Law Firm Management
Showing 65–80 of 256 results
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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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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.