Law Firm Management
Showing 33–48 of 256 results
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.