Law Firm Management

LFM

Showing 1–16 of 232 results

  • The legal industry is resilient — but challenges remain

    Spring 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 425

    Abstract: After experiencing a surprisingly positive year in 2020, the U.S. law firm market ended 2021 on solid economic footing. That’s according to the 2022 Report on the State of the Legal Market, issued by the Center on Ethics and the Legal Profession at Georgetown University Law Center and the Thomson Reuters Institute. This article provides some of the key findings from the most recent edition.

    Read More

  • Thinking about adding nonequity partners? Pros and cons of adding another partner level

    Spring 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 523

    Abstract: Smaller law firms that are reluctant to add more equity partners may consider creating nonequity partnerships to reward and retain high-performing associates and lure in laterals. This article discusses both pluses and minuses of this approach.

    Read More

  • How to assess your operating reserves

    Spring 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 685

    Abstract: The COVID-19 pandemic has affected law firms in many ways, perhaps none so much as the importance of operating reserves. Having sufficient reserves to cover day-to-day operations is crucial. But the reserves amount needed varies by firm and may require additional partner capital contributions. This article presents some steps law firms can take to remedy the situation.

    Read More

  • 10 tips to jumpstart your collections

    Spring 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 881

    Abstract: Collections are a fundamental part of profitability and perhaps more important — and more challenging — than ever. This article highlights ten ways law firms can assess collections processes. By taking the steps discussed in the article, law firms can boost revenues while reducing post-due date efforts. A short sidebar covers how retainers can go a long way toward preempting collections problems.

    Read More

  • Is ALSP outsourcing right for your firm?

    Winter 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 468

    Abstract: To the chagrin of some law firms, alternative legal service providers (ALSPs) aren’t going anywhere. According to a recent report, nearly 80% of law firms and 71% of corporate legal departments have used ALSPs at one time or another, a strong sign they’re becoming a mainstream legal option. For firms that still view ALSPs as competitors, it may be time to reframe their perspective. This article looks at how collaborating with ALSPs, rather than competing, can pay off for all involved, including law firms and their clients.

    Read More

  • Save money by shifting credit card fees

    Winter 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 561

    Abstract: The acceptance of digital forms of payment, including credit cards, has become ubiquitous across industries. But some law firms have yet to get on board — even though electronic payments often improve collections. The hesitation usually is due to a resistance to shouldering the processing costs. This article examines how in many states, law firms can have the best of both worlds — higher collections and minimal processing costs — by putting the responsibility for the fees on clients.

    Read More

  • Client intake – The importance of quality over quantity

    Winter 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 658

    Abstract: Many law firms want to improve profitability, reduce stress, and preempt malpractice lawsuits and billing-related disputes. This article explains how to do this by dropping uncooperative or slow-paying clients and using a formal client selection process to avoid taking on new ones.

    Read More

  • AML for law firms: The risk is real

    Winter 2022
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 826

    Abstract: Law firms can unwittingly fall prey to money launderers. This article discusses why a risk-based approach may help firms reduce the odds. Reviewing legal activities that are particularly susceptible to money laundering and completing a comprehensive risk assessment including country or geographic risks as well as client and service risk factors can help law firms steer clear of trouble. A short sidebar highlights a “practical” approach to identifying and assessing money laundering risk for smaller firms and solo practitioners.

    Read More

  • Financial performance – How top “pandemic performer” law firms thrived

    Fall 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 434

    Abstract: A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic. This brief article summarizes why understanding these factors can help other firms better position themselves for future disruptions.

    Read More

  • Document review goes remote

    Fall 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 550

    Abstract: Every attorney knows that document review is a critical component of discovery. Most clients know this, too, but they might not know that a large portion of document review during the pandemic was done remotely. Remote document review may join the ranks of pandemic-induced changes to the legal industry that are hard to put back in the bottle. This article reviews how attorneys can help guide clients through the transition.

    Read More

  • Are you using paralegals effectively?

    Fall 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 573

    Abstract: Sometimes, attorneys do work that’s better left to paralegals. This can undermine the firm’s profitability and create a ripple effect of staff members performing tasks for which they’re overqualified. This article highlights some ways to minimize such problems.

    Read More

  • 3 challenges to tackle for a successful hybrid work environment

    Fall 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 815

    Abstract: The onset of the COVID-19 pandemic in the spring of 2020 forced many law firms to have lawyers and staff work remotely. Some firm leaders had previously been adamantly opposed to this setup. But many ultimately learned how effective this switch in modes can be. This article highlights the pros and cons firms should weigh before making a so-called “hybrid” work environment part of their firm’s new normal.

    Read More

  • State of the midsize market: Resilience is key

    Summer 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 434

    Abstract: Midsize law firms — from specialized boutiques to large regional firms and firms with multinational footprints — proved themselves “surprisingly resilient” during the COVID-19 pandemic. That’s the topline news from the “2021 Report on the State of the Midsize Legal Market” from the Thomson Reuters Institute (TRI). This article reviews the report, which includes some additional promising findings, as well as advice for the near future.

    Read More

  • Don’t go phish: How to reduce your risk of cyberattacks

    Summer 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 553

    Abstract: Phishing schemes have been a threat for years. But the pandemic seems to have intensified the risk, with criminals putting new twists on their approaches. Among other developments, law firms increasingly are targeted, due to their wealth of confidential information and the high value firms place on their reputations. This article reviews phishing basics and the security measures firms can take to avoid being scammed.

    Read More

  • Is your firm ready for part-time partnerships?

    Summer 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 649

    Abstract: With the upheaval over the past year and a half, many law firms have needed to be more flexible than ever before. Flexibility means options, and one option may be part-time partnerships. This article looks at how a part-time partnership option provides partners with the flexibility they need to stick with a firm, while achieving their desired work-life balance and producing their best client work.

    Read More

  • Signing up for law firm subscription plans – Why it may be time to reconsider your pricing model

    Summer 2021
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 849

    Abstract: Hourly billing has long been the industry standard for law firms of all sizes. The COVID-19 pandemic, however, has prompted many firms to innovate in ways they probably wouldn’t have otherwise. This article covers why some resourceful firms are adopting a pricing model that has proven popular in a range of industries — subscription services. It highlights the benefits and risks of the subscription billing model, as well as the next steps firms need to take to start using this billing model. A short sidebar emphasizes how the subscription model works well for niche legal practice markets.

    Read More