Law Firm Management

Showing 33–48 of 216 results

  • Study highlights the threat of ALSPs

    Spring 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 472

    Abstract: A new report from the Center on Ethics and the Legal Profession at Georgetown University Law School and Thomson Reuters Legal Executive Institute (LEI) could cause some soul searching among law firms. The 2019 Report on the State of the Legal Market reveals that the traditional law firm business model is crumbling due to new market realities — including the expanding availability of alternative legal service providers (ALSPs). The article briefly highlights what firms should take away from the report.

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  • The call’s coming from inside – Fighting fraud in your firm

    Spring 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 608

    Abstract: Law firms usually are stocked to the rafters with intelligent people, but they’re not immune to fraud. In fact, these businesses generally may share characteristics that can make them particularly vulnerable. That’s why this article discusses what law firms need to know, what to look for and how to protect themselves from schemes perpetrated by attorneys, managers or support staff.

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  • How to handle collections — and boost cash flow

    Spring 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 643

    Abstract: For most law firms, it’s a familiar pattern: While some clients remit promptly, others drag their feet, and regrettably, some may not pay at all. Because attorneys generally can’t withdraw representation based solely on a client’s failure to timely pay an invoice, firms must have a system in place that improves collections. This article highlights why doing so will have a positive effect on the firm’s cash flow.

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  • Lawyers and cryptocurrency payments – Should you “byte” the bullet?

    Spring 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 797

    Abstract: Bitcoin and other cryptocurrencies aren’t going to replace traditional forms of payment, but a growing number of law firms have begun to accept them from clients. Before making such a decision, though, firms need to understand the basics of how these currencies work and some of the issues they raise. This article discusses what cryptocurrencies are, how law firms can benefit from accepting them, and some of the risks involved. A short sidebar covers why blockchain is poised to shift transactional practices.

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  • Study reveals hallmarks at top-performing firms

    Winter 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 416

    Abstract: The Legal Executive Institute (LEI) recently released its 2018 Dynamic Law Firms Study, providing some valuable lessons on how law firms can achieve better financial performance. The study looks at some of the most successful firms from year-end 2015 through year-end 2017 to determine strategies that have the best potential return on investment. The article summarizes the findings, including why productivity — not billing rates — is critical.

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  • Tips to keep a lid on your overhead expenses

    Winter 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 613

    Abstract: Lower overhead usually means higher profit margins, but many law firms struggle to contain their overhead costs, from rent and administrative expenses to supplies and services. The good news is that there are many avenues to curb overhead from eating into profits. This article looks at how property leasing and staffing costs are two cost areas ripest for reduction.

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  • It costs how much? How a cost recovery system can boost profits

    Winter 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 671

    Abstract: Recovering costs related to clients’ legal matters is a standard law firm practice. But to ensure they recover costs effectively, firms need a strategic cost recovery policy. Not only is it an important part of a firm’s financial strategy, but it’s also an important element of a healthy relationship with their clients. This article looks at why now is the time to consider one.

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  • The right PR – IRS finalizes rules for partnership representatives in audits

    Winter 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 813

    Abstract: The IRS has issued its final regulations for the designation, authority and replacement of a partnership representative (PR) under the new default audit regime for partnerships (including limited liability companies taxed as partnerships). The PR replaces the previous role of the tax matters partner and possesses a broader authority to bind the partnership and all partners in dealings with the IRS. This article reviews the final regulations that are effective for tax years beginning after 2017.

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  • Be sure your website is pulling its weight

    Fall 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 411

    Abstract: Law firm websites have been considered a must-have for years now, but it’s one thing to have a site and another to have a site that’s benefiting the firm. This article discusses metrics firms can use to measure whether they’re getting their money’s worth from their website.

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  • Time to invest? Making the most of a budget surplus

    Fall 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 481

    Abstract: With the economy thriving, many law firms find themselves with a budget surplus for the first time in several years — possibly the first time this decade. This article examines ways firms may want to consider investing some of those funds to help achieve long-term growth.

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  • How to uncover and end billing fraud at your firm

    Fall 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 660

    Abstract: Most attorneys would be adamant that their firm bills clients appropriately — no padding time records, exaggerating expenses or performing unnecessary work to bill a client more. Yet, it occurs, maybe while partners look the other way at questionable billing habits from either a lone attorney or a larger subgroup at the firm. This will open the doors to disciplinary action and litigation, not to mention public injury to a firm’s reputation. This article reviews why it’s critical to uncover and end any billing fraud that might be occurring.

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  • In the crosshairs: Cybersecurity for law firms

    Fall 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 871

    Abstract: The leak of the so-called Panama Papers, 11.5 million documents with financial and legal information stolen from an international law firm, made headlines around the globe in 2016. While the well-known names included in the papers were the focus of many news stories, the hacking incident also highlighted the cyber risks confronting law firms of all sizes. This article looks at why many firms continue to lag behind other businesses when it comes to taking the measures necessary to prevent and mitigate attacks, and steps firms can take to protect themselves. A sidebar notes that bar associations are moving to address the issue with rules and opinions.

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  • What now? Responding to the improved economy

    Summer 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 449

    Abstract: After a long recession and slow recovery, the economy seems to be headed back to more stable ground. Just as the weak economy required law firms to make some changes in strategy, so, too, does the improved situation. This article highlights three steps that can position firms to make the most of the upturn.

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  • Get the most bang from your social media

    Summer 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 569

    Abstract: Trolls, hackers, public relations nightmares — the risks of social media are highlighted frequently. Nonetheless, platforms like Twitter, Facebook, Instagram and LinkedIn have become the 21st century equivalent of the Yellow Pages. That means law firms that aren’t “listed” are likely to miss out on potential referral sources, clients and job candidates. This article discusses why law firms can’t ignore social media and how to make the most of it.

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  • Show them the money – Compensating your managing partners

    Summer 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 616

    Abstract: All law firms have them: the partners who spend the bulk of their practice managing the firm. But if the firm focuses on compensating only rainmakers and large revenue generating partners, they may lose those best qualified for the job. This article reviews how properly compensating partners who perform the seemingly mundane, but critical, work will keep firms running profitably.

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  • Opting out of the new partnership audit regime

    Summer 2018
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 782

    Abstract: The Bipartisan Budget Act of 2015 (BBA) changed how partnerships are audited. Proposed IRS rules for partnership audits under the law apply to taxable years beginning after December 31, 2017, but some partnerships can choose to opt out. This article summarizes what law firms organized as partnerships need to know. A sidebar explains how to find the right partnership representative.

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