Law Firm Management

LFM

Showing 1–16 of 204 results

  • Law firm planning in a time of uncertainty

    Summer 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 403

    Abstract: The COVID-19 pandemic and the resulting economic uncertainty, as well as social unrest, have created an economic tidal wave for which some law firms have found themselves unprepared. The resulting uncertainty makes it difficult, but not impossible, to plan. This brief article looks at some steps law firms can consider.

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  • Making remote work … work

    Summer 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 568

    Abstract: This year saw many law firms temporarily shutter their offices and allow staff to work from home. Although most professional services businesses have reopened to some extent and recalled employees, COVID-19 infection rates potentially could rise to spring levels again this fall. Now is the time to prepare for another possible round of the remote work that will be critical for business continuity. This article highlights several issues in particular that warrant attention.

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  • Don’t put payroll management on autopilot

    Summer 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 668

    Abstract: The COVID-19 pandemic has thrown the economy for a loop. Many law firms have had to trim expenses and furlough employees. Laying off or decreasing pay for support staff, associates and partners can add payroll tasks to your workload. If your firm is reducing people on the payroll or outsourcing work to independent contractors, there are several issues management should review carefully. This article covers what you need to know about payroll management during this uncertain time.

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  • Cost cutting for sustainability: 3 areas to target

    Summer 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 829

    Abstract: U.S. law firms — of all sizes and practice areas — have had their financial foundations shaken as a result of the COVID-19 crisis. Firms that were flying high less than a year ago now find themselves scrambling to survive the economic fallout. One obvious place to begin is cost-cutting. This article reviews several areas that make likely candidates for cost reductions, while a short sidebar discusses the Association of Certified Fraud Examiners’ recent findings.

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  • State of the legal market – New industry model is emerging

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 435

    Abstract: After several decades of operating on an essentially law firm-centric model, a new model appears to be emerging for the legal services industry. While noting incremental improvements in 2019 financial performance, the 2020 Report on the State of the Legal Market from the Legal Executive Institute (LEI) serves as a warning that firms should adjust for the new model if they wish to survive. This article reviews the report’s findings.

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  • Cybersecurity requires an incident response plan

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 616

    Abstract: Law firms have continued to increase their focus on cybersecurity, but, according to the American Bar Association’s (ABA) latest Legal Technology Survey Report, only about one-third of respondents have an incident response plan. As the ABA notes, all attorneys need tailored cybersecurity programs, and incident response is a critical part of such programs. This article looks at how a firm’s response to a data breach will go a long way toward mitigating — or exacerbating — financial and reputational costs.

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  • How portfolio pricing can increase your profitability

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 643

    Abstract: While hourly billing has been the mainstay of legal billing, it’s not the only option. Clients are looking for cost-effective alternatives from all their business providers, including legal services. One alternative is portfolio pricing. This article covers it and why firms should consider it.

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  • Are your client trust account practices up to snuff?

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 765

    Abstract: Ethics rules require most attorneys to maintain trust funds that segregate client funds from firm funds. Violations, whether the product of intentional devious acts or mere negligence, can have dire consequences. While the specific rules vary by state, some common pitfalls crop up across jurisdictions. This article examines why it’s wise to regularly review client trust account (CTA) practices to ensure compliance. A short sidebar discusses why the financial institution where you hold client trust accounts matters.

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  • Millennial matters: Understanding your younger attorneys

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 452

    Abstract: Millennials — generally defined as people born between 1981 and 1996 — make up the largest segment of today’s workforce, as well as the legal industry’s. With Baby Boomers increasingly leaving their practices and the overall job market tight, law firms must focus on recruiting and retaining younger attorneys to ensure long-term viability. This article highlights a recent survey of more than 1,200 Millennial attorneys and why keeping them engaged and committed should rank as a top priority.

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  • What’s your firm worth? Understanding law firm valuations

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 566

    Abstract: Attorneys who routinely retain appraisers to value businesses as part of their practice may believe they know what’s involved when their own firms must be appraised. And those who don’t regularly work with valuators might think it’s simply a matter of a “plug-and-play” mathematical formula. Both notions, however, are mistaken. This article reviews how law firm valuations are different from — and sometimes more complicated than — typical business appraisals in some significant ways.

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  • How focusing on quality can allow you to raise rates

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 639

    Abstract: When was the last time your firm raised its rates? Are you afraid to do so, believing it will provide clients with an incentive to shop around for lower-cost legal representation? While raising rates can be a risky proposition in a competitive legal market, this article examines how clear communications to your clients about your quality of services is a safe bet when raising rates.

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  • What you should know about cloud computing – ABA survey breaks down the numbers

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 740

    Abstract: According to the American Bar Association’s (ABA’s) 2019 Legal Technology Survey, the majority of law firms (58%) have taken the leap into cloud computing. They’re drawn in by cloud technologies’ 24/7 access, low cost of entry, predictable monthly expenses and robust data backup. This article reviews the ABA’s numbers and highlights some security steps firms can take. A short sidebar discusses hybrid and multi-cloud computing.

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  • Client surveys: Ask not what your clients can do for you …

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 455

    Abstract: With 2020 slowly dawning on the horizon, law firms should think now about sending year-end surveys to their clients. Done right, surveys provide a great tool for getting a read on clients’ satisfaction levels, as well as increasing firms’ books of business. This article discusses survey methods and what information firms can gather.

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  • Going green can pay off for law firms

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 567

    Abstract: Adopting green practices is no longer just about protecting the environment – both clients and job candidates increasingly are considering law firms’ sustainability efforts these days. This article looks at how, focusing on areas such as paper use, energy conservation, smart design and procurement, law firms make themselves more appealing to these potential stakeholders.

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  • How much capital is enough? How to assess your firm’s need for capital

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 684

    Abstract: Having a sufficient amount of capital to support daily operations is something all law firms must determine. To offset gaps in cash flow due to expenses, law firm billing and collections, law firms may require larger partner capital contributions. This article reviews why having a capital plan in place will help with the uncertainty and provide partners and other stakeholders with a sense of stability.

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  • 5 tips for managing and improving your firm’s cash flow

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 782

    Abstract: While many law firms focus on profitability, some firms can overlook the critical role that cash flow plays in both day-to-day operations and long-term sustainability. After all, law firms can’t generate revenue if they don’t have sufficient cash to keep the doors open. This article examines five practices that can help position firms for success and growth.

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