Can your firm profit in the current economy? Or more worrisome: can it survive? The answer depends on how the firm is managed, advises one expert. And to a great extent it's the intangible elements of management that tell the tale. Law firms are living in a new world, says William F. Brennan, CPA, CMA, a principal with the legal management consulting firm Altman Weil in … [Read more...] about The 5 disasters that run law firms into the ground
Increasing profits
How to survive the coming competition
By Ron Friedmann bio Many in the legal market talk about a "New Normal" where margin pressure is the norm. Is this true, and does it matter? Yes, and here's why. Clients Want Value. Although BigLaw continues to prosper, it faces new competition. Clients want value and they now have market power, so they buy from alternatives to large firms. Clients Bring Work … [Read more...] about How to survive the coming competition
How document automation can save you thousands
Does your firm use document automation tools? If not, you’re not alone. According to a survey conducted in 2013 by the International Legal Technology Association, a whopping 62% of law firms surveyed reported not using a document automation system. But when you think about how much time your team spends assembling variations of the same documents every day, automating the … [Read more...] about How document automation can save you thousands
Chicago firm discovers in-person interviews can sharply increase client service and satisfaction
A Chicago law firm goes the extra mile to ensure client satisfaction, sometimes even getting on a plane to do so. Like many firms, 37-attorney firm sends out client satisfaction surveys. But unlike most firms, it gets the responses via in-person interviews held at the clients' places of business. The visits are limited to the largest revenue-producing clients, says the … [Read more...] about Chicago firm discovers in-person interviews can sharply increase client service and satisfaction
The link between technology and your firm’s continued success
Technological innovations and the movement toward specialization are two of the key drivers of change in the legal field today, according to Future Law Office 2020: Redefining the Practice of Law, a new report from legal staffing and consulting solutions firm Robert Half Legal. Three in 10 (34 percent) lawyers surveyed for the annual research project said emerging … [Read more...] about The link between technology and your firm’s continued success
How to improve the value of your practice
"Value Drivers are factors that affect the actual and perceived value of a practice," says valuation expert Ronald L. Seigneur, MBA CPA of Seigneur Gustafson LLP, based in Lakewood, CO. "Potential investors, whether internal or external, look for performance in the two areas—universal value drivers and industry-specific value drivers." Universal value drivers include: … [Read more...] about How to improve the value of your practice
Six ways your firm’s information may be gridlocked
In today's new world of work, organizations rarely lack information. Unfortunately, according to research from Ricoh and IDC, what today's organizations do lack is quick access to their information, which is usually gridlocked and unavailable. Ricoh USA and IDC conducted Web-based interviews of nearly 300 companies in the United States and found six ways that corporate … [Read more...] about Six ways your firm’s information may be gridlocked
Use contract employees and temporary workers to solve difficult staffing issues
If your legal practice is like most, it's difficult to make a case for adding full-time office staff. And it's no wonder. Full-time employee benefits, including Social Security, 401k/403b contribution, disability insurance, health insurance, pension plan, and paid time off, add approximately 40 percent to an employee's salary, according to Salary.com, a leading provider of … [Read more...] about Use contract employees and temporary workers to solve difficult staffing issues
4 reasons your business should be on social media
When they need to make personal connections with the rest of humanity, more and more Americans are doing so via the Internet. A 2014 study by the Pew Research Center showed that 74 percent of adults who go online use a social networking site, whether it's Facebook, Twitter, Instagram or something else. "It's clear that nearly everyone makes an effort to connect some way … [Read more...] about 4 reasons your business should be on social media
The best business plan: Fall back and regroup at a firm retreat
Is the firm retreat a dying exercise? During the current economic downturn, many practices eliminated the annual retreat in an effort to save money. But it's when the revenues and business future are most mercurial that a retreat is most needed, says Robert Denney, a Wayne, PA, law firm management consultant. The firm needs to know how to navigate through the financial waters … [Read more...] about The best business plan: Fall back and regroup at a firm retreat