Law Firm Management

LFM

Showing 1–16 of 216 results

  • What’s the latest on business meal and entertainment expenses?

    Spring 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 421

    Abstract: The deductibility of business meals and entertainment for federal income tax purposes has received renewed attention in recent months. The IRS’s final regulations on the deductibility of such expenses under the Tax Cuts and Jobs Act and a provision in December 2020’s Consolidated Appropriations Act change the rules of the game. This short article delves into these complicated rules.

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  • Automation brings savings and efficiency

    Spring 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 548

    Abstract: Law firms don’t run without racking up nonbillable hours. Those hours — spent on anything from client intake to collections — can eat up a lot of time more profitably spent elsewhere. Fortunately, automated solutions are continuing to proliferate in ways that can help firms of all sizes make better use of their time and reap cost savings along the way. This article highlights the areas of law practices, such as client intake, document drafting, and billing and collections, that can benefit from automation.

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  • Charting the future – How key performance indicators can help your firm succeed

    Spring 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 612

    Abstract: After a tumultuous 2020, many law firms are looking towards a calmer future. But the waning COVID-19 pandemic isn’t the only factor affecting firms’ futures. Each firm needs to review some key performance indicators (KPIs) to make informed decisions on the road to success. This article reviews financial KPIs and looks at goal setting, suggesting some steps law firms can take to have a successful KPI program.

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  • 2021 legal market – Why this year could mark an inflection point

    Spring 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 861

    Abstract: A recent study of the legal market suggests that 2020’s disruptions to law firm operations could end up being the impetus the industry needs to finally adapt to the market’s competitive realities. The Center on Ethics and the Legal Profession at the Georgetown University Law Center and Thomson Reuters Institute’s 2021 Report on the State of the Legal Market looks at key issues likely to influence the market in 2021 — and beyond. The article discusses the report’s conclusion that the industry may be reaching a critical inflection point when it comes to the delivery of legal services. A short sidebar reviews some findings from the report, including why firms were able to raise their rates last year, attorney growth and partner profits.

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  • 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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