It's the partnership wonder. Many, many firms, from the smallest to the most sophisticated and well known, don't have partnerships agreements. Without an agreement, every facet of the practice is a potential battleground, says Arthur J. Ciampi of Ciampi LLC, a Manhattan company that represents law firms in partnership disputes. Ciampi is also coauthor of a book entitled Law … [Read more...] about 5 partnership points that cause more than the usual headaches
Billing & collections
How to protect your client data while complying with PCI anti-fraud measures
What would you do if you were asked to install monitoring software on your network? Gary Allen Gardner of Rosi & Gardner, P.C. in Traverse City, Michigan, shares how he resolved a recent troubling request his firm received. We were contacted by our credit card processing company, regarding "PCI Compliance" (Payment Card Industry). By email and subsequent list of … [Read more...] about How to protect your client data while complying with PCI anti-fraud measures
San Diego firm gets more cash faster with easy-to-use online credit card payment system
It can be pretty daunting to introduce a new feature on your website, especially one that involves financial transactions. But when it came time to update the website for San Diego law firm Marks, Finch, Thornton & Baird, LLP, and start offering clients the ability to pay their bills online, the only thing that really caught firm administrator Linda Quindt off-guard was how … [Read more...] about San Diego firm gets more cash faster with easy-to-use online credit card payment system
Reports of the death of the billable hour are greatly exaggerated
By Sue-Ella Prodonovich bio How often are we told that the billable hour has had its day? That it's archaic, that it's inefficient, that it makes our clients angry and holds our practices back? Well guess, what? I disagree. In fact, I think the billable hour is wonderful - so wonderful that, for many professionals it should be a default in their business … [Read more...] about Reports of the death of the billable hour are greatly exaggerated
5 trust account errors that will get a firm in trouble
By Elizabeth M. Miller bio There have been recent reports of law firm trust accounts being involved in money laundering. Maintaining and managing a trust account is regulated by local bar rules. The main reason for this is that the funds do not belong to the firm. Trust monies are client funds deposited with a law firm intended to be used for the benefit of the client. I … [Read more...] about 5 trust account errors that will get a firm in trouble
Six ways to reach the highest possible prosperity
It's the bottom line that counts. That's the firm's profitability. And maximizing it calls for more than bringing in new business. The keys are several—a plan to follow, a strong managing partner to enforce it, a shrewd client acceptance process, partner compensation that rewards cash in hand, lots of leveraging, and culling out the deadwood clients. Those items are outlined … [Read more...] about Six ways to reach the highest possible prosperity
Good communication speeds up the billing
What's the secret to good collections? "It's all about communicating," says Mary Howe of the New York City office of Hughes Hubbard & Reed. And the communicating extends to the attorneys, and clients' billing staffs. When Howe came to the firm, she took on the new position of director of billing and collections. And one of the firm's first directives was to review the … [Read more...] about Good communication speeds up the billing
How to raise fees in January without upsetting or alienating clients
The wrong way to up the fees is to think of a rate hike as a means of offsetting costs. Most firms do just that. The attorneys think "well, our salaries are increasing, so we have to recapture that." So the rates go up a percentage across the board. To get the most revenue out of a rate hike takes understanding the many and varied options available to the firm. It also takes … [Read more...] about How to raise fees in January without upsetting or alienating clients
4 ways to keep your cool in the midst of chaos
By Cheryl Toth, MBA bio How well do you think you handle stress at work? I used to think I was pretty good at it, until a few years ago, when I realized I wasn't. I was working for a healthcare technology company that was young and rapidly growing. Every day, my task and responsibility list seemed to grow exponentially. At first it was exciting, but after a while I was … [Read more...] about 4 ways to keep your cool in the midst of chaos
Client survey hits hard on cost satisfaction
Some firms survey their clients in person. Some by phone. Some by mail. But a Missouri insurance defense firm wastes no time. It sends its evaluation form to the claims adjuster at the same time the last bill goes out. And it's appropriate timing, because most of the questions cover the company's satisfaction with the cost of the matter. The response rate is high, reports the … [Read more...] about Client survey hits hard on cost satisfaction