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The Crypto Company LeanLaw is a blockchain-based legal system that aims to provide legal services and answers traditionally provided by law firms. This allows for greater transparency, efficiency, and quality of service with the individual at the forefront in mind.
LeanLaw is a new company that offers legal services for startups. The company has been around since 2013, but recently re-branded to become LeanLaw. This review will cover the pricing and features of the service. Read more in detail here: leanlaw reviews.
LeanLaw is a cloud-based legal Timekeeping and billing system that integrates with QuickBooks Online in real time. It has time and expenditure monitoring, fixed-fee billing, reporting, and other features. Its QuickBooks Online interface allows for IOLTA (Interest on Lawyer Trust Accounts), or Accounting for Trust, as well as electronic payment receipts through QuickBooks Payments. For monthly contracts, prices start at $35 per user, each month. Before you buy, you may get a free 2-week trial or a customised demo.
Go to LeanLaw.com.
For What Purposes Do We Recommend LeanLaw?
For attorneys that use QuickBooks Online to handle their accounting, LeanLaw is our top law firm accounting software. In the QuickBooks App Store, LeanLaw claims to be the only specialized legal billing solution. You don’t have to sync your data since there is an automated two-way sync in real-time, unlike comparable apps. If your company has been using QuickBooks to handle your trust accounts, LeanLaw can help you increase the capabilities and streamline the process.
LeanLaw Is Particularly Beneficial For
- Attorneys and legal firms that use QuickBooks Online include: LeanLaw interacts with your current QuickBooks Online account to speed up the reconciliation and billing processes for your legal trust accounts.
- Lawyers handling basic or ordinary legal issues: Lawyers handling minor situations such as a will or an uncontested divorce commonly charge fixed rates. LeanLaw makes it simple to measure time against set costs.
- Law firms that need an approval procedure before issuing invoices: Before time and expenditures are added to an invoice, LeanLaw enables the billing partner to make modifications.
LeanLaw Isn’t Right For You
- All-in-one software is preferred by lawyers and legal firms: CosmoLex is a good option if you want a solution that doesn’t need a separate accounting application subscription. It comes with an integrated accounting system, so you won’t need to utilize QuickBooks or any other accounting software.
- LeanLaw is only for Timekeeping, billing, and accounting in law offices that need issue management. If you want issue management embedded into your accounting package, PCLaw is a good option.
- Law companies that use contract attorneys or outside counsel include: There is no client portal in LeanLaw where you may exchange files with your client or co-counsel. The Zola Suite has a dedicated client portal, which cocounsel may also utilize.
Are you on the lookout for something unique? Check out our guide to the finest small business accounting software if you believe general bookkeeping software is ideal for your legal company.
Pros and Cons of LeanLaw
Go to LeanLaw.com.
Pricing at LeanLaw
LeanLaw is available in three packages, with monthly subscriptions starting at $35 per user, each month. Simple features like Timekeeping, invoicing, and reporting are offered, as well as more complex features like Legal Electronic Data Exchange Standard (LEDES) billing, advanced reporting templates, and access to legal accounting professionals. In both the Core and Pro programs, you may sign up for a 2-week trial. See the table below for a thorough plan comparison.
Features of LeanLaw
LeanLaw assists you in customizing QuickBooks Online to meet your law practice’s requirements. It includes features like as Timekeeping, billing, invoicing, and Accounting for Trust that are very beneficial to law companies and practicing lawyers. The following are some of its primary characteristics.
Integration with QuickBooks
The extensive connection with QuickBooks Online, which not only streamlines your legal accounting but also your legal billing operations, is LeanLaw’s unique strength. When you enter your time in LeanLaw, it will be instantly sent to invoicing and then to your QuickBooks Online account. You won’t have to deal with two sets of books if you use QuickBooks Online and LeanLaw together since data is constantly in sync.
Timekeeping
LeanLaw enables you to measure hours spent on your desktop, laptop, or mobile device to help you bill customers correctly. It includes a time tracker mobile app, a calendar view with timers, and a web app pop-up, among other features. These tools assist you in determining whether there are any gaps in your billable hours that need to be filled right now. All LeanLaw memberships also feature bulk time entering.
Billing & Invoicing
For billing and invoicing clients, LeanLaw adheres to the LEDES and American Bar Association (ABA) guidelines. To guarantee compliance with LEDES and ABA standards, you may add standard litigation, patent/intellectual property, and bankruptcy codes to your billings. Legal Tracker, eCounsel, Lawtrac, and CounselLink are among the LEDES billing systems that create electronic bills automatically.
When you make a new time entry, it immediately moves to the Ready To Bill tab in the Billing section. Select a customer or topic to charge from the Ready to Bill menu, then click the arrow on the left side to get to the page where you may update and prepare your invoice. Next, pick Create Draft Invoice from the Prepare Invoice menu. Review your invoice in Drafts and make any necessary changes, such as the description, time, and billed amount. To make changes to your invoice, click any item in your draft, such as the description or the amount, to bring up an edit form. Select Submit to QuickBooks after you’re satisfied with the invoice. The invoice will be instantly submitted to QuickBooks Online and is ready to be delivered to the customer. If you need to make any more changes, you may return your invoice to Drafts.
Workflow from LeanLaw to QuickBooks Online invoicing
Accounting for Trust
LeanLaw’s built-in Accounting for Trust can be integrated into the user’s legal invoicing workflow. This makes it easier for you to make legal trust deposits and pay invoices straight from your client’s trust accounts. These trust transactions are then synced automatically with QuickBooks Online, eliminating manual data entry.
While the accounting is done in QuickBooks, LeanLaw can retrieve the account balances and present the reconciled trust balances thanks to the real-time two-way sync between QuickBooks and LeanLaw. From the Billing page, you can see all of your funds kept in trust.
Funds held in trust by LeanLaw (Source: LeanLaw)
For both the bank accounts and linked liability accounts, the amounts shown in a column with the QuickBooks logo are retrieved straight from the QuickBooks ledgers. As a result, you can quickly check that your accounting records match your billing records, and that all trust accounts have been reconciled.
The trust balances imported from QuickBooks may be examined in a report format inside LeanLaw and even included to your client’s invoice so they are aware of the complete state of their account.
Invoice from LeanLaw with Trust Account Balance (Photo courtesy of LeanLaw)
LeanLaw has created this video to help explain their Accounting for Trust process further.
Accounting based on clients or accounting based on matters
You may select between accounting by customer or topic using LeanLaw and QuickBooks Online. If you need to monitor trust money individually for each topic, for example, we offer matter accounting. If you need to add time or expenditures from various topics to the same invoice, use client accounting. Client-based accounting is the default in LeanLaw, but you may change it at any moment via the QuickBooks page.
Keeping track of your expenses
Expenses may be entered in either your LeanLaw or QuickBooks Online accounts. Regardless of the method you choose, data is automatically synchronized between the two. You may also link invoices directly to your costs and tag the customer to keep them up to date with LeanLaw.
Reporting
LeanLaw can provide a variety of legal accounting statistics, such as revenue by client and case, revenue by attorney, timekeeper productivity, fixed fee productivity, matter rates, and more. You may also get financial data from QuickBooks Online, such as balance sheets, income statements, and cash flow statements, after they’re connected.
QuickBooks Online ProAdvisors by LeanLaw
LeanLaw provides a unique initiative that connects law firms with QuickBooks ProAdvisors, who are accountants who have completed an Intuit certification test confirming QuickBooks expertise. LeanLaw offers the required assistance to assist law firms in locating QuickBooks ProAdvisors who are also knowledgeable in LeanLaw. You may contact LeanLaw to have a ProAdvisor assigned to you.
Customer Service and Usability
LeanLaw is simple to use and has a straightforward UI. The timekeeping tool, as well as other tools seen on the top of the screen, may be accessed straight from the main page. Calendar, Time Entries, Expenses, Billing, Clients, Matters, and Reports are the primary tabs. For easier navigation, the application employs user-friendly words and list boxes.
LeanLaw’s Home Page
However, you must be acquainted with QuickBooks in order to effectively use LeanLaw. Fit Small Business offers free QuickBooks Online training if you need assistance understanding the software.
You may reach out to LeanLaw’s customer service by email or phone. You can also go through their online resource library, which includes frequently asked questions and how-to articles.
Alternatives to LeanLaw
Conclusion
LeanLaw is an excellent option for your legal time tracking and billing requirements. If you want to turn it into a strong accounting program, though, you need connect it to QuickBooks Online. Other legal practice management software interacts with QuickBooks, but LeanLaw and QuickBooks Online are “a wonderful fit” in my opinion.
LeanLaw is a new law firm that has just launched. They are offering a free tutorial on their website to help people get started. The company also has a pricing and features page where you can learn more about the service. Reference: leanlaw tutorial.
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