Founded upon strong accounting principles, Rippe & Kingston has served as a trusted provider of accounting solutions to law firms across the country for 40 years and counting. Robust accounting software developed by accountants specifically for law firms, the Legal Management System (LMS) Accounting Management Solution allows users the ability to perform all financial operations, allocate for firm-wide resources, utilize cashflow forecasting tools for fiscal planning and create at-a-glance reports within a single, cloud-based system.
Key components of the LMS Accounting Management solution include:
LMS Profitability Analysis offers a systematic approach for practice management to measure the firm’s financial performance, and to drill-down and discover its most profitable areas based on attorney, client and/or matter, office, department, area of law, and more, providing detailed insight for smart fiscal planning and revenue generation.
With Profitability Analysis, key decision makers can accurately assess the allocation of all firm resources, allowing for the evaluation and opportunity to restructure assets to better advance the overall profitability goals of the practice. Directly integrated with the LMS Business Intelligence Dashboard Reporting Module, resource and performance data is promptly available and can easily be configured for at-a-glance reporting based on the unique needs of the user.
Drill-down capabilities for resource allocation assessment using the Profitability Analysis tool allows law firm management to compare the financial data of the current fiscal year with that of previous years, and to be given the opportunity to restructure resources and attorney/legal staff rates to plan for and support the practice goals for the upcoming year.
Key decision makers have immediate access to exact financial data and reporting capabilities at their fingertips with the integration of Business Intelligence (BI) into LMS. The BI Dashboard Reporting Module assembles user-requested financial data and presents the findings in a simple, easy-to-read report within seconds. BI software users can segment analytics based on the overall firm performance, or for individual offices, practice groups, departments, client matter and/or attorney. The integration of BI provides law firm management comprehensive insight into firm performance and the ability to make better informed decisions.
Increase your law firm’s accounting efficiencies by transitioning all financial operations to a paperless environment. LMS Workflow provides users the ability to create, complete, submit and route tailored forms electronically, eliminating the need for email filters and paper copies. Users can perform billing write-off approvals, accounts receivable write-off approvals, accounts payable check requests, expense reporting and more through a single platform without having to print and manually organize paperwork.
LMS Trust Accounting provides an efficient and effective method for the management of trust receipts and disbursements. An automated system integrated with LMS client and matter files, the Trust Accounting solution provides streamlined application of trust funds and allows for monies to be disbursed between multiple accounts based on the associated clients and/or matter. Thorough audit history records are maintained for all receipts and disbursements, providing dynamic monitoring of all trusts and reduces the amount of time previously allocated for manual trust account management.