Ineffective billing and collections practices affect more than the bottom line. They ultimately may determine what the firm has to pay for malpractice coverage. To an underwriter, poor financial habits are just like poor legal habits—they spell high risk for malpractice claims, says Dan Knise, president and CEO of Ames & Gough, a McClean, VA, specialty insurance broker. If … [Read more...] about 4 bad financial habits that may increase your policy premiums and your malpractice risk
Client relations
7 ways to make your firm stand out among your competition
The competition for clients is fierce and law firms are marketing heavily, says marketing expert Shawn McNalis. That means a firm has to make itself stand out among a deluge of marketing messages and try for "top-of-mind awareness." Surprisingly, that can be done without much expense and even without a marketing department. The key, she says, is to focus on the personal side … [Read more...] about 7 ways to make your firm stand out among your competition
Trust account errors that could get you disbarred
As a law firm administrator, trust accounting issues need to be your primary concern, according to Joryn Jenkins, a collaborative divorce attorney, author and CEO of Open Palm Law and Open Palm Press in Tampa, FL. Elizabeth Miller, an independent law firm administrator in Tampa Bay, agrees, adding that of five trust account errors that could land you in serious trouble with … [Read more...] about Trust account errors that could get you disbarred
What you need to know when a bully takes you on
By Lynne Curry bio You've met bullies who play a win/lose game, even as you aim for a win/win solution. Guess who loses when they take you on? You do. Would you like to win, or at least not lose? Here's what you need to know: Fail the bully's test We believe or like to believe the best of everyone. When a bully first tests us with a demeaning slam, we often think … [Read more...] about What you need to know when a bully takes you on
5 actions to take when you hear, "I don’t trust you"
By Audrey Epstein bio Talking about trust is tough in business. When a colleague tells you, "I don't trust you" your first instinct is probably to react defensively or aggressively, and rarely with curiosity and an openness to understand. You take "I don't trust you" as an attack on your character and an affront to your integrity. But trust is the foundation for strong, … [Read more...] about 5 actions to take when you hear, "I don’t trust you"
How and why you need to carefully screen cold calls from potential new clients
What's your firm's process for dealing with a potential new client? What happens when someone sends the firm an email asking for a quote for a real estate transaction or when a frantic caller leaves a long, detailed voice mail message about why she wasn't to blame for the fatal car crash being covered on the morning news? Who takes the call? How are calls prioritized? And is … [Read more...] about How and why you need to carefully screen cold calls from potential new clients
Louisiana firm sets up four sure-pay systems
A Louisiana firm has added a handful of measures to its billing and collections work that, while simple, have generated significant benefit. There's a procedure to ensure the client contact information stays accurate, a soft-touch collections process, electronic client billing and paying, and a billing schedule that ensures a steady cash flow throughout the month. As a … [Read more...] about Louisiana firm sets up four sure-pay systems
Partner retirement: how to keep the clients and assign the business
When a partner retires, the top business concern is if and how the firm can keep the clients. And there's more than one reason to be concerned, says August J. Aquila, of Aquila Global Advisors, a Minnetonka, MN, consulting firm specializing in succession planning, mergers, acquisitions, and strategic planning for professional firms. Obviously, the firm wants to keep the … [Read more...] about Partner retirement: how to keep the clients and assign the business
Is your office prepared to accommodate an aging population?
Talk of an aging population isn't idle chatter. According to the U.S. Census Bureau, 2030 will mark a significant turning point in the nation's history. By then, all baby boomers will be older than 65. This means that one in every five residents will be retirement age. An aging population presents challenges from the standpoint of serving clients. Is your practice prepared? … [Read more...] about Is your office prepared to accommodate an aging population?
Why you need to stop talking to start leading
By Rebecca Teasdale bio Recently, a colleague and I were at a dinner function with a group of leaders from a client company. We found ourselves seated at a table with a new member of the executive team who we were meeting for the first time. Waiting for the plated meals to arrive, we eased into the conversation with small talk about sports and weather and then we went deeper … [Read more...] about Why you need to stop talking to start leading