LFM
Showing 177–192 of 256 results
-
Ushering technophobic attorneys into the 21st century
Fall 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 509
Abstract: Lawyers have traditionally been slower to adopt new systems, networks, software and devices than have other members of the business community. But there are ways to convert technophobes into technophiles — or at least ease reluctant attorneys into the 21st century. This article offers a number of methods for doing so.
-
What makes your firm profitable? – Back to the basics with economic drivers
Fall 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 621
Abstract: Profitability, in a nutshell, is revenue minus expenses. But, as law firm leaders know, increasing profitability is much more complicated than that simple equation might imply. This article notes the importance of distinguishing between luxuries and necessities in operating a firm and examines three economic drivers: leverage, utilization and realization.
-
How to compensate managing partners
Fall 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 692
Abstract: Law firms traditionally reward rainmakers and revenue generators, sometimes overlooking those partners who sacrifice some or all of their practice to manage the firm. This article discusses methods of compensating such partners and how to use subjective criteria to evaluate their performance.
-
Your firm’s present — and future — depends on satisfied clients
Fall 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 917
Abstract: While current clients require a certain amount of “care and feeding,” landing new clients takes considerably more of a firm’s time and money. What’s more, current clients are more likely to entrust a firm with larger, more profitable matters and generally make more frequent and better-quality referrals. Among the topics this article covers are getting an attorney-client relationship off on the right foot, soliciting feedback, dealing with dissatisfied clients and using a client relationship management (CRM) system. A sidebar offers creative suggestions for saying “thank you.”
-
Simple calculations can have broad implications
Summer 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 365
Abstract: Law firms use financial metrics to measure profitability and to make compensation and promotion decisions. But not every metric will be effective for every firm. It’s important to let strategic objectives and values guide firms in their choice of measurements. This short article looks at a few popular metrics.
-
Billing fraud hotbeds: Is your firm one of them?
Summer 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 771
Abstract: Unethical billing practices — from padding time records to exaggerating expenses to performing unnecessary work so that it can be billed to a client — rarely occur in a vacuum. Billing fraud thrives in firms that explicitly or tacitly condone it. This article identifies red flags for billing partners and administrators and examines broader cultural issues that might be contributing to billing fraud.
-
Envision your firm’s future with a strategic plan
Summer 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 672
Abstract: As this article discusses, strategic plans enable law firms to focus on their ability to get more and better work from paying clients; pinpoint opportunities within the market; identify potential obstacles to growth; and decide what internal changes are necessary so that the firm can adapt to a constantly evolving legal market. Some of the planning tools available to firms undertaking strategic planning are covered.
-
The problem that won’t go away — How to handle an underperforming partner
Summer 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 831
Abstract: It’s the challenge no managing partner or practice group leader wants to tackle: the once-productive partner whose performance has declined — in some cases, dramatically. But firms ignore underperformers at their peril. This article discusses what constitutes underperformance, how to quantify its effect on the firm, and how to develop a performance management plan for partners who are willing and able to change. A sidebar addresses terminating a partner gracefully.
-
Is now the time to rethink associate compensation?
Spring 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 675
Abstract: Law firms that still compensate associates the way they always have — using a lockstep model of regular, across-the-board annual pay increases — may be harming profitability and their competitive profile. One alternative is a performance-based system that rewards attainment of specified key competencies. However, if poorly implemented, a performance-based system could squelch associates’ motivation and lead to frustration, resentment and attrition. This article describes three best practices.
-
Search engine optimization — Boost your firm’s online profile
Spring 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 660
Abstract: If a law firm’s website can’t be found through major search engines, it might as well not exist. Search engine optimization (SEO) isn’t necessarily difficult and it doesn’t have to cost a lot of money. But frequently updated content, carefully cultivated links and some knowledge about how search engines find and rank sites are important if a firm is to receive optimal online exposure. This article offers tips for keeping a website current and prominent.
-
Why firms need strong, current partnership agreements
Spring 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 557
Abstract: Any law firm with more than one owner needs a partnership agreement. But to be effective, the agreement should be well written and up-to-date. A sound agreement will address several issues that affect everything from daily operations to unexpected events. This article lists specific items a partnership agreement should cover and discusses why a firm might want to change its partnership structure.
-
Leadership vs. management: Recognizing the difference
Spring 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 914
Abstract: Although the roles of leaders and managers overlap to a degree, they aren’t the same. True leaders are relatively rare. And as law firms try to adapt to a rapidly changing business model and fierce market competition, they need leaders. This article compares the different tasks leaders and managers must perform, and in particular describes what leaders in small firms must do to implement effective strategic plans. A sidebar explains why some firms might prefer to hire a firm administrator to assume managerial duties.
-
Pulse check: Is your firm in financial trouble?
Winter 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 480
Abstract: Financially troubled law firms don’t always realize they’re troubled until it’s too late. By taking a quick pulse check, it’s possible to identify early signs of ill health — while there’s still time to treat them. This article examines what to look for in financial statements and how to spot subtle warning signs.
-
Keep your eye on costs with a recovery system
Winter 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 628
Abstract: A cost-recovery system is an excellent way for law firms to control expenses. Tracking office expenses through a cost-recovery system helps show firms — and their clients — where the money is going. This article discusses the advantages of cost-recovery software and the importance of keeping it up-to-date.
-
Eye on associates — How to build better business developers
Winter 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 719
Abstract: For most lawyers, effectively selling their firms’ services and their own legal expertise — otherwise known as business development — is essential to a thriving career. Unfortunately, finding clients and maintaining those relationships aren’t skills that come naturally to most attorneys. As this article explains, it’s important to provide associates with networking advice and rainmaking tools. A sidebar offers three tips for making the most of networking and business development opportunities.
-
Origination blues — Giving partners credit where credit is due
Winter 2012
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 746
Abstract: Client origination has long been considered one of a partner’s core responsibilities. But disagreements can arise when one partner claims origination credit for bringing a client through the door, another for growing the client’s account and a third for performing most of the client’s legal work. This article explains that firms need to take up the recognition question as they grow, especially if partners are squabbling — or worse, leaving — because they don’t feel they’re getting the credit they deserve.