Law Firm Management

Showing 1–16 of 200 results

  • State of the legal market – New industry model is emerging

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 435

    Abstract: After several decades of operating on an essentially law firm-centric model, a new model appears to be emerging for the legal services industry. While noting incremental improvements in 2019 financial performance, the 2020 Report on the State of the Legal Market from the Legal Executive Institute (LEI) serves as a warning that firms should adjust for the new model if they wish to survive. This article reviews the report’s findings.

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  • Cybersecurity requires an incident response plan

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 616

    Abstract: Law firms have continued to increase their focus on cybersecurity, but, according to the American Bar Association’s (ABA) latest Legal Technology Survey Report, only about one-third of respondents have an incident response plan. As the ABA notes, all attorneys need tailored cybersecurity programs, and incident response is a critical part of such programs. This article looks at how a firm’s response to a data breach will go a long way toward mitigating — or exacerbating — financial and reputational costs.

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  • How portfolio pricing can increase your profitability

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 643

    Abstract: While hourly billing has been the mainstay of legal billing, it’s not the only option. Clients are looking for cost-effective alternatives from all their business providers, including legal services. One alternative is portfolio pricing. This article covers it and why firms should consider it.

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  • Are your client trust account practices up to snuff?

    Spring 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 765

    Abstract: Ethics rules require most attorneys to maintain trust funds that segregate client funds from firm funds. Violations, whether the product of intentional devious acts or mere negligence, can have dire consequences. While the specific rules vary by state, some common pitfalls crop up across jurisdictions. This article examines why it’s wise to regularly review client trust account (CTA) practices to ensure compliance. A short sidebar discusses why the financial institution where you hold client trust accounts matters.

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  • Millennial matters: Understanding your younger attorneys

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 452

    Abstract: Millennials — generally defined as people born between 1981 and 1996 — make up the largest segment of today’s workforce, as well as the legal industry’s. With Baby Boomers increasingly leaving their practices and the overall job market tight, law firms must focus on recruiting and retaining younger attorneys to ensure long-term viability. This article highlights a recent survey of more than 1,200 Millennial attorneys and why keeping them engaged and committed should rank as a top priority.

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  • What’s your firm worth? Understanding law firm valuations

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 566

    Abstract: Attorneys who routinely retain appraisers to value businesses as part of their practice may believe they know what’s involved when their own firms must be appraised. And those who don’t regularly work with valuators might think it’s simply a matter of a “plug-and-play” mathematical formula. Both notions, however, are mistaken. This article reviews how law firm valuations are different from — and sometimes more complicated than — typical business appraisals in some significant ways.

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  • How focusing on quality can allow you to raise rates

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 639

    Abstract: When was the last time your firm raised its rates? Are you afraid to do so, believing it will provide clients with an incentive to shop around for lower-cost legal representation? While raising rates can be a risky proposition in a competitive legal market, this article examines how clear communications to your clients about your quality of services is a safe bet when raising rates.

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  • What you should know about cloud computing – ABA survey breaks down the numbers

    Winter 2020
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 740

    Abstract: According to the American Bar Association’s (ABA’s) 2019 Legal Technology Survey, the majority of law firms (58%) have taken the leap into cloud computing. They’re drawn in by cloud technologies’ 24/7 access, low cost of entry, predictable monthly expenses and robust data backup. This article reviews the ABA’s numbers and highlights some security steps firms can take. A short sidebar discusses hybrid and multi-cloud computing.

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  • Client surveys: Ask not what your clients can do for you …

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 455

    Abstract: With 2020 slowly dawning on the horizon, law firms should think now about sending year-end surveys to their clients. Done right, surveys provide a great tool for getting a read on clients’ satisfaction levels, as well as increasing firms’ books of business. This article discusses survey methods and what information firms can gather.

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  • Going green can pay off for law firms

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 567

    Abstract: Adopting green practices is no longer just about protecting the environment – both clients and job candidates increasingly are considering law firms’ sustainability efforts these days. This article looks at how, focusing on areas such as paper use, energy conservation, smart design and procurement, law firms make themselves more appealing to these potential stakeholders.

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  • How much capital is enough? How to assess your firm’s need for capital

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 684

    Abstract: Having a sufficient amount of capital to support daily operations is something all law firms must determine. To offset gaps in cash flow due to expenses, law firm billing and collections, law firms may require larger partner capital contributions. This article reviews why having a capital plan in place will help with the uncertainty and provide partners and other stakeholders with a sense of stability.

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  • 5 tips for managing and improving your firm’s cash flow

    Fall 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 782

    Abstract: While many law firms focus on profitability, some firms can overlook the critical role that cash flow plays in both day-to-day operations and long-term sustainability. After all, law firms can’t generate revenue if they don’t have sufficient cash to keep the doors open. This article examines five practices that can help position firms for success and growth.

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  • Study spotlights opportunities for small law firms

    Summer 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 461

    Abstract: A new study from the Thomson Reuters Legal Executive Institute (LEI) suggests that many law firms with one to 29 attorneys are too fixed on the status quo. The 2019 State of U.S. Small Law Firms finds these firms are well aware that they face numerous challenges, but that not many have taken concrete steps to address them. This article reviews the study and the opportunities awaiting small firms.

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  • Is the Netflix model the next big thing in law firm billing?

    Summer 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 606

    Abstract: More law firms are beginning to reconsider their billing practices, whether in response to client demands, stagnant revenues or other factors. Although alternative fee arrangements such as flat fees, contingent fees and blended rates have topped the list of options for some time, a new approach slowly is gaining ground — subscription-based legal services. This article examines the case for subscriptions and some steps firms can take to implement this kind of billing.

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  • Don’t panic! How to be ready for an IRS audit

    Summer 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 671

    Abstract: No one likes to receive a notice from the IRS that they’re being audited. And that includes law firms. But receiving a notice from the IRS doesn’t mean it’s time to panic. This article discusses why the best defense is to be prepared.

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  • Dos and don’ts for today’s compensation plans

    Summer 2019
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 785

    Abstract: The past decade has brought sweeping change to the legal industry, from the influx of Millennials into law firms to growing competition from alternative legal services providers. Yet many firms have clung to compensation plans first devised years ago, in a very different climate. Firms that have been stubbornly holding out in hopes the pendulum might swing back are beginning to recognize that they need to adapt their plans to today’s realities. This article highlights some critical dos and don’ts that can help ease the transition. A short sidebar discusses a recent study backing up the notion that providing greater incentives for leadership activities and weaker incentives for billable hours can pay off for law firms.

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