Speaker 1: Let me quickly talk to you about Abacus Law. So we are going to have a legal software review here. We're going to talk about Abacus Law. We are going to look at the pros and cons, the features, the capabilities, everything. So here's the synopsis I want you to pay attention to. So when you think about Abacus Law, I want you to think about an all-in-one suite that will really take care of your law practice, no matter the size. So if you have a small law firms or a large law firm or anything in between, a mid-sized law firm, Abacus Law will take care of you, not a problem. And so Abacus Law has a turnkey solution that includes hardware, software, and infrastructure on a pay-as-you-go model. You have a practice management. You have a client relationship management, a CRM. You have a payment processing capability and email. You have desktop as a service and managed IT. What am I trying to say here? The thing is that basically you can actually, as a user, you can actually have the platform installed locally or in the cloud. You really decide. And the thing is that users also access the software from their desktop and mobile applications. So we love this level of granularity and also level of flexibility with Abacus Law. And so what we want to say also is that Abacus Law is really a great solution if you want to pay attention, if you, let's say, you are trying to have an understanding of your value chain. So you're looking at things like case management, matter management. You want to pay attention also to client management, lead management, okay, and also back office. So it's all about front office, middle office, and back office for your law firm. So this is really good. And based on our analysis, on our research for the last 20 years, Abacus Law works with all kinds of users and organization types. You have mid-sized businesses. I've just said it before. You have enterprise, freelance, nonprofits, governments. You have solo practitioners. That's fine too. And this is really good. The thing is that Abacus Law offers support via business hours and online. So you can actually call Abacus. So there's a number you can call. Not a problem. So you have flexibility there. You even have a free trial. So you don't have to use the software right away. You can try it for 14 days to 28 days, depending on your setup. And then after that, you can sign up for the service. Not a problem. By the way, boss, I want to quickly remind you of today's topic. We are having a conversation about Abacus Law. And we are going to do an in-depth review in today's show. ♪ Ooh, ooh, ooh, ooh, ooh ♪ ♪ Ooh, ooh, ooh, ooh, ooh ♪ Speaking of in-depth review, let's quickly go through the pros and cons of Abacus Law so we have a clearer idea what this software can really do for your law firm. So first let's talk about the pros. We love the fact that Abacus Law is truly an all-in-one software solution for your legal practice. In other words, if you're looking for a, I would say a comprehensive legal practice management software, this is really it, okay? Abacus Law provides you with this all-in-one capability. You have on-premises option. So basically, if for any reason, you don't like the cloud-based solution, you can actually have it installed locally, not a problem. And Abacus Law does have excellent accounting capabilities built-in in the software. So those are embedded in the software. So when we talk about accounting, we're speaking about not only financial accounting, but also trust accounting, which as you know, it's really quintessential for a law firm because of its regulatory sort of implications and also the conflict management sort of aspect of those things. So that's for the pros here. What about the cons? Abacus Law has an initial setup that could be complex. This is why sometimes Abacus Law will actually dedicate a team to kind of help you out. So they will actually do everything. They will help you install the software. They'll actually make sure that they can do some data migration. They can migrate your old data to the new platform, to the Abacus platform. So they have a dedicated team that can really help you with that. The software, in our view, is a little expensive when you compare this with similar tools. And you do have also a lack of integration. So you don't have many integrations within the software. So you might have to actually resort to third-party plugins and even have to resort to Zapier to access all the constellation of tools that you're currently using right now. So this could be a little problematic to some firms. But overall, we still believe that Abacus Law is packed with the best-in-class features that can help put your law firm on autopilot. And some examples include case chronology and status tracking, built-in accounting capabilities, automated generation of settlement statements, seamless payment processing with APX Abacus Payment Exchange. So think of Abacus Law as a highly customizable and configurable software. By the way, boss, I want to quickly remind you of today's topic. We're having a conversation about Abacus Law. This is an Abacus Law Legal Practice Management Software review. Let me talk to you about the features you can expect in Abacus Law. So when you think about Abacus Law, I want you to think about capabilities around immigration, law firm accounting, law practice management. So when we talk about law firm accounting, We're not speaking about trust accounting. We're speaking about the financial accounting processes that revolve around your particular law firm. I mean, the law firm is any other business. So if you're based in the United States, you have to comply with U.S. GAAP. And if you have international operations, you have to comply with U.S. GAAP and also IFRS, International Financial Reporting Standards. And so we have immigration, we have a law firm accounting, we have law practice management. So when we talk about law practice management, you have capabilities such as billing and invoicing, you have CRM, you have a calendar management, you have a client portal, great. You have conflict management, you have contract management, you have document management, you have email management. See, what I'm trying to say here is that abacus law can go granular when it comes to giving you the features you need to run your law firm efficiently, okay? So abacus law adds an extra layer of efficiency into your operations. You also have email management, of course, you have legal case management, task management, time tracking, and trust accounting. What about, we also have other features around legal billing. So within legal billing, you have accounting management, automatic billing, calendar management, case management, client portal, document management, expense tracking, and time tracking. You also have legal CRM. So CRM, again, client relationship management. So this is really good. So your firm can actually get an advantage in terms of how it manages its leads, its clients, and other related parties. You have legal calendar. So your calendaring process will be improved greatly if you start using abacus law the right way. So when we speak about calendaring, when we speak about your firm's calendaring processes, we're speaking about case-defined timekeepers, completion tracking, conflict management, multi-office, reminders, rules-based scheduling, staff calendar, you have status tracking, and you have task management. Staff calendar could be important because if you are trying to, let's say, jumpstart billable hours, billable revenue, then you really want to pay attention to your top producers. Also, I want you to think about legal case management. So you have other features within abacus law, such as you have legal case management. That's an important element also. When we talk about legal case management, we're speaking about billing management, calendar management, case notes, of course, for your law firms, very quintessential. You have client management. You have communication tracking, conflict management, and you have a lot of other things. So you have a lot of different things. So you have a lot of different things. So you have a lot of different things. You have communication tracking, conflict management, corporations, court management. So what we love about abacus law is that we love the flexibility it introduces into your operations, okay? So you're able to actually move from one task to another, especially if you have teams, like if you have lawyers, you have attorneys in-house and also working remotely, and the same thing for paralegals. So you are able to actually coordinate everything from a single dashboard, okay? When we talk about legal case management, we have other capabilities around corporations, court management, discovery management, for instance. We have docket management, document management, expense tracking, government, law firms, records management, task management, time tracking, and trust accounting within the legal case management functionality here. And so this is really, I would say, a work stream that allows you to actually beef up your law practice, your legal practices operation when it comes to legal case in general, not just on a specific case, but just in general, so that you have a competitive edge at the end of the day, okay? And within abacus law, you also have legal document management and trust accounting. So when we talk about legal document management, we have things like access controls, archiving and retention, collaboration, contract management, document assembly. You have document indexing, document tagging, full text search, and version control. What about trust accounting? Well, trust accounting is quite essential. If you are a law firm, you understand that trust accounting, as I said before, has regulatory implications as well as financial implications, of course, because you're actually managing other people's money. So you do have to have a set of controls, strong controls, that is, around your trust accounting processes. And the cool thing is that abacus law helps you actually get that level of strength. So you have accrual accounting, activity tracking, asset gain and loss reporting, check writing, cross-leisure posting, customer statements, fee calculation and posting. You have receipt management, compliance management, and tax management. By the way, boss, I want to quickly remind you of today's topic. We are actually having an abacus law legal practice management software review. I want to talk to you about the competitive edge that the abacus law brings into the game. So if you were to go with abacus law, you can actually benefit, your law firm can benefit several ways based on our analysis, okay? And so, for example, when we talk about case management, you are able to manage matters that are related to the case. So you have a case management system that is built around case management. So you have a case management system that is built around case management. And you are able to manage matters really, really well. And you are able to actually look at things from a holistic point of view. So we're talking about if you have, let's say 1000 matters, legal matters, of course, every year, you're able to go through to use a software tool such as abacus law to streamline things. You are able to beef up your client contact management operations. In other words, you are able to manage clients You have also task management, really fantastic. So you are able to create tasks with due dates that can be associated with cases, matters and assigned to different lawyers. And this is really good. You have a calendar and of course you have timekeeping, you have conflict checking. So we really love the fact, we love this conflict checker within abacus law. This is really cool. You are able to email clients. So this is really cool as well. You are, so you are able to do a lot of things, which in the end help give you a competitive edge. And what I want to say here is that when we talk about timekeeping, for example, now timekeeping, as you know, this is a core feature of practice management software, essential for lawyers who bill by the hour, but useful even if for those who don't, because at the end of the day, it's really important to see for efficiency purposes, for productivity purposes and for profitability analysis, how the team, how your teams are managing their time, how your teams are keeping their time or monitoring their time. If they are even monitoring their time, remember time is money and time is really money. Okay. So for, for, for lawyers, this is really important for us lawyers. This is, this takes another level of a level of importance. So what you want to do is if you have a software tool, such as abacus law, you, you are able to get the, the sophistic, the level of sophistication needed to actually make the changes that you need to make to be able to profit, to be able to, to be profitable. Anyway, that's the bottom line, especially if you have multiple teams, if you have multiple lawyers, you have multiple in-house lawyers, but also you have like paralegals who are working in-house, but also remotely, it's important to really keep time. Other areas where abacus law really brings you, that gives you a competitive edge is when we talk about document management. And so within abacus law, the thing is that you are able to add documents and associate them with your cases or matters. And you are able to do, you're able to, you are able to do this seamlessly. Okay. Smoothly. And this is really cool. And you also have document assembly. Now the thing is when we talk about the document assembly, there are some regulatory aspects of that, including data privacy, including client privacy. And for the last five to six years, seven years, courts have been really strict when it comes to enforcing document assembly cases and data privacy cases. So you want to be very careful there. I mean, abacus law, thank God gives you that capability. So you don't have to really worry even for anything at all. And so in terms of accounting, you have abacus law doing a great job, giving you the tools that you need to move forward. So this is really fantastic. We love that a lot. And one thing I want to say here real quick is that if you want to really be, let's say, you want to beef up your accounting, you either have to go with the trust accounting functionality, or you might need to, you might need a third-party integration. So you might need a third-party integration to be able to do that because abacus law is not as sophisticated when it comes to legal accounting as for instance, carrot legal, even though abacus law is also by carrot. It's also part of the carrot family of businesses. So this is one thing I wanted to say also. And so you have billing and invoicing, which is really possible within abacus law. You also have online payments. So you are able to receive a payment through like, through PayPal or Stripe or Venmo or other means, if you set it up the right way. So the possibilities are there. Let me close to this conversation by giving you the specs. You should be paid, paying attention to, if you were to go with carrot legal. And I'll talk about the cost also. And one thing I want to say is that when we talk about carrot, not carrot legal, we're talking about abacus law, my fault, abacus law, so the specs. So basically you have apps, you have, the solution could be web-based. In other words, self-hosted can be windows-based. For installation, you can have cloud on-premise. For software integrations, you have hot docs. You have a Microsoft Office 365, Salesforce, Infusionsoft. You have Finality, you have Nextiva. And in terms of platforms supported, you have SaaS, Windows, iPhone, iPad, Android. And training available through abacus law can be really multi-faceted. You have documentation, live online webinars, in-person. And support is available during business hours and also online. So this is really good. We love the level of flexibility here. In terms of cost, I want you to look on the screen right now. Here is the cost. So you have the carrot legal, abacus law, and abacus attorney. Now those three are owned by the same company, okay? Carrot legal, it is what it is. And so the only carrot legal publishes its prices. For the other two, especially for abacus law, you have to contact customer service. Do we like it? No, but it is what it is, okay? So right now, based on our analysis and our own investigation, we found that abacus law is charging around $87, okay, per month per user. So this is really what you have to think about. But overall, this is great. And what is our opinion here? Is this abacus law tool worth it? Or should you go for another suite, another software? Well, for us, abacus law is definitely worth it, okay? You are able to do a lot of things here. You are able to have a lot of, how do I say it, a lot of functionalities. So you are able, at the end, to actually get a lot of bang for your buck, okay? You are able to get things done properly, and you are able to get things done quickly. So abacus law really brings value to the table here, okay? So this is, for us, it's totally a go. We will recommend it. Just make sure that you have the tools necessary, like that you have thought about your needs, your law firm needs, before you reach out to abacus law. And also make sure that the price they give you will be able to go into your budget, okay? Otherwise, you might go for another solution. All right, let's quickly recap today's conversation. So I spoke to you about abacus law. This was an abacus law legal practice management software review. So I give you the synopsis, the pros and cons, the features, the competitive edge, what we believe is the competitive edge, the specs, the cost, the opinion, our opinion. And that's it. Thank you. God bless you. I'll speak to you another time, but until then, remember, stay marvelous.