Here are a few tasks that should be addressed this month. Do a first quarter evaluation with employees who have a billing quota. Assess where they are in terms of reaching the annual goal and discuss any changes that need to be made, adjustments in procedures for capturing time or time management skills. Review the firm's profit and loss statement as it compares to the … [Read more...] about To-Dos: Your April office checklist
Increasing profits
Want to improve your bottom line? Encourage your partners to delegate
By Elizabeth M. Miller bio Law firms are unique in that unlike most other businesses that sell a product, lawyers sell time. Their time is, for a better description, "their stock in trade." Based on this concept, to be profitable and generate sufficient revenues to carry the firm, lawyers should be spending their valuable time doing client billable work. The exceptions to … [Read more...] about Want to improve your bottom line? Encourage your partners to delegate
15 ways to improve your billings and collections
It's no secret that many clients don't like to pay their legal bills, says collaborative divorce attorney Joryn Jenkins. And without having measures in place to ensure payments, law firms can run into huge headaches. In a webinar for Law Office Manager, Jenkins, CEO of Open Palm Law and Open Palm Press in Tampa, FL, and Elizabeth Miller, an independent law firm administrator … [Read more...] about 15 ways to improve your billings and collections
Is your firm struggling with cash flow?
By Brenda Barnes bio Henry Ford once said, "Vision without execution is just hallucination." While revenue production is the core goal for every business, the real magic is in understanding and managing your cash cycle. You can't execute without cash. According to Patty Block, consultant and owner of The Block Group, many small businesses struggle to appropriately … [Read more...] about Is your firm struggling with cash flow?
Keep profits on track with this quick 5-point spring financial checkup
It happens every January. The firm makes grand resolutions to improve the financial performance. But by spring, the attorneys get bogged down in their old habits. It's the administrator's job to keep the attorneys focused on their financial resolves, because their abilities and interests lie far more in law than in business. Take a hard look now at what's going on financially … [Read more...] about Keep profits on track with this quick 5-point spring financial checkup
Sample Budget Spreadsheet
Why you need this budget spreadsheet: While many attorneys cringe at the thought of creating a budget, there are several important reasons why your law firm needs one, including helping you prepare for unexpected expenses. How this budget spreadsheet helps you: This 12-month, month-by-month spreadsheet lists some common fixed expenses of a law firm. How to use this budget … [Read more...] about Sample Budget Spreadsheet
Do compensation plans drive succession planning results?
By Brenda A. Barnes bio Compensation—or lack thereof—drives many, if not most, succession plans. The most obvious reason for a succession plan is to compensate principals fairly for the firm they've built with their entrepreneurial spirit, including the physical assets and intellectual property they own, and for the money they've invested in their businesses. How to … [Read more...] about Do compensation plans drive succession planning results?
7 quick ways to jump-start your firm’s business development efforts
By David H. Freeman bio Every so often, you may think, "I could use some fresh ideas to jump-start the firm's business development efforts." Or perhaps the managing partner is looking to you for some input on how to grow the business. I have some resources that can help. Over the years, I've produced very short business development tips designed to trigger new … [Read more...] about 7 quick ways to jump-start your firm’s business development efforts
To-Dos: Your February office checklist
February might be a short month, but there's a lot packed into it. Here are 7 areas you can tackle this month to help improve profits, protect the firm, and boost morale. 1. Review each department's revenues. By now the profit and loss statement for 2022 is in. Review the gross revenues of the firm and the revenues for each department if the firm practices in more than … [Read more...] about To-Dos: Your February office checklist
Do these 5 tasks now and get ahead of your tax preparations
By Elizabeth M. Miller bio The holidays are over and it's time to get back to work—and reality. And the reality is that tax season is just around the corner. Ideally, you were attentive to your accounting and recordkeeping last year so you're ready to just hand over your records and reports to the accountant and—voila—your tax return is ready. But the reality … [Read more...] about Do these 5 tasks now and get ahead of your tax preparations