Law Firm Management

Showing 81–96 of 208 results

  • Improve your managing partner compensation model

    Fall 2015
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 422

    Abstract: Managing partners who reduce their rainmaking activities and billable hours to assume administrative duties can end up with smaller slices of the compensation pie. This short article proposes a fair and straightforward managing partner compensation model that takes into account objective and subjective criteria.

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  • Law firm mergers – Once the deal closes, the hard work begins

    Fall 2015
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 662

    Abstract: Many law firms that merge focus primarily on getting the deal done, which means they aren’t prepared to integrate the two organizations. This article explains how integration planning should start early and be a team effort involving both firms and professional advisors. A transition team should evaluate both practices, determine how staff in duplicative positions can be redeployed and document internal policies and procedures.

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  • Cash flow statements: Your firm’s early warning system

    Fall 2015
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 586

    Abstract: Law firms need to provide their partners with cash flow statements so they’ll be able to identify and address cash shortfalls and other problems. This article describes the three main sections of a typical cash flow statement — operating, investing and financing activities — and urges partners to take action if statements indicate a possible liquidity issue.

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  • How to avoid risky engagements – The client selection process is critical

    Fall 2015
    Newsletter: Law Firm Management

    Price: $225.00, Subscriber Price: $157.50

    Word count: 818

    Abstract: Focusing on bringing in high revenue clients doesn’t guarantee they’ll be high quality clients. As this article explains, to improve profitability, reduce stress and avoid malpractice suits, firms should review current clients and drop the uncooperative and less lucrative ones. Firms are also urged to develop a client intake form that helps identify possible conflicts of interest. A sidebar lists signs of potentially troublesome clients.

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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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