By Brenda Barnes bio Practicing law is a tough gig. There is always so much to do to ensure your practice is successful. Focusing on your clients is your first priority, but are you also keeping an eye on your firm’s financial health? After all, staying profitable is not only crucial to your success, but is also important to your clients’ success. To help you keep profit on … [Read more...] about 5 ways to keep profit on your radar
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Pay rates, vacations while recovering, gig economy
By Mike O’Brien bio Department of Labor enters final stage of update to ‘regular rate’ rule under FLSA. As we have discussed previously in these updates, the Department of Labor has been working to update the definition of “regular rate” of pay under the Fair Labor Standards Act. The regular rate is used to calculate overtime pay. The rule has not been updated in half a … [Read more...] about Pay rates, vacations while recovering, gig economy
How the “broken windows” theory applies to your law business
By Liz Miller bio The “broken windows” theory is that a building with broken windows is evidence of abandonment, neglect of the property and a lack of respect for the law. In its simplest form, the “broken windows” is the beginning of the decline of a neighborhood which begins to deteriorate. It starts with “broken windows” and then leads to graffiti, trash, abandoned vehicle, … [Read more...] about How the “broken windows” theory applies to your law business
Can any bookkeeper be a “law firm” bookkeeper?
By Elizabeth M. Miller bio I have no doubt you are scratching your head right now thinking, "what kind of question is that"? Indeed. What kind of question is that—one to which the short answer is NO. Bookkeeping, which in a law firm includes client billing, management of trust funds, and updating ledgers, is not something that can be done by "any" bookkeeper. If you want … [Read more...] about Can any bookkeeper be a “law firm” bookkeeper?
3-point retention strategy
By Julie Ellison bio Great law offices are built with great people. In today's competitive employment market, it's hard enough to recruit those great people, but the real challenge is getting them to stay. Traditional retention strategies haven't worked so it's time to take a fresh look at how to keep the best people you have. Benefits vs. retention We often confuse … [Read more...] about 3-point retention strategy
Want to jump ahead of the competition? Get everybody aiming for the same thing
No matter what the business, the winning players are always organizations with a motivated and productive workforce. And what maintains motivation and productivity is goals—plus mentoring, coaching, and training to help everybody achieve them. Workable goals admittedly take thought, planning, and a lot of follow-up, says business development and management consultant John … [Read more...] about Want to jump ahead of the competition? Get everybody aiming for the same thing
Keep your accounts receivable young
Collection work is something that can't wait, because a dollar of receivables doesn't stay a dollar for long. The dollar the office bills this month will be worth only 50 cents six months from now. In a year, it will be worth no more than 23 cents and probably more in the range of 19 to 20 cents. After two years, a 5-cent recovery is about the best any office can expect. Much … [Read more...] about Keep your accounts receivable young
Immigration alert, social media, salary threshold, minimum wage, trafficking and more
By Mike O'Brien bio Immigration alert—more Social Security "no-match" letters to issue this fall: The Social Security Administration (SSA) just announced its plan to mail a second set of "no-match letters" to employers this fall. These notices request employers to reconcile wage reports and credit employees' earnings to their Social Security records, stating there is … [Read more...] about Immigration alert, social media, salary threshold, minimum wage, trafficking and more
Salary threshold increases getting review
By Mike O'Brien bio DOL sends proposed FLSA salary threshold increases to OMB for final review: On Aug. 12, 2019, the U.S. Department of Labor sent its proposed salary threshold rule change to the White House Office of Management and Budget for a final review. This rule would raise the salary threshold for "white-collar" FLSA exemptions (executive, administrative, … [Read more...] about Salary threshold increases getting review
A guide to understanding financial data
Law practice owners, especially those operating smaller firms, tend not to be super-knowledgeable about financial statements and the financial state of their operations, according to Brenda M. Clarke, a partner at Seigneur Gustafson LLP in Lakewood, CO. "They look to their staff, their office managers, their (financial) controllers, to help guide them," says Clarke, adding … [Read more...] about A guide to understanding financial data