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You are here: Home / Archives for topics / Increasing profits
TRAINING

Are you measuring the right metrics for your law firm training program?

February 15, 2021 by

By Doug Striker bio I recently attended a fabulous webinar hosted by LearnUpon, the award-winning company that serves as the platform for our Savvy Academy Learning Management System. This webinar was designed to help learning and development (L&D) professionals quantitatively assess the impact of their training programs. Let’s face it—this is the biggest challenge of any training or educational program. Are you adding value to your firm? More important to upper management: Does your work contribute positively to the firm’s bottom line? During the webinar, Frances Kleven, Manager of Customer Success for LearnUpon, discussed: The key reasons leading L&D teams calculate the success of their learning programs. The most valuable metrics you should be recording. How to align your L&D metrics and business goals to develop a high-impact strategy. If… . . . read more

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INCREASING PROFITS

Can every attorney in your office answer these 10 critical questions for 2021?

December 14, 2020 by

Want to see more profit in 2021? Get each attorney to draw up a practice plan for the year. A plan forces the attorneys to organize their work agenda by focusing on practice development, production, and self-improvement. What’s more, it ensures that everybody does work that furthers the firm’s goals, it keeps the marketing focused, and it keeps the collections in line. Use this 10-point format: First are the hours goals 1 What is the number of hours you will devote to billable work? This forces the attorneys to take a serious look at how they should spend next year’s time. It also forces them to look at their historical performance. It’s not reasonable, for example, for an attorney who has billed 1,400 hours for the past two years to… . . . read more

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TECHNOLOGY

Take advantage of case management software benefits

July 27, 2020 by

By Elizabeth Miller  bio Case management software is now so popular in law firms that it is rare to hear of a firm that does not have it. The problem is that even though firms have the software, they don’t take advantage of all the benefits. Managing incoming leads and cases Give your law firm an advantage over other firms by providing potential clients with an exceptional experience without the need for face to face interaction. Offer your clients e-signature to sign retainer agreements and other documents from anywhere. Digitize your client intake with forms making it efficient and convenient to sign on with your firm. Centralized case details The great thing about case management software is that all client information, communications, time entries and notes are in one place. … . . . read more

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INCREASING PROFITS

How to pay the partners

September 27, 2019 by

Is your compensation system driving away the talent you need to grow? What approach did your firm take when establishing its partner compensation plan? It’s likely you chose…


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MANAGING STAFF

Want to jump ahead of the competition? Get everybody aiming for the same thing

September 20, 2019 by

No matter what the business, the winning players are always organizations with a motivated and productive workforce…


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INCREASING PROFITS

Keep your accounts receivable young

September 20, 2019 by

Collection work is something that can’t wait, because a dollar of receivables doesn’t stay a dollar…


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BUDGET AND CASH FLOW FORECASTING

Why budgeting and cash flow forecasting are essential for effective law office management

September 6, 2019 by

Regardless of your opinion of budgets, they are vital for building and managing a law practice, says Brenda Barnes, a certified public accountant (CPA) and…


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RISK MANAGEMENT

How to reduce the risk of in-office theft

September 6, 2019 by

Theft in law firms comes from all corners, from staff to partners.
“It happens more than people realize,” says St. Louis legal management consultant John W. Olmstead, MBA, Ph.D, CMC. In fact…


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INCREASING PROFITS

Job descriptions make paralegals a profit center

August 30, 2019 by

A Phoenix firm realized its paralegal force was not paying for itself in billings. Instead, the group was not only unsupervised but was being given…


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INCREASING PROFITS

Cutting costs? What worked in 2008 won’t work today

August 30, 2019 by

When money is tight, firm administrators start rushing to make decisions to save the bottom line, perhaps relying on strategies that saw the firm through…


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