Tech Tip #39: Compliance Should Be a Core Function of Your Firm’s Operations
Law firms and lawyers are bound to many complex rules and regulations to remain compliant. The easiest way to minimize risk is to bake compliance into your core operations. Five ways you can accomplish this is by:
- Keeping all of your documents in one location and if possible, one system. In doing so, you’ll be set up to properly handle conflict checks, handle matter trust ledgers, and create a clear audit trail for billable activity.
- Avoiding client disputes by being proactive with timely, detailed invoicing and clear, consistent communication.
- Always operating as if an audit were taking place tomorrow, running and storing the appropriate trust accounting reports on a regular basis.
- Conducting appropriate due diligence and training employees on how to prevent data breaches and keep client data secure.
- Having checks and balances in place to be aware of potential fraud and embezzlement.
Check out our in-depth guide on “5 Ways to Run a Compliant Law Firm.”