Law Firm Management
Showing 145–160 of 256 results
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Should your firm offer on-site child care?
Fall 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 404
Abstract: Child-care issues are disproportionately responsible for late arrivals, unscheduled time off, distracted workers and high turnover. But does the cost of operating on-site child care outweigh the benefits? Not necessarily. This article explains that, in addition to savings related to reduced absenteeism and turnover, tax breaks may be available.
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How to hold on to lateral hires
Fall 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: Lateral hiring is an increasingly critical component of most law firms’ growth strategy. Among other things, lawyers hired from other firms can bring new clients, management experience and niche expertise to a firm. But recruiting and assimilating lateral hires can be expensive, so expectations need to be realistic. This article explains ways to integrate lateral hires successfully.
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Preparing for the possibility of an IRS audit
Fall 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 751
Abstract: Due to budget cuts and expanded responsibilities, the IRS is performing fewer audits these days. But an audit letter could still arrive at any time, so it’s important to be prepared for what can be a stressful event. This article discusses ways to avoid an audit, and what to do before and during an audit if one does occur. A sidebar lists red flags that can attract IRS attention.
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Bye-bye, cash; hello, accrual? How potential legislation would affect your firm’s finances
Fall 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 710
Abstract: Congress is considering tax reform proposals that would require many law firms to move from the cash method to the accrual method of accounting for income tax purposes. Such a change would impose new financial burdens on law firms and their partners — including a large, unexpected tax liability. This article discusses the specific areas of concern for law firms.
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How lawyers should deduct unreimbursed business expenses
Summer 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 397
Abstract: The rules for deducting unreimbursed business expenses are complicated enough that it may be tempting to forgo the process altogether. But attorneys who neglect to take such deductions on their federal tax returns are likely leaving money on the table. This article provides a quick look at IRS rules as they pertain to partners and staff members.
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5 tips for reducing fraud at your firm
Summer 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 506
Abstract: Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves take advantage of such complacency. This article discusses five basic controls that law firms can implement to help deter fraud.
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Cross-selling phobia? Turn your attorneys into successful marketers
Summer 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 658
Abstract: Most lawyers aren’t born salespeople, but cross-selling is essential if a firm is to capture all potential revenue — and remain competitive. This article offers some ideas for motivating attorneys, such as continuing education, motivation strategies and obtaining client feedback.
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Beyond revenues: A better way to compensate partners
Summer 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 880
Abstract: As law firms move away from the traditional lockstep approach to compensation, alternative compensation methods are emerging. Some of these, however, are proving less effective because they emphasize revenues and other factors. A profit-based approach is more likely to help firms achieve their strategic goals. This article looks at several objective metrics that can be used in a profitability model, along with profit-based measures to incorporate into a compensation system. A sidebar lists steps that can help motivate partners to step up collections.
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The virtual office: An idea whose time has come
Spring 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 412
Abstract: Solo practitioners already have widely adopted a virtual model for its cost and logistical advantages. Now larger practices are following suit. As this article explains, in addition to reducing expenses and increasing convenience, a virtual or hybrid office may enable a law firm to expand into new geographic markets and simplify service offerings.
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5 ways to improve your relationships with inside counsel
Spring 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 482
Abstract: Companies increasingly are concerned about the cost of outside legal work, so it’s important to maintain solid relationships with inside counsel. Quality work and good rapport with such clients may not be enough. Many companies have strict procedural requirements — not to mention tight budgets — and have little patience for outside counsel who don’t adhere to them. This article offers five tips for strengthening relationships with these important clients.
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Should you change your business entity?
Spring 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 657
Abstract: Although lawyers have traditionally favored partnership structures, some law firms may benefit from organizing as a different type of business entity. For some, a limited liability company (LLC) can offer the best of both worlds: the limited liability of a corporation and the tax advantages of a partnership. But, as this article argues, there may be tax advantages to forming as an S or a C corporation.
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Navigating the retirement plan maze – New options can help keep partners happy
Spring 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 993
Abstract: Law firms weighing their retirement plan options face some tough decisions. If unfunded or underfunded nonqualified pension plans are placing a heavy burden on younger partners, should the firm switch to a defined contribution qualified plan, such as a 401(k) plan? Or is it better to have a defined benefit qualified plan that benefits older partners? This article examines several issues to consider when deciding whether to change retirement plan offerings. A sidebar describes a “hybrid” approach — the cash balance plan.
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4 tips for communicating with associates and staff
Winter 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 319
Abstract: Most law firm partners have never received formal training in managing people effectively. Unfortunately, attorneys who lack certain management skills may unwittingly contribute to demoralized staff and the departure of promising associates.. This article offers four tips to help partners communicate with subordinates in positive, productive — rather than discouraging — ways.
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Merger fever – Should your firm get hitched?
Winter 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 686
Abstract: After a multiyear slowdown, merger activity among law firms picked up sharply in 2013. Now may be a good time to actively pursue a deal, but it’s important to recognize the risks inherent in such transactions and understand that merger deals generally take longer and are more complicated than originally anticipated. This article explains why it’s important to create effective deal teams, perform the necessary due diligence and keep lines of communication open.
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Get real about raising your firm’s realization rate
Winter 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 525
Abstract: Whether billing rates are hourly, flat or contingent, ideally they’re competitive and enable firms to remain liquid and profitable. What’s less than ideal is the fact that the typical firm realizes only about 85% of the work it performs. This article offer tips for realizing a rate of greater than 90%.
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Why law firms need internal controls
Winter 2014
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 880
Abstract: Most lawyers know how big a problem occupational fraud is in corporate America. Yet a “not at my firm” attitude persists. This article explains the unique risks that law firms face and offers a number of specific internal controls firms should have. It also discusses educating employees regarding preventing and deterring fraud. A sidebar notes the importance of top management leading by example.