Law Firm Management

Showing 177–192 of 216 results

  • Building a marketing culture in your firm

    Spring 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 433

    Abstract: Years after many law firms first adopted formal marketing plans, some attorneys continue to find legal marketing distasteful. In today’s economy, though, firms must view marketing as an essential component of their continued survival. It’s not enough to simply hire a marketing director — law firms need to foster a marketing culture that permeates and directs all levels of the firm. It’s essential to have a formal marketing plan that includes client input and has the active commitment of firm leadership.

    Read More

  • How can you keep lawyers and staff engaged?

    Spring 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 644

    Abstract: An attractive benefits and compensation package may woo promising lawyers and staff, but it may not be enough to keep them enthusiastic about their work and retain them. Lawyers and other employees want many of the same things in a position, including interest from management in their professional development and well-being, advancement opportunities, feeling like a valued part of a team, and stimulating and rewarding work and client interaction. Many law firms fail to fulfill these fundamental needs — but there are steps they can take to remedy the “disengaged syndrome.”

    Read More

  • Associate compensation – From lockstep to performance-based

    Spring 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 667

    Abstract: Law firms increasingly are moving away from the historic lockstep compensation model to a new system that recognizes individual performance and results in variable progression and compensation. There are a variety of factors driving this change, but the transition to a new system can run into such hurdles as lack of planning, a weak evaluation process, and a continued focus on traditional metrics. But the necessary planning and structural changes shouldn’t deter a firm from making the transition to a performance-based system.

    Read More

  • Your current clients may hold the key to higher profits

    Spring 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 718

    Abstract: A well-known marketing maxim states that it’s more cost-effective to generate new business from an existing client than to rustle up a new client. A law firm can offer its existing clients an expansion of its current services or its geographic reach, or can diversify its services. But, with business development resources often under a tight rein these days, it’s critical that a law firm identify and target clients most likely to provide additional work. This will require an in-depth analysis of the current client base. Once the clients with the strongest potential have been identified, it will be essential to give them reasons to offer additional work. A sidebar to this article offers a list of items to research when prospecting for new clients.

    Read More

  • Social networking – Opting out may no longer be an option

    Winter 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 683

    Abstract: According to one recent report, only one in eight law firms use social networks. Many firms are understandably concerned about privacy, worker productivity and misuse of social networking sites. But such fears are probably misplaced. In fact, without social media policies, attorneys and staff are just as likely to make firm-damaging statements online from their home computers as they are from their office computers. An intelligent policy regarding use of blogs and networking sites can help attorneys interact with clients and peers to share ideas and build business.

    Read More

  • The pros and cons of having nonequity partners

    Winter 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 708

    Abstract: For many years, law firms were governed by the old “up or out” rule in regard to admission to the partnership. But such inflexibility caused firms to get rid of some highly productive and profitable associates who probably didn’t make partner simply because they weren’t successful rainmakers. In an era in which partners have become more willing to pull up stakes and move their practices to another firm — or aren’t even interested in becoming equity partners at all — many firms have adopted the “two-tier” structure of equity and nonequity partners. However, while the criteria may not be quite as high as for equity partners, it’s still important to select nonequity partners carefully.

    Read More

  • Make sure your employee reimbursement plan satisfies the IRS

    Winter 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 525

    Abstract: Law firms that compensate their employees for expenses incurred in the course of employment generally deduct those reimbursements as business expenses, rather than reporting them as wages on the employees’ Forms W-2. But the IRS permits such deductions only for reimbursement or allowance arrangements that qualify as “accountable” plans. There are three criteria for a plan to be considered accountable. Without such a plan, expense reimbursement can be costly.

    Read More

  • Fixed-fee billing: The wave of the future?

    Winter 2010
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 712

    Abstract: In these difficult economic times, clients are seeking to economize on their legal bills. But, rather than cutting back on services, many are demanding that their law firms convert from hourly to fixed-fee billing. The good news for attorneys is that the switch can pay off for both their clients and their firm — if the fees are properly calculated. This article explains the two-step process involved in fee-setting, and looks at the benefits both parties receive for particular types of legal work. A sidebar briefly discusses sliding scale fixed-fee arrangements.

    Read More

  • Don’t just build a Web site, optimize it

    Fall 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 419

    Abstract: Attracting prospective clients to a law firm’s site takes a well-strategized and -executed marketing plan. Central to that plan is search engine optimization (SEO) — which means maximizing the firm’s ranking among Internet search engines so that its site appears among the top search results. This short article offers tips on how to do just that.

    Read More

  • E-billing benefits law firms, too

    Fall 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 529

    Abstract: In-house legal departments typically prefer electronic bills to paper statements because they save companies considerable time and money. Despite some technology and training costs, e-billing can benefit law firms as well. But many are still dragging their feet making the transition, or if they have an e-billing system they’re reluctant to use it. There are, of course, some drawbacks to e-billing, but it offers faster payment, reduced errors, improved marketing opportunities, and a positive environmental impact. And, more and more clients are demanding it. Eventually, almost all firms will be expected to bill clients electronically.

    Read More

  • To merge or not to merge? Good question!

    Fall 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 846

    Abstract: Mergers often help firms realize their strategic objectives. However, if not done for the right reasons, they can be a source of frustration and lead to a firm’s demise. This article looks at some of the right reasons — and some of the wrong ones, as well. It lists several ways to minimize the pitfalls, while a sidebar describes seven would-be deal breakers.

    Read More

  • Why you must address partner compensation challenges

    Fall 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 793

    Abstract: In this recessionary environment, many firms are finding that their pie has stopped growing or even has shrunk — and that partner compensation has become a contentious issue that perhaps even threatens the firm’s viability. A firm isn’t safe just because its compensation plan is merit-based. Many firms that have a merit-based plan on paper don’t have one in practice. So top performers may be more tempted to jump ship, while less revenue, more layoffs, and tight credit further challenge plan viability. There are a number of specific steps a law firm can take to answer these challenges — but such steps must be effective over the long term.

    Read More

  • 5 low-cost ways to market your practice

    Summer 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 408

    Abstract: In a weak economy, marketing is more important than ever. But your law firm also may be concerned about spending in this area. This brief article reviews five low-cost — but effective — ways to market your firm.

    Read More

  • Revisit economic drivers to enhance profitability

    Summer 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 674

    Abstract: Despite the potential for growth in countercyclical practices such as bankruptcy, the recession is having a negative impact on demand for legal services. It’s also handcuffing most firms from making up for lost business by raising rates. So just maintaining profitability, let alone increasing it, is a struggle this year. In fact, in their January 2009 Client Advisory, Hildebrandt and Citi Private Bank projected very modest law firm revenue growth of only around 3% for 2009, with some firms likely experiencing flat or even declining growth. This is a rather bleak picture, but the good news is that your firm likely has ample opportunities to enhance its profitability. You simply need to revisit your economic drivers. This article discusses expenses, leverage, utilization and realization.

    Read More

  • Determining how much capital your firm needs

    Summer 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 557

    Abstract: Does your law firm have a sufficient amount of working capital to cover its immediate capital needs and its long-term goals? Capital needs include not only costs advanced and the average amount of a firm’s write-offs and write-downs, but also a cushion for the usual expenses and partner draws during billing and collection cycles. So how do you know how much is enough? This article looks at factors that can help you determine how much capital your firm needs.

    Read More

  • Clear and concise fee agreements can minimize billing disputes

    Summer 2009
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 708

    Abstract: Fee agreements are just as important for business reasons as they are for legal reasons. Clear and concise agreements can minimize billing disputes with cost-conscious clients and increase the likelihood your firm will get paid in a timely manner. This article explains the importance of defining the matter and services being handled, your billing process and more.

    Read More