celebrate the end of another great convention, Clio offered attendees another night of entertainment. Our founder, Carin states: “The Tuesday night “After Dark” event took place at Luke’s 32 Bridge on Broadway Street in downtown  Nashville, TN. Live music, lots of food and free flowing libations allowed the conference attendees to relax, socialize following two intense days of the conference. 

Highlights from the firmTRAK Team: 

Our team made the most of the Nashville conference by both sharing our platform and gaining new perspectives. During demos at our booth, we received valuable feedback from attorneys and legal staff across different practice areas. We also learned about enhancements that would help our customers improve efficiency.

Carin summarized firmtrak’s experience at Cliocon,  “During our time at CLIOCON in Nashville,  we met like minded vendors that share our  interest in assisting law firms optimize business performance.  Learning about other solutions and how new solutions can impact the business of law is a key takeaway for Firmtrak. The common goal at Clio is to assist law firms in improving by implementation of better Clio practices, new legal solutions and how they integrate together.” 

As a vendor Conference is always a unique blend of fast paced action and intermittent calm. Many attorneys and vendors are anxious to learn about the latest developments and offerings and see where it makes sense to work together to provide the most comprehensive service to law firms.  

With firmTRAK’s unique blend of traditional accounting services and legal technology, we provide a unique offering, which speaks to traditionalists and to innovators. Developed by accountants and an attorney, Firmtrak’s perspective is from a place of knowing the pain points that lawyers have and applying a real solution to a real problem.

Key Takeaways:

Attending the Nashville conference was an extremely worthwhile experience for the firmTRAK team. Here are some of our key takeaways:

  • The legal industry is eager for solutions that streamline workflows and improve client service. There is massive potential for continued innovation.
  • Security, automation, and integration are top priorities for law firms looking to upgrade their tech stack. 
  • Client portals and document automation can significantly expand law firms’ capacity and efficiency.
  • Collaboration within the legal tech community will be crucial for driving adoption.

We’re grateful we were able to attend this year’s event in Nashville. The insights gained will directly shape firmTRAK’s roadmap as we pursue our mission of empowering law firms with transformative legal tech. We look forward to collaborating with other innovators to advance the industry.

Conclusion: 

The Nashville legal tech conference surpassed our team’s expectations. The energy and ideas will propel firmTRAK forward as we aim to provide law firms with cutting-edge practice management software. We eagerly anticipate what next year’s event will bring!

firmTRAK’s Unforgettable Experience at the ISBA Conference

Posted on | by Ruby Watt

Introduction

Keeping up with the latest developments in legal technology is essential for law firms that want to prosper in the twenty-first century. FirmTRAK recently had the honor of taking part in the annual ISBA (Illinois State Bar Association) Conference, which offered a remarkable opportunity to network with legal professionals, showcase our cutting-edge solutions, gain insightful information about the future of the legal industry, and learn about Carin’s special conference experience.

Networking and Building Connections

At the Hyatt Lodge in Oakbrook, Illinois, the ISBA Conference brought together professionals, practitioners, and legal experts from all around the state. It gave firmTRAK a vibrant platform for networking and establishing connections with both seasoned professionals and up-and-coming legal talent.

The opportunity to have deep conversations with lawyers, paralegals, and legal tech aficionados, including our colleagues in the legal services industry, was one of the conference’s highlights for us. These contacts helped us to comprehend the difficulties encountered by law firms and the increasing demand for streamlined and effective legal operations.

Carin’s Experience with firmTRAK

Carin’s time at the ISBA Conference (Illinois State Bar Association) was incredibly instructive and enlightening. Carin got the chance to immerse herself in a dynamic setting full of legal professionals.

Carin states: “The ISBA Conference was held at the Hyatt Lodge in Oak Brook, IL.  This was a great experience for networking with other like minded vendors and Solo to Small Law Firms.  The evening reception was wonderful, pleasant and relaxing.  The ISBA had the exhibitor hall organized, having the attendees play a “Bingo” game to visit each vendor and have each vendor initial their “Bingo” card.  This allowed us to actually have a conversation with many of the attendees and develop a better understanding of what each law firm actually does and how our KPI/Analytical dashboard may help them and also how our accounting services can streamline each practice.”

Showcasing Innovative Solutions

Through our participation at the ISBA Conference, firmTRAK was able to highlight our array of cutting-edge technologies. Our software solutions offer complete accounting services for law firms as well as improved reporting for users of PracticePanther and CLIO.

We highlighted firmTRAK’s ability to save legal professionals time, lessen administrative responsibilities, and increase general customer happiness during our booth presentations. Positive reviews and enthusiasm for working with us are consistent from our clientele. Any law practice can be more productive with proper accounting and an understanding of the value of technology.

Insights into the Future of Legal Technology

The ISBA Conference also included principles for employing tech services, networking, and trust. These sessions gave participants insightful information about potential trends and difficulties facing the legal sector in the future.FirmTRAK was able to obtain a wider perspective on the changing market and the new trends in legal technology by interacting with like-minded legal tech companies and industry professionals. It reaffirmed our dedication to maintaining a position at the forefront of innovation and always enhancing our offerings in order to satisfy clients’ shifting needs.

Conclusion

For firmTRAK, attending the ISBA Conference was a worthwhile experience. We had the chance to network with legal experts, present our creative solutions, learn priceless information about the future of the legal sector, and hear firsthand from committed people like (insert name of someone you met).

Adopting technology will be crucial for law firms looking to prosper and provide outstanding service to their customers as the legal landscape continues to change. Future conferences are something we eagerly anticipate, as is the chance to use cutting-edge technology to better the legal profession.

“Why a Visit to firmTRAK’s Booth at ClioCon 2023 Will Improve Your Firm’s Success”

Posted on | by Ruby Watt

Are you prepared to transform your law firm’s operations and boost its profitability? Look no further than firmTRAK, the cutting-edge reporting tool that elevates your practice. We effortlessly combine data from PracticePanther, Xero, and Clio to provide you unmatched insights into the workings of your business. You can manage your firm like a business with firmTRAK, optimizing your Clio investment and saving time.

Unlock Your Firm’s Potential with firmTRAK

Our goal at firmTRAK is to equip law firms with the tools they need to automate processes, spur business expansion, and increase income. We deal with everything, including billing, collections, and attorney utilization. Your go-to option for overcoming reporting difficulties and improving general corporate effectiveness is firmTRAK.

Why firmTRAK at ClioCon 2023?

We’re thrilled to announce that firmTRAK is exhibiting at ClioCon 2023, and here’s why you can’t afford to miss us at our booth:

  1. Immediate Value: With over 30 pre-built standard reports available in firmTRAK’s extensive feature set, you may start using it in just three days. From the start, learn about important operational, marketing, and financial KPIs.
  2. Customization: We are aware that there is no one size that fits all. In order to ensure that you have useful insights that support informed decision-making, firmTRAK specializes in developing custom reports that are suited to your firm’s specific needs.
  3. Data Analysis: Utilize firmTRAK’s data analysis tools to spot trends, patterns, and operational improvement opportunities. Make decisions based on facts that will increase productivity, client satisfaction, and profitability.
  4. Real-time Reporting: Access current information to track important indicators in real-time with real-time reporting. Make proactive changes to your plans and resource allocation to stay competitive.
  5. Customizable Dashboards: By focusing on the particular metrics that are most important to your role, you may save time and make sure you always have the data you require close at hand.

Visit the firmTRAK booth at ClioCon 2023 to see firsthand how we can make your business successful. Don’t pass up this chance to increase your company’s performance and stand out from the competition. Together, let’s turn your legal firm into a successful and effective business.

Join us in shaping the future of your legal business at ClioCon 2023!