Law Firm Management
Showing 97–112 of 252 results
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Get smart: Relationship intelligence for law firms
Summer 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 428
Abstract: New business is the lifeblood of every law firm, but few attorneys enjoy cold-calling. Firms with effective relationship intelligence systems, however, have a leg up on the competition. This article describes some ways law firms can use relationship intelligence to create profitable relationships among colleagues and clients.
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Tips to improve attorney timekeeping — and your profitability
Summer 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 568
Abstract: Timekeeping is a “necessary evil” for every law firm. Even attorneys who work on a contingent or flat-fee basis must track their hours to provide accurate time estimates and confirm they’re charging appropriate fees. This article highlights ways to get attorneys to better track their time.
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Making the most of lateral hires
Summer 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 635
Abstract: Many law firms use lateral hiring as part of their growth strategy. These lawyers can bring new clients, management experience and niche expertise. But recruiting and assimilating lateral hires can be expensive. This article explains ways to integrate lateral hires successfully.
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To merge or not to merge? 5 suggestions for making a good decision
Summer 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 804
Abstract: The past year has reaped a bumper crop of law firm mergers. While such announcements garner headlines, less attention is paid to the fact that nearly half of law firm mergers fail to meet financial and other expectations. This article reviews five critical factors firms mulling mergers should consider and includes a sidebar reviewing both good and bad reasons for firms to merge.
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What’s your firm worth?
Spring 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 429
Abstract: Law firms generally don’t pay as much attention to their value as technology companies or public corporations, but a variety of circumstances can trigger the need for a firm valuation. Although attorneys may often deal with business valuations in the course of their work for clients, they might be surprised to learn how law firm valuations can differ. This article summarizes what law firms need to know about valuing their own firms.
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4 financial threats to your firm’s long-term survival
Spring 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 500
Abstract: Even with the economy on the upswing, many in the legal industry face precarious times, and they may not realize it. This article summarizes four threats in particular that could jeopardize a firm’s financial future: long-term debt, unfunded obligations to retired partners, overcompensation of current attorneys and ill-advised expansion.
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How paralegals affect your bottom line
Spring 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: Although the roles and responsibilities of paralegals (or legal assistants) can differ widely by firm, these employees ideally should spend minimal time performing clerical or other work suited to legal secretaries and administrative staff. By the same token, paralegals shouldn’t do work that’s best handled by lawyers. This article explains why this matters and how it can affect a law firm’s profitability.
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Looking ahead: Is your succession planning up to speed?
Spring 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 925
Abstract: Millennials’ emergence as a prominent demographic highlights the need for many workplaces to prepare for a generational shift. Law firms are no exception, particularly those founded by dynamic Baby Boomer rainmakers. If firms are going to survive and thrive, they must think about how to transfer management and primary client relationship responsibilities from senior partners to their younger colleagues. This article highlights the need for law firms to engage in comprehensive and formal succession planning. A sidebar discusses replacement of a managing partner.
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3 best practices for more effective budgeting
Winter 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 401
Abstract: The budgeting process may seem tedious and time-consuming, but it’s important. A law firm’s budget is more than a financial document ¬— it’s a roadmap that demonstrates goals, sets expectations and benchmarks, and guides decision making on critical issues related to partner distributions, resource allocation, financing and more. This article explains three key budgeting best practices.
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What do Millennial lawyers want?
Winter 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 576
Abstract: Millennial employees — generally defined as those born after 1980 — became the largest generation in the workplace in 2015, and now account for more than one-third of the U.S. workforce and as much as 21.5% of U.S. attorneys. As their predecessors move closer to retirement, Millennial attorneys are poised to play a critical role in the survival of law firms. This article reviews what experiences and expectations they bring to the workplace and ways to successfully recruit and retain these attorneys.
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Fraud prevention – It’s time to update your firm’s internal controls
Winter 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 632
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.
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Ramp up your referrals – How to take an active role in generating new business
Winter 2017
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 821
Abstract: Referrals are typically the leading producer of new business for law firms. In other words, referrals mean revenues. Coming as they do from third parties, referrals might seem to be out of your control, but you can actually take an active role in generating more referrals. This article highlights several steps in particular that can pay off when practiced regularly. A sidebar looks at ethics issues in regard to referrals.
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Procurement comes to legal services – Is your firm up to the challenge?
Fall 2016
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 420
Abstract: In recent years, many companies have started using procurement to purchase legal services. This article discusses some of the reasons — pressure to be profitable and concern about law firm billing practices — and explores recent trends. For example, companies that use procurement professionals often expect firms to provide discounts of 10% to 20%.
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Focus on profitability – How to raise rates, carefully
Fall 2016
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 709
Abstract: Raising rates can be a risky proposition in a competitive legal market. But firms with narrowing profit margins must consider it. This article argues that firms can safely raise rates by communicating the quality of their services, raising rates incrementally and testing revised rates on new clients before announcing them to long-time clients. A sidebar notes that it’s important for a law firm to determine the quality of different clients, as well.
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Why law firms should look to the cloud
Fall 2016
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 567
Abstract: Law firms have been slower to adopt cloud computing than other businesses, largely because of privacy and security concerns. But as this article explains, cloud computing services now address these issues with sophisticated protections. And because the technology does away with pricey contracts and per-user licensing fees, cloud services are very cost-effective.
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5 best practices for improving collections
Fall 2016
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 804
Abstract: Unlike other businesses, which often stop providing goods and services until clients pay their bill, attorneys generally can’t withdraw representation while waiting for a client to remit an invoice. This article suggests other ways to improve collections, including billing promptly, checking invoices for accuracy and following up with clients as soon as a payment is late. A sidebar helps attorneys avoid the conditions that lead to late payments.