Law Firm Management

LFM

Showing 1–16 of 212 results

  • Study digs into changes and challenges for small firms

    Winter 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 426

    Abstract: Few areas of life are going unaffected by the COVID-19 pandemic and its economic fallout. But according to research from Thomson Reuters’ 2020 Report on the State of U.S. Small Law Firms, one thing has remained nearly constant: the challenges confronting small law firms and firms’ response, or lack thereof. This short article reviews the report’s findings — and though the findings may seem discouraging, there are opportunities available for proactive firms.

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  • Is a dedicated sales team the answer to this economy?

    Winter 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 546

    Abstract: The practice of law is almost always stressful, but current conditions make this period and the near future more anxiety-producing than ever. Firms are balancing the COVID-19 pandemic, economic uncertainty and ongoing pressure to bring in new business. This article discusses why this has led some to follow the lead of other professional services and create dedicated teams of sales professionals to help lighten the load.

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  • When it’s time to let a partner go

    Winter 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 686

    Abstract: Partners can go through waves of being productive and not-so-productive. But what should a firm do about those partners who can’t seem to get out of a rut — or even worse, don’t seem to want to? While it’s not the type of situation any managing partner wants to deal with, this article looks at why tackling the issue head on is the best course of action.

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  • Signing on the dotted line – Due diligence for law firm mergers

    Winter 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 885

    Abstract: Law firm merger activity dropped sharply in the wake of the COVID-19 outbreak, but some struggling firms are reassessing the strategy as a possible life preserver. The pandemic economy makes comprehensive due diligence more important than ever when evaluating potential arrangements, though. This article covers what firms should consider before signing on the dotted line, including financial issues, the entity structures of the merging firms, and the blending of attorneys and staff. A short sidebar discusses a few areas to research once the decision is made to go ahead with a merger to make the transition as smooth as possible.

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  • Playing the long game: 4 lessons from past crises

    Fall 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 395

    Abstract: COVID-19 is a novel coronavirus, but economic downturns are nothing new. As the world continues to adapt to the pandemic’s repercussions, law firms can turn to past economic crises for some lessons about what they might expect and how they might capitalize. This article highlights four areas law firms should consider when making decisions about long-term sustainability.

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  • AI takes hold in law firms

    Fall 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 567

    Abstract: Artificial intelligence (AI) — which is defined as computers that perform tasks that typically require human intelligence — climbed out of the pages of science fiction and into the real world some time ago. But the legal industry has only recently begun to embrace its possibilities. While AI already is making an impact in so-called Big Law, it also can help attorneys and administrators at smaller firms. Moreover, as firms increasingly commoditize legal services, clients expect firms to use every tool they can to expedite work and cut costs. This article examines how law firms can use AI to their advantage.

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  • How to move your firm ahead profitably

    Fall 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 738

    Abstract: 2020 has been a year to remember — and it’s not over yet. In this uncertain year, law firm management has had to wrestle with the profitability of their firms. While law firms can’t control the economics resulting from COVID-19 and events such as the presidential election, this article highlights a few ways they can take control of profitability.

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  • See you at the office? COVID-19 prompts a new look at office needs

    Fall 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 812

    Abstract: Office space expenses usually are the second highest expense for law firms, behind personnel. It’s not surprising, then, that the COVID-19 pandemic and resulting economic uncertainty have prompted some firms to take a closer look at their needs for space. This article reviews why firms may be thinking about whether they should relocate, reduce and/or redesign. A short sidebar discusses the nonfinancial ramifications of changing office spaces.

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  • 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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