Law Office Manager

Increasing profits

What’s overshadowing your partnerʼs big revenues?

Any firm can lose money to the very partners who are bringing in the most of it. That's because firms measure partner profitability by revenues only, and that doesn't show the full financial picture, says practice management consultant Andra Watkins of Positus Consulting in Charleston, SC. There's also a subjective side to evaluating each partner's contribution. And that … [Read more...] about What’s overshadowing your partnerʼs big revenues?

3 proven ways to build a more profitable client base

It's always a good idea for any business to revisit its business plan, making sure it's on track with its vision and meeting the needs of its target customers. Usually this review involves asking itself the three big strategic questions: Where is the practice now? Where do we want it to go? How will we get there? But sometimes it's not always easy to clearly identify where … [Read more...] about 3 proven ways to build a more profitable client base

4 ways to get the most out of slow summer days

By Elizabeth M. Miller  bio Summer is here, and with that the inevitable slow-down of the court dockets as judges and judicial assistants make their escape over summer vacation. There are many ways to make efficient use of this downtime that will benefit the firm and keep you on track to end the year on a successful, and profitable, note. Here are 4 ways to make efficient and … [Read more...] about 4 ways to get the most out of slow summer days

Some not-so-difficult ways to increase revenue

Need a better bottom line? Don't go the way of most firms and start "stripping the heck out of the operating costs." The real dollars come from increasing revenue. And doing that is often more common sense than magic, says financial consultant Michael R. Marget, managing director of 4L Law Firm Services in Tampa. Get under the payment wire The first and easiest way to … [Read more...] about Some not-so-difficult ways to increase revenue

Use weekly financial reporting to keep partners aware of cash flow

A Vermont manager has found that running the financial reports weekly instead of monthly is an easy way for the partners to stay always aware and in control of what's going on. They see every penny that has come in and gone out. They know how each attorney and each practice area is faring. And they know when to expect extra expenses and what the taxes are likely to be. The … [Read more...] about Use weekly financial reporting to keep partners aware of cash flow

Personal touch helps win highly profitable corporate clients

It's a first-class presentation, but the corporate business goes to another firm. What happened? The big balloon deflator is that most corporations have their hiring decisions made long before the beauty contest. The winner is almost always the firm that has developed a relationship with the company beforehand, and the selection process is naught but a friendly formality. … [Read more...] about Personal touch helps win highly profitable corporate clients

To-Dos: Your April office checklist

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

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