LFM
Showing 17–32 of 256 results
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Benefits for small and mid-sized firms – Do you have the right retirement plan?
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 427
Abstract: Most law firms, regardless of size, offer some type of retirement plan these days. The plans provide critical tax, recruitment and retention, and succession planning advantages. With numerous choices, it’s worth taking the time to review the options. This article briefly highlights SEP IRAs, individual 401(k) plans, small group 401(k) plans and cash balance plans.
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Time to give origination credits a makeover
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 559
Abstract: Competition among law firms — for new clients and new attorneys — remains fierce. Origination credits have long been a way of incentivizing business development as well as providing the kind of compensation that works as a strong recruiting tool. But the historical methods for distributing origination credits are no longer compatible with the cultures and priorities of many firms these days. Moreover, they can create problems that undermine their intent. This article discusses ways a law firm can retool its policy for origination credits.
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Buck the odds – Successfully hiring and retaining lateral attorneys
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 646
Abstract: When law firms consider lateral hiring, most see it as a way to add niche expertise and management experience while bringing in new clients. However, according to a recent survey by Decipher Investigative Intelligence and ALM Intelligence, nearly half of the respondents indicated that the majority of their firm’s laterals underperform when it comes to bringing their stated books of business. This article reminds law firms to carefully consider the need for lateral hires as the costs of bringing them on can be high.
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4 year-end tax tips for law firms
Fall 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 825
Abstract: The end of the tax year for calendar-year law firms is just around the corner. Now’s the time to take those last-minute steps that can reap significant savings on 2022 tax returns. This article presents four areas to consider: time and expenses; bonus depreciation; retirement plans; and food and beverage deductions. A short sidebar reviews ways for individual taxpayers to reduce their taxes, too.
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Why attorneys’ financial wellness matters for law firms
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 464
Abstract: In the midst of the continuing economic uncertainty, even affluent attorneys free of student debt have voiced concerns about their financial stability and retirement readiness. Law firms that heed and respond to their worries can gain valuable competitive advantages. This article reviews the effect of financial stress on law firm associates and how firms can help.
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Communication is key to timely client payment
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 560
Abstract: Failure to routinely communicate with clients might cause them to become disgruntled and slow down — or stop — payments. Being in touch with clients regularly will help gauge a client’s level of satisfaction with a firm’s work. And satisfied clients generally pay their bills. This article discusses ways firms can be clear, firm, consistent and persistent in communication with clients.
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What’s it worth? Understanding valuations in law firm acquisitions
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: Merger and acquisition activity remains steady in the legal industry. There are many questions to ask and avenues to pursue as part of due diligence in a merger. Among the most important is the value of the other firm, taking into account such factors as its assets, liabilities and ability to generate revenues into the future. This article looks at how law firms are valued compared to other businesses, different valuation methods, and adjustments to valuations specifically for law firms.
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IRS Attorneys Audit Technique Guide – IRS focuses on attorney audits
Summer 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 822
Abstract: The IRS recently released an updated Attorneys Audit Technique Guide to help its examiners effectively audit attorneys. While no one enjoys being the subject of an audit, the guide provides some valuable insights into the areas auditors are likely to examine, which, in turn, can help law firms avoid costly missteps. This article summarizes the areas of interest that examiners may focus on, including segregated client trust accounts, deferred income, advanced client costs and employee misclassification. A short sidebar covers a nonexclusive list of documents that firms will need to supply to both expedite the audit process and demonstrate a commitment to transparency.
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The legal industry is resilient — but challenges remain
Spring 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 425
Abstract: After experiencing a surprisingly positive year in 2020, the U.S. law firm market ended 2021 on solid economic footing. That’s according to the 2022 Report on the State of the Legal Market, issued by the Center on Ethics and the Legal Profession at Georgetown University Law Center and the Thomson Reuters Institute. This article provides some of the key findings from the most recent edition.
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Thinking about adding nonequity partners? Pros and cons of adding another partner level
Spring 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 523
Abstract: Smaller law firms that are reluctant to add more equity partners may consider creating nonequity partnerships to reward and retain high-performing associates and lure in laterals. This article discusses both pluses and minuses of this approach.
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How to assess your operating reserves
Spring 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 685
Abstract: The COVID-19 pandemic has affected law firms in many ways, perhaps none so much as the importance of operating reserves. Having sufficient reserves to cover day-to-day operations is crucial. But the reserves amount needed varies by firm and may require additional partner capital contributions. This article presents some steps law firms can take to remedy the situation.
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10 tips to jumpstart your collections
Spring 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 881
Abstract: Collections are a fundamental part of profitability and perhaps more important — and more challenging — than ever. This article highlights ten ways law firms can assess collections processes. By taking the steps discussed in the article, law firms can boost revenues while reducing post-due date efforts. A short sidebar covers how retainers can go a long way toward preempting collections problems.
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Is ALSP outsourcing right for your firm?
Winter 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 468
Abstract: To the chagrin of some law firms, alternative legal service providers (ALSPs) aren’t going anywhere. According to a recent report, nearly 80% of law firms and 71% of corporate legal departments have used ALSPs at one time or another, a strong sign they’re becoming a mainstream legal option. For firms that still view ALSPs as competitors, it may be time to reframe their perspective. This article looks at how collaborating with ALSPs, rather than competing, can pay off for all involved, including law firms and their clients.
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Save money by shifting credit card fees
Winter 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 561
Abstract: The acceptance of digital forms of payment, including credit cards, has become ubiquitous across industries. But some law firms have yet to get on board — even though electronic payments often improve collections. The hesitation usually is due to a resistance to shouldering the processing costs. This article examines how in many states, law firms can have the best of both worlds — higher collections and minimal processing costs — by putting the responsibility for the fees on clients.
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Client intake – The importance of quality over quantity
Winter 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 658
Abstract: Many law firms want to improve profitability, reduce stress, and preempt malpractice lawsuits and billing-related disputes. This article explains how to do this by dropping uncooperative or slow-paying clients and using a formal client selection process to avoid taking on new ones.
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AML for law firms: The risk is real
Winter 2022
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 826
Abstract: Law firms can unwittingly fall prey to money launderers. This article discusses why a risk-based approach may help firms reduce the odds. Reviewing legal activities that are particularly susceptible to money laundering and completing a comprehensive risk assessment including country or geographic risks as well as client and service risk factors can help law firms steer clear of trouble. A short sidebar highlights a “practical” approach to identifying and assessing money laundering risk for smaller firms and solo practitioners.