Managing the financial aspects of a law office is a multifaceted challenge that requires a delicate balance between budgeting and billing. Here are 10 strategies to consider: 1. Establish clear budgets: Effective financial management starts with a well-defined budget. Work closely with the firm's partners or management to set clear and realistic budgetary goals. Consider … [Read more...] about 10 ways to balance budgeting and billing
Billing & collections
Could you be doing more to make your receivables less?
Unpaid invoices and overdue accounts can lead to cash flow issues, hinder business growth, and strain client relationships. Consider these strategies to help you keep receivables low and improve the overall financial stability of your firm. Clear and Detailed Fee Agreements The foundation of any successful receivables management strategy begins with transparent and … [Read more...] about Could you be doing more to make your receivables less?
Checklist: Before you leave on vacation
Your long-awaited and well-deserved summer vacation is approaching. Is your staff prepared to run the office smoothly in your absence? Use this list to see if you have the bases covered. Vacation Preparation Checklist for Law Office Administrators Delegate Responsibilities: Assign the paralegal to handle client intake and initial case assessments during your … [Read more...] about Checklist: Before you leave on vacation
9 ways to maximize collections and boost revenue
Maximizing collections is crucial for maintaining a healthy cash flow and sustaining the growth of your firm. By implementing strategic initiatives and adopting proactive approaches, you can significantly boost your collection efforts. In this article, we will guide you through essential tips and best practices to help you optimize collections and increase revenue for your law … [Read more...] about 9 ways to maximize collections and boost revenue
8 ways to keep your clients happy with you
Happy and satisfied clients not only contribute to the success of your firm but also become valuable advocates for your services. By providing exceptional client experiences, you can build strong relationships, foster loyalty, and promote positive word-of-mouth referrals. In this article, we will explore essential tips to help law office administrators improve client … [Read more...] about 8 ways to keep your clients happy with you
Scheduling payments can boost collections
One of your most important tasks is managing the financial health of your law firm. You know that collecting payments from clients can be a challenging and time-consuming process. However, with the right strategy, you can improve your collections and ensure your firm is getting paid in a timely manner. One effective strategy for improving collections is scheduling client … [Read more...] about Scheduling payments can boost collections
6 tips for choosing legal practice management software
By Diane Camacho There continues to be a tremendous push in the legal community from practice management software companies. This has evolved from the use of cloud-based software. What should practice management software do for you? Keep all your client information in one place. Keep all your information available to you on the go. Allow you to enter your … [Read more...] about 6 tips for choosing legal practice management software
3 steps to determine what office help you need
By Diane Camacho When you are at the point where you know you have to get office help, take the time to determine what help you need. Your neighbor’s brother-in-law may need a job, but he may not be the best bet. The following three step process can help you hire the right help. Step 1 – Track your non-billable time Create a client/matter number for your non-billable time … [Read more...] about 3 steps to determine what office help you need
Should a lawyer do administrative tasks to save money?
By Elizabeth M. Miller Should a lawyer do administrative tasks to save money? Of course, the answer is no. Struggling business owners will spend time to save money, whereas successful business owners will spend money to save time. Because you can always get more money—you cannot get more time. So, you need to ensure the work you spend your time on makes the biggest … [Read more...] about Should a lawyer do administrative tasks to save money?
Is it a recession or not? The answer may surprise you
By Lynne Curry My in-box filled with questions after I posted a Recession Fears Loom blog. Readers asked how I made sense of the different views voiced by economists and politicians. As a law office manager with responsibilities around staffing and profitability, you are probably watching to see which way the economy goes. Here’s the background, and my answer to “are we … [Read more...] about Is it a recession or not? The answer may surprise you