Law Firm Management
Showing 129–144 of 252 results
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Why your firm may need a business manager
Summer 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 419
Abstract: Most lawyers are legal, not business, experts and don’t have the time or inclination to assume full-time business management and development duties. That’s where a business manager can help. This article discusses the types of functions business managers can perform and provides tips on finding the right person given the scope of the position.
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Clients and firms win with portfolio pricing
Summer 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 644
Abstract: Portfolio pricing, which involves charging a fixed fee for a series of legal matters, is one of the best ways to attract and keep expense-conscious clients. Such pricing can help firms achieve greater profitability and more predictable cash flow. This article summarizes the advantages of portfolio pricing and urges firms to work with a financial advisor when setting rates.
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Iceberg ahead! Don’t let undercapitalization sink your firm
Summer 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 599
Abstract: When a law firm experiences several negative financial events, it could become seriously undercapitalized. This article describes two types of capital — working and long-term — and how firms can estimate how much of each they need. It also suggests solutions for firms that are short of their ideal capital reserves.
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Foundation for your firm’s future – How to set goals — and achieve strategic objectives
Summer 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 830
Abstract: Strategic planning is key to ensuring a law firm’s long-term viability, and goal setting is an indispensable ingredient. This article provides an overview of the tried-and-true SMART (specific, measurable, achievable, relevant and time-specific) approach to setting and reaching goals. A sidebar introduces three additional goal-setting measures: chunk, communicate and collaborate.
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For good referrals, ask good questions
Spring 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 496
Abstract: Referrals from clients and colleagues are gratifying, but they don’t always lead to engagements firms want. The key to making referrals pay off is by promoting quality over quantity. This article suggests that attorneys first define their ideal client, and then seek out other professionals who serve such clients.
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Eye on associates – Tips for effective performance-based compensation
Spring 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 605
Abstract: Firms that still use a lockstep model to compensate associates may be undermining their profitability and competitiveness. Instead, firms might consider a performance-based system that compensates associates based on a range of factors, including billable hours, client satisfaction and professional development. This article explains how to adopt fair and consistent performance-based compensation.
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How to use leverage to your firm’s advantage
Spring 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 552
Abstract: This article explains how leverage — allocating work to the right people at the most cost-effective level possible — can improve a law firm’s efficiency and boost profitability. It suggests that firms build client teams that are guided by clearly stated goals and recommends that continuous improvement measures be taken.
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Is outsourcing right for your firm?
Spring 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 788
Abstract: Often the most challenging aspect of running a law firm is keeping noncore, but critical, functions such as payroll, human resources and IT running smoothly. As this article proposes, outsourcing can help firms reduce costs while taking advantage of service providers’ greater expertise. However, selecting vendors for outsourced services requires careful consideration. A sidebar discusses software that makes managing some key functions simpler.
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5 things you can do to improve client relationships
Winter 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 403
Abstract: For most lawyers, building and strengthening relationships with clients is an ongoing project. Even the most personable and conscientious attorney experiences the occasional misunderstanding with a client — or even loses one for good. But there are several simple things attorneys can do immediately to build trust and promote client satisfaction. This article offers several suggestions, including writing a comprehensive engagement letter.
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Why your firm needs malpractice insurance
Winter 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 587
Abstract: Because the cost of fighting a malpractice claim is generally higher than the cost of malpractice insurance premiums, many law firms buy coverage. Unfortunately, firms also typically set their policies aside to gather dust. This can spell financial disaster when a claim arises and coverage is inadequate. So it’s critical not only to buy the right policy but also to periodically update it. This article looks at two types of malpractice insurance policies and how to choose the best provider.
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Estimating taxes for law firm partners
Winter 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 676
Abstract: Law firm partners need to estimate their tax liabilities as accurately as possible — particulary since, as members of a “pass-through” entity, they’ll personally owe tax on their pro rata share of the firm’s taxable income. If they underpay, they’ll be subject to penalties. If they overpay, they’re essentially making an interest-free loan to the IRS. This article explains how to achieve the right balance when calculating and paying taxes.
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Won’t you stay? Keeping retiring partners in the fold
Winter 2015
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 792
Abstract: When senior partners retire, it’s important to capture their knowledge and extend the relationships they’ve formed with clients. But this demands a formal retirement process to capitalize on their assets and ease their retirement transition. Much depends on the degree of involvement a retiring partner wishes to maintain. This article discusses a number of different roles they can play, along with compensation arrangements. A sidebar offers tips for grooming the next generation of leaders.
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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.