Law Firm Management
Showing 209–224 of 256 results
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Parlaying the power of paralegals
Fall 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 437
Abstract: Sometimes, attorneys undermine firm profitability by doing work that’s better left to paralegals and creating a ripple effect of staff members performing tasks for which they’re overqualified. To prevent such problems, it’s important to use paralegals effectively. This article shows why it’s important to recognize what work paralegals should do and what they shouldn’t, and how to fully integrate them as members of the legal staff.
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Carpe diem … and start cross-selling
Fall 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 773
Abstract: Say the word “sell,” and many nonrainmaker partners will quickly hide. But cross-selling doesn’t require a marketing or sales background. It simply requires a good ear and a quick brain, which good lawyers all have. This article shows how a firm can improve its partners’ sales skills by teaching them how to match their firm’s skills to client needs and by instituting incentives that reward partners who show cross-selling results.
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6 ways to cut costs and increase revenues
Fall 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 603
Abstract: Law firms of all sizes are eager to find ways to grow their profit margins these days. It’s not hard to figure out that the most effective approach is two-pronged: reducing costs and boosting revenues. This article suggests six ways to accomplish both, including cutting back on IT and office equipment expenses, improving collections and managing cash flow.
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Portfolio pricing: Should it be your next alternative fee arrangement?
Fall 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 726
Abstract: With law firms increasingly operating in a buyer’s market, arrangements such as portfolio pricing can provide a competitive advantage that pays off for both law firms and their clients. This article discusses the pros and cons of portfolio pricing, while a sidebar offers advice on choosing the right clients for this type of arrangement.
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Beyond Twitter: Fine-tuning your online marketing strategy
Summer 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 415
Abstract: Social media sites such as Twitter and Facebook are all the rage in marketing these days, but are they right for law firms? The answer is “yes,” but with certain limitations. Law firms can use them to grab attention and send visitors to their Web site as well as provide value-added content that demonstrates expertise and helps convert prospects into clients. This article shows how.
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Measuring per-attorney overhead
Summer 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 486
Abstract: Successful law firms closely monitor their revenues and profitability, both firmwide and by attorney. But the need to allocate overhead can make it difficult to truly assess per-attorney profitability, thereby undermining compensation and related decisions. This article discusses the allocation of direct and indirect costs, and illustrates how a weighted system can help law firms capture more accurate per-attorney overhead and profitability figures.
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Want to get paid in full and on time? Communicate, communicate, communicate
Summer 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 638
Abstract: A typical law firm isn’t likely to ever receive payment on 100% of their bills. However, it can get close to that realization rate. The key is to carefully select clients and cases, and then communicate, communicate, communicate! This article discusses communication when setting a fee agreement, when working with clients when they first become delinquent, and in writing a formal collection policy. Regular communication with clients not only can help improve payment, but also can help lawyers gauge a client’s level of satisfaction with the firm’s representation.
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Foxes in the henhouse – How to combat occupational fraud
Summer 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 1011
Abstract: In tough economic times, it’s not surprising that occupational fraud can become more common, but it’s a significant problem even in the best of times. The latest edition of the Association of Certified Fraud Examiners’ fraud survey, which has expanded from a study of U.S. fraud to fraud on a global basis, indicates that the typical business worldwide loses approximately 5% of its annual revenues to fraud, for a potential total loss of over $2.9 trillion. This article looks at different types of fraud and the kind of environment that allows it, and shows preventive steps that can be taken. A sidebar lists behavioral “red flags” that may indicate fraud.
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Building a marketing culture in your firm
Spring 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 433
Abstract: Years after many law firms first adopted formal marketing plans, some attorneys continue to find legal marketing distasteful. In today’s economy, though, firms must view marketing as an essential component of their continued survival. It’s not enough to simply hire a marketing director — law firms need to foster a marketing culture that permeates and directs all levels of the firm. It’s essential to have a formal marketing plan that includes client input and has the active commitment of firm leadership.
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How can you keep lawyers and staff engaged?
Spring 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 644
Abstract: An attractive benefits and compensation package may woo promising lawyers and staff, but it may not be enough to keep them enthusiastic about their work and retain them. Lawyers and other employees want many of the same things in a position, including interest from management in their professional development and well-being, advancement opportunities, feeling like a valued part of a team, and stimulating and rewarding work and client interaction. Many law firms fail to fulfill these fundamental needs — but there are steps they can take to remedy the “disengaged syndrome.”
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Associate compensation – From lockstep to performance-based
Spring 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 667
Abstract: Law firms increasingly are moving away from the historic lockstep compensation model to a new system that recognizes individual performance and results in variable progression and compensation. There are a variety of factors driving this change, but the transition to a new system can run into such hurdles as lack of planning, a weak evaluation process, and a continued focus on traditional metrics. But the necessary planning and structural changes shouldn’t deter a firm from making the transition to a performance-based system.
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Your current clients may hold the key to higher profits
Spring 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 718
Abstract: A well-known marketing maxim states that it’s more cost-effective to generate new business from an existing client than to rustle up a new client. A law firm can offer its existing clients an expansion of its current services or its geographic reach, or can diversify its services. But, with business development resources often under a tight rein these days, it’s critical that a law firm identify and target clients most likely to provide additional work. This will require an in-depth analysis of the current client base. Once the clients with the strongest potential have been identified, it will be essential to give them reasons to offer additional work. A sidebar to this article offers a list of items to research when prospecting for new clients.
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Social networking – Opting out may no longer be an option
Winter 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 683
Abstract: According to one recent report, only one in eight law firms use social networks. Many firms are understandably concerned about privacy, worker productivity and misuse of social networking sites. But such fears are probably misplaced. In fact, without social media policies, attorneys and staff are just as likely to make firm-damaging statements online from their home computers as they are from their office computers. An intelligent policy regarding use of blogs and networking sites can help attorneys interact with clients and peers to share ideas and build business.
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The pros and cons of having nonequity partners
Winter 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 708
Abstract: For many years, law firms were governed by the old “up or out” rule in regard to admission to the partnership. But such inflexibility caused firms to get rid of some highly productive and profitable associates who probably didn’t make partner simply because they weren’t successful rainmakers. In an era in which partners have become more willing to pull up stakes and move their practices to another firm — or aren’t even interested in becoming equity partners at all — many firms have adopted the “two-tier” structure of equity and nonequity partners. However, while the criteria may not be quite as high as for equity partners, it’s still important to select nonequity partners carefully.
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Make sure your employee reimbursement plan satisfies the IRS
Winter 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 525
Abstract: Law firms that compensate their employees for expenses incurred in the course of employment generally deduct those reimbursements as business expenses, rather than reporting them as wages on the employees’ Forms W-2. But the IRS permits such deductions only for reimbursement or allowance arrangements that qualify as “accountable” plans. There are three criteria for a plan to be considered accountable. Without such a plan, expense reimbursement can be costly.
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Fixed-fee billing: The wave of the future?
Winter 2010
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 712
Abstract: In these difficult economic times, clients are seeking to economize on their legal bills. But, rather than cutting back on services, many are demanding that their law firms convert from hourly to fixed-fee billing. The good news for attorneys is that the switch can pay off for both their clients and their firm — if the fees are properly calculated. This article explains the two-step process involved in fee-setting, and looks at the benefits both parties receive for particular types of legal work. A sidebar briefly discusses sliding scale fixed-fee arrangements.